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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 382.95-0.8%4:00 PM EST
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To: Elroy Jetson who wrote (8449)8/20/2006 4:11:35 PM
From: Moominoid  Read Replies (1) of 217747
 
"The tax will be payable on unrealised gains with the option for a cap of 5% of the opening value of the investments in each year. The balance would be carried forward until the investment is sold and not reinvested (repatriated). At this point, tax on gains which have been carried forward would be payable."

moneyonline.co.nz

I don't see anything on retroactiveness in the various pages I found online. If that is the case that there is no retroactivity once you have sold before the the policy comes in (if it does), it makes sense to sell now and perhaps reinvest overseas later.

"Investors with money overseas directly, or via New Zealand-domiciled collective funds, in shares, will need to pay capital gains tax on 85 per cent of the rise in the fund or share price over the previous 12 months - whether or not they have sold. "

subs.nzherald.co.nz

This one suggests there is nothing to worry about really - yes there will CGT on future unrealised gains but not on past ones.

Australia's FIF legislation only applies to mutual funds and similar managed investment vehicles. It taxes unrealized gains in foreign mutual funds though there are a bunch of exemptions. It is clearly to protect the Aussie mutual fund industry. It doesn't apply to direct ownership of foreign securities.

By the way, Israel started off with CGT on foreign investments only first and then gradually extended it.

Anyway it does sound like a poorly thought out and poorly explained shambles.
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