1 00:00:00,040 --> 00:00:02,240 Speaker 1: So the government's pushed to keep top talent and investors 2 00:00:02,240 --> 00:00:04,880 Speaker 1: in the country. Tax tweaks being made, we knew about these. 3 00:00:04,920 --> 00:00:08,440 Speaker 1: Simon Watsow has introduced the bill. Migrants will no longer 4 00:00:08,480 --> 00:00:11,880 Speaker 1: be taxed on estimated overseas income, only on what they 5 00:00:12,000 --> 00:00:15,720 Speaker 1: actually earn. Rachel Simpson is an immigration specialist with Business 6 00:00:15,760 --> 00:00:19,520 Speaker 1: New Zealand, joining me this morning. Rachel, good morning, Good morning, Ryan. 7 00:00:19,560 --> 00:00:20,520 Speaker 2: How are you very well? 8 00:00:20,520 --> 00:00:22,280 Speaker 1: How are you very well? 9 00:00:22,320 --> 00:00:23,320 Speaker 2: Thank you very good. 10 00:00:23,560 --> 00:00:26,159 Speaker 1: Now why is it that we were basing it on 11 00:00:26,400 --> 00:00:28,320 Speaker 1: estimated overseas income to begin with? 12 00:00:29,720 --> 00:00:32,280 Speaker 2: Well, what the text bill does is make sure that 13 00:00:32,320 --> 00:00:34,960 Speaker 2: the immigration and tech settings makes sense with each other. 14 00:00:35,040 --> 00:00:37,600 Speaker 2: So in the case of the foreign Investment SUND rules, 15 00:00:37,920 --> 00:00:39,599 Speaker 2: there are quite a few people being caught out by 16 00:00:39,680 --> 00:00:42,800 Speaker 2: double taxation in two different countries. So we think it's 17 00:00:42,840 --> 00:00:44,280 Speaker 2: going to be a positive move to make sure that 18 00:00:44,280 --> 00:00:47,240 Speaker 2: we can attract particularly top tech talent, to make sure 19 00:00:47,280 --> 00:00:51,960 Speaker 2: that the foreign Investment sundrules realize actual income from things 20 00:00:52,000 --> 00:00:53,760 Speaker 2: like share sales rather than estimated. 21 00:00:54,560 --> 00:00:57,120 Speaker 1: How many people are we talking about. 22 00:00:56,920 --> 00:01:00,640 Speaker 2: Here, Well, we're not quite sure that of the push 23 00:01:00,680 --> 00:01:02,520 Speaker 2: onness is to be able to attract that talent to 24 00:01:02,600 --> 00:01:05,480 Speaker 2: the country. So hopefully this will make New Zealand far 25 00:01:05,560 --> 00:01:08,200 Speaker 2: more attractives to some of that talent to be able 26 00:01:08,200 --> 00:01:11,120 Speaker 2: to come here and contribute their skills and expertise to 27 00:01:11,160 --> 00:01:12,840 Speaker 2: the New Zealand tech community as well. 28 00:01:13,360 --> 00:01:15,959 Speaker 1: Everyone talks about the digital nomads, is that what we're 29 00:01:16,000 --> 00:01:17,920 Speaker 1: talking about here? Will that they be interested in this? 30 00:01:19,200 --> 00:01:21,479 Speaker 2: Yeah? So the bill has two parts to it. So 31 00:01:21,680 --> 00:01:24,560 Speaker 2: one part takes care of the foreign Investment sundrules. The 32 00:01:24,640 --> 00:01:26,800 Speaker 2: other part makes it clear that you're coming here for 33 00:01:26,800 --> 00:01:29,560 Speaker 2: a short period of time, you're being paid by an 34 00:01:29,600 --> 00:01:34,440 Speaker 2: overseas company, you're paying tax in that overseas country. Then 35 00:01:34,520 --> 00:01:36,280 Speaker 2: we won't double texting on that either. So if you 36 00:01:36,280 --> 00:01:39,520 Speaker 2: think about things like social media influences, for example, that 37 00:01:39,720 --> 00:01:43,479 Speaker 2: coming here and helping promote New Zealand tourism activities, then 38 00:01:43,680 --> 00:01:46,360 Speaker 2: the text will also takes care of making the rules 39 00:01:46,400 --> 00:01:47,040 Speaker 2: around that clear. 40 00:01:47,400 --> 00:01:49,840 Speaker 1: It means that the government will miss out on tax 41 00:01:49,880 --> 00:01:51,640 Speaker 1: take though as a consequence, right. 42 00:01:52,640 --> 00:01:55,120 Speaker 2: Well, if you look at the Foreign Investment fundrules, they're 43 00:01:55,120 --> 00:01:57,080 Speaker 2: still text on it. They're just text on it when 44 00:01:57,080 --> 00:02:00,320 Speaker 2: they actually realize that income. So there is still texation 45 00:02:00,520 --> 00:02:05,480 Speaker 2: coming in, but it's far more practical in a common 46 00:02:05,520 --> 00:02:09,040 Speaker 2: sense approach to it when the income has actually realized fear. 47 00:02:09,280 --> 00:02:11,919 Speaker 1: But with a digital nomad, if you're coming here and 48 00:02:12,120 --> 00:02:14,959 Speaker 1: you know you're, as you say, an influencer, a social 49 00:02:15,000 --> 00:02:18,160 Speaker 1: media influence, they're coming here and taking photos of yourself 50 00:02:18,320 --> 00:02:23,920 Speaker 1: with a bikinio on the remarkables, then you're being taxed 51 00:02:23,919 --> 00:02:26,519 Speaker 1: in the UK. You will no longer be taxed here 52 00:02:26,560 --> 00:02:27,120 Speaker 1: as well. 53 00:02:28,560 --> 00:02:32,280 Speaker 2: Well. Yeah, and I think for that situation, what you 54 00:02:32,360 --> 00:02:34,919 Speaker 2: end up doing is getting into an argument argument around 55 00:02:34,960 --> 00:02:37,600 Speaker 2: what's the nature of work. So this is a very 56 00:02:37,680 --> 00:02:40,520 Speaker 2: real case. There has been social media influencers who have 57 00:02:40,639 --> 00:02:44,120 Speaker 2: come here and as I said, this aligns the immigration 58 00:02:44,200 --> 00:02:46,480 Speaker 2: settings as well. So make sure that people know they're 59 00:02:46,520 --> 00:02:49,240 Speaker 2: not in breach of their immigration conditions if they're here 60 00:02:49,240 --> 00:02:51,160 Speaker 2: on a visit of visa, but they're doing some of 61 00:02:51,160 --> 00:02:52,760 Speaker 2: that promotion work while they're here as well. 62 00:02:53,639 --> 00:02:56,240 Speaker 1: Interesting stuff, Rachel, Thank you for that, Rachel Simpson, who's 63 00:02:56,320 --> 00:03:00,000 Speaker 1: immigration specialist at Business New Zealand. For more from Really 64 00:03:00,200 --> 00:03:03,160 Speaker 1: Edition with Ryan Bridge, listen live to News Talks it 65 00:03:03,280 --> 00:03:07,240 Speaker 1: Be from five am weekdays, or follow the podcast on iHeartRadio.