| University | University Of Canterbury (UC) |
| Subject | 71306: Taxation |
Question 1: Core provisions
Trevor is an Australian lax resident who lives in Brisbane. He is not a New Zealand tax resident. Trevor receives rental income from five apartment units he owns in Queenstown. He has 1,000 shares in the New Zealand company that runs the apartment complex and receives a cash dividend. He receives a salary in Australia. Use your knowledge of the core provisions to explain how Trevor’s New Zealand rental income and dividend and his Australian salary will be treated for New Zealand income tax purposes. Provide relevant statutory references.
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Question 2: Residence
Tasmanian Furniture Imports (NZ) Ltd (TFINZ) was incorporated in Australia in 2005 and is a fully owned subsidiary of an Australian company. The Australian parent is in the business of manufacturing furniture. TFINZ’s business mainly involves the marketing and sale of this furniture in New Zealand. The management of TFINZ takes place from its Auckland office. TFINZ does not have an office in Australia, but it has several branch offices in New Zealand outside Auckland. The overall strategic control of the company by its directors is exercised from Australia.
(a) Is Tasmanian Furniture Imports (NZ) Ltd resident in New Zealand for tax purposes?
(b) Explain your answer, commenting on each criterion, and provide relevant statutory references.
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