About this Guide

If you have overseas investments, including, shares in a foreign company, units in a foreign units trust or an entitlement to a benefit from a foreign superannuation scheme or a life policy, you may need to calculate your income from these investments for tax purposes. This form includes a worksheet so you can calculate your foreign investment fund (FIF) income or loss. It must be completed by a New Zealand resident person with an interest in a FIF who elects to use the accounting profits method, and a separate form for each FIF in which you held an interest should be completed.

When to use this guide

Calculate here your FIF income or loss using the accounting profits method only if you meet all of the following conditions:

• The FIF is a company.
• The FIF is listed on a recognised stock exchange or interests in it are offered widely to the public for subscription or purchase.
• The net after-tax accounting profits or losses of the FIF are calculated under generally accepted accounting principles and detailed in audited financial statements sent to the shareholders for which a standard audit opinion is given.
• The net after-tax accounting profits or losses include all extraordinary items.
• The net after-tax profits or losses are calculated on a consolidated basis.
• You have no reason to believe that the net after-tax accounting profits or losses of the FIF are not fairly represented.
• The FIF is not a foreign entity listed in part C of Schedule 4 to the Income Tax Act 1994.

What you will need

To successfully complete this form you will need your IRD number and full details of your foreign investment fund including the income interest.

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