WEBVTT - Investing outside NZ? Here are some tax rules (FIF) 0:00:03.880 --> 0:00:08.479 Kyoto Koto. Welcome to Shared Lunch. My name is Gus Watson, 0:00:08.920 --> 0:00:12.160 investments lead at shares Z. Today we're going to look 0:00:12.160 --> 0:00:17.079 at tax on foreign investment funds, also known as fIF tax. 0:00:17.880 --> 0:00:21.279 If you have over fifty thousand dollars invested internationally, this 0:00:21.440 --> 0:00:25.279 explaining episode is something you should listen to to make 0:00:25.320 --> 0:00:27.840 sense of it all. I'm joined by Hayden Clark from 0:00:27.880 --> 0:00:32.960 ID and Ross Nelson from PwC. But before we start, 0:00:33.479 --> 0:00:35.479 I need to tell you that the tax comments in 0:00:35.520 --> 0:00:39.480 this podcast are general in nature and for educational purposes only. 0:00:40.520 --> 0:00:43.480 We recommend you confirm or seek tax advice on how 0:00:43.479 --> 0:00:46.599 the TAXTA applies to your situation. If you're unsure it. 0:00:46.560 --> 0:00:49.280 All, investing involves a risk you might lose the money 0:00:49.280 --> 0:00:52.680 you start with, we recommend talking to a licensed financial advisor. 0:00:53.400 --> 0:00:57.240 We also recommend reading product disclosure documents before deciding to invest. 0:00:57.520 --> 0:00:59.800 Everything you're about to see and here is current at 0:00:59.800 --> 0:01:00.760 the time of recording. 0:01:01.240 --> 0:01:05.000 Thanks for being here, guys. fIF. It's this weird acronym. 0:01:06.040 --> 0:01:09.240 What is fifth? What does it mean? Right? 0:01:09.360 --> 0:01:13.160 So the fifth rules is really the short term for 0:01:13.240 --> 0:01:15.360 the foreign investment fund rules and it's one of the 0:01:15.440 --> 0:01:19.520 key sets of rules that applies to outbound investment from 0:01:19.560 --> 0:01:23.959 New Zealand into foreign companies, particularly outbound investment into foreign 0:01:24.000 --> 0:01:27.319 companies that aren't controlled by New Zealand residents. And so 0:01:27.400 --> 0:01:29.880 that means they cover your typical scenario where you've got 0:01:29.880 --> 0:01:34.520 a New Zealand resident investing internalfshore listed company where they 0:01:34.560 --> 0:01:37.319 just have a portfolio interest of less than ten percent. 0:01:38.160 --> 0:01:40.280 And one of the things that these rules are intended 0:01:40.319 --> 0:01:43.760 to do is to ensure that those outbound investments in 0:01:43.840 --> 0:01:48.040 foreign shares are taxed consistently, including where, for example, the 0:01:48.040 --> 0:01:50.640 foreign company doesn't pay out a dividend. 0:01:50.960 --> 0:01:55.400 As an individual investor, how do I know if the 0:01:55.440 --> 0:01:57.480 fifth rules are relevant to me? 0:01:58.120 --> 0:02:02.280 As Hayden said, the rules applied to investments in foreign companies, 0:02:02.360 --> 0:02:05.080 So if you've got an investment in a US listed 0:02:05.080 --> 0:02:08.920 stock or anywhere in the world, these rules are potentially relevant, 0:02:08.919 --> 0:02:12.360 but they also apply to foreign unit trusts. What they 0:02:12.360 --> 0:02:14.960 don't apply to I suppose if I just touch on 0:02:15.000 --> 0:02:19.519 that is cryptocurrency typically will not be subject to these rules, 0:02:19.560 --> 0:02:22.799 and there's some great id guidance around how your tax 0:02:22.919 --> 0:02:25.680 on your cryptocurrency. They're not relevant to things like foreign 0:02:25.720 --> 0:02:28.640 bank accounts, foreign investments and property not relevant to your 0:02:28.680 --> 0:02:31.360 QI saver. So there's lots of things they're not relevant to. 0:02:31.919 --> 0:02:34.800 But yeah, if you've got investments in foreign shares, then 0:02:34.840 --> 0:02:37.280 they're generally relevant, but there are a couple of important 0:02:37.720 --> 0:02:38.560 carve outs to that. 0:02:39.760 --> 0:02:43.640 Yeah, I understand that some of the AX shares they're 0:02:43.639 --> 0:02:47.960 not relevant for and the IOD website is the best 0:02:48.080 --> 0:02:49.120 place to check that. 0:02:49.120 --> 0:02:52.760 That's right. Yeah, if you've got investments in Australian listed shares, 0:02:53.520 --> 0:02:56.680 then many of those are carved out. There's a specific 0:02:56.720 --> 0:02:59.480 exemption for them, but not all of them. So yeah, 0:02:59.480 --> 0:03:01.360 you do need a gain. The id's got a great 0:03:02.040 --> 0:03:04.520 tool on the website. You just go to that, put 0:03:04.560 --> 0:03:07.040 the ASEX ticker in and that'll tell you whether or 0:03:07.040 --> 0:03:11.680 not that share is exempt from the fifth rules or not. 0:03:13.560 --> 0:03:18.200 I suppose the other key exemption is the demonymous exemption, 0:03:18.280 --> 0:03:21.000 and that will be relevant for many people as well. 0:03:22.240 --> 0:03:25.480 Can you explain what you mean by the deminimus exemption. 0:03:25.400 --> 0:03:31.040 Where you've got a total shareholdings and fifth of less 0:03:31.080 --> 0:03:33.560 than fifty thousand dollars in New Zealand and that's a 0:03:33.600 --> 0:03:36.520 cost test, so you need to know what you've paid 0:03:36.520 --> 0:03:42.080 for these fifths. Then the fifth rules do not apply 0:03:42.200 --> 0:03:44.840 to you and your tax more or less as if 0:03:44.880 --> 0:03:48.240 they were an investment in a New Zealand listed company, 0:03:48.280 --> 0:03:52.520 for example, so you would be taxed on those investments 0:03:53.040 --> 0:03:55.360 on any dividends you receive from them. We don't have 0:03:55.400 --> 0:03:58.640 a comprehensive capital gains tax in New Zealand, so for 0:03:59.200 --> 0:04:02.560 most investors you wouldn't be taxed on any gains you realize, 0:04:02.560 --> 0:04:05.680 although that's not always the case. If you're trading or 0:04:06.320 --> 0:04:09.600 purchase those shares with intention of sale, then you'd be 0:04:09.640 --> 0:04:13.360 taxed on them. But yeah, for most investors, if you're 0:04:13.360 --> 0:04:16.560 in the Deminymous exception, then you'll just be text on 0:04:16.600 --> 0:04:20.360 your diffendend income. It's a cost test of less than 0:04:20.360 --> 0:04:23.159 fifty thousand dollars. A couple of things on that. If 0:04:23.240 --> 0:04:28.040 you are investing using various platforms or different portfolios with 0:04:28.080 --> 0:04:30.520 different brokers, you do need to look at all of 0:04:30.560 --> 0:04:34.960 your fIF interests in total. If you're investing jointly, if 0:04:35.000 --> 0:04:39.599 you're you might be investing with your spouse, then then 0:04:39.720 --> 0:04:43.239 you effectively you get one hundred thousand dollars deminimus because 0:04:43.240 --> 0:04:46.560 you're splitting that holding across across the two of. 0:04:46.520 --> 0:04:51.120 You I'm an individual investor in Vision New zeal investor. 0:04:51.600 --> 0:04:55.880 I have been investing off shore. The things I've been at, 0:04:55.880 --> 0:04:58.800 the foreign investment funds I've investing in offshore aren't on 0:04:58.880 --> 0:05:03.599 the AX exemption tool. I more that costs me more 0:05:03.600 --> 0:05:06.480 than fifty thousand New Zealand dollars to buy these foreign 0:05:06.560 --> 0:05:10.920 investment funds. What I do now, like, how do I 0:05:11.240 --> 0:05:15.560 calculate my foreign investment fund income? How do I determine 0:05:15.600 --> 0:05:17.960 the tax that I might need to pay? 0:05:18.000 --> 0:05:22.360 Sure there's a there's a number of different fifth income 0:05:22.440 --> 0:05:25.159 calculation methods, but by far and away the most too 0:05:25.200 --> 0:05:30.479 common ones are the fear dividend rate method and the 0:05:30.560 --> 0:05:33.880 comparative value method the CV methods, So FDR and CV 0:05:33.960 --> 0:05:40.839 are the two key methods. Under the FDR method, you 0:05:40.920 --> 0:05:44.600 basically you take five percent of your opening market value 0:05:44.680 --> 0:05:50.640 of your fifth portfolio and take five percent of that 0:05:50.720 --> 0:05:53.920 and that is your fifth income for the year. Now 0:05:53.960 --> 0:05:58.719 that's the case irrespective of whether you're that that portfolio 0:05:58.800 --> 0:06:01.440 might have returned fifteen percent that year, your kind of 0:06:01.480 --> 0:06:05.880 income is kept at five percent. But in contrast, if 0:06:06.200 --> 0:06:09.200 you know if it's a bad year and that portfolio 0:06:09.240 --> 0:06:11.600 has made a loss or a gain of less than 0:06:11.640 --> 0:06:14.719 five percent, you still have that deemed return of five 0:06:14.760 --> 0:06:18.719 percent under the FDR method. There is a little rinkle 0:06:18.800 --> 0:06:21.359 to the FDR method as well. If you happen to 0:06:21.400 --> 0:06:26.280 be buying and selling fifths within an income year, then 0:06:26.279 --> 0:06:30.000 there's something called a quick sale calculation. So if you 0:06:30.040 --> 0:06:32.360 are doing that, there's a little bit of a complexity. 0:06:32.400 --> 0:06:36.560 You just need to navigate where you need to calculate 0:06:36.560 --> 0:06:39.000 the gain you make on that trade. But again is 0:06:39.000 --> 0:06:41.880 a five percent cap, so you're a little bit of 0:06:41.880 --> 0:06:44.440 a wrinkle if you are sort of trading within within 0:06:44.440 --> 0:06:45.200 an income year. 0:06:45.680 --> 0:06:47.839 Can I replay that one back to you? So the 0:06:47.920 --> 0:06:52.320 FDR method our first method. At a high level, I 0:06:52.360 --> 0:06:54.160 look at the value at the start of the period, 0:06:54.520 --> 0:06:57.520 I multiply it by five percent, and that's my fifth 0:06:57.520 --> 0:06:58.599 income correct. 0:06:58.800 --> 0:07:03.640 The FDR method is available to all investors effectively, So 0:07:04.000 --> 0:07:07.920 if you were a New Zealand listed pie, the New 0:07:08.000 --> 0:07:11.280 Zealand listed pie would be applying those FDR rls to 0:07:11.360 --> 0:07:16.240 calculate its return on interests that that vehicle might have 0:07:16.280 --> 0:07:21.440 invested into as an individual or for certain trusts in 0:07:21.480 --> 0:07:24.680 New Zealand. You also have the ability to use the 0:07:24.720 --> 0:07:28.720 CV method under the CV method, It basically calculates the 0:07:28.720 --> 0:07:32.960 market value movement of your portfolio for the year. So 0:07:33.600 --> 0:07:35.880 and for what For most investors, what you would do 0:07:36.680 --> 0:07:42.040 is calculate your income under FDR, calculate your income under CV, 0:07:42.360 --> 0:07:44.360 and each year you have the option of choosing the 0:07:44.400 --> 0:07:47.920 lower of those two. So in the scenario I described earlier, 0:07:48.600 --> 0:07:54.040 where your portfolio had performed poorly, under FDR, you would 0:07:54.040 --> 0:07:56.200 have a deemed return of five percent of the opening 0:07:56.200 --> 0:08:02.400 market value, but under CV, your actual market value movement 0:08:02.440 --> 0:08:04.000 was less than five percent, or in fact, if you 0:08:04.040 --> 0:08:07.560 made a loss overall, then you'll pay tax on that 0:08:07.680 --> 0:08:10.360 lower amount where it's where it's a loss, you don't 0:08:10.360 --> 0:08:13.400 get to claim the loss, but you'll return NOL income 0:08:13.400 --> 0:08:17.200 on your portfolio under the CV method. Just one last 0:08:17.200 --> 0:08:18.560 thing I should say on that is that there is 0:08:18.600 --> 0:08:24.240 a consistency requirement. So if you have you know you 0:08:24.320 --> 0:08:26.440 need to use the same method for your fifths in 0:08:26.480 --> 0:08:29.160 an income year. So you can't sort of choose you 0:08:29.320 --> 0:08:31.800 CV for this loot over here because it suits you 0:08:31.800 --> 0:08:35.000 and use FDR on this lot. You need to use 0:08:35.040 --> 0:08:38.120 one method consistently within an income year, but you can 0:08:38.280 --> 0:08:43.080 switch and change between FD FDR, and CV between different 0:08:43.080 --> 0:08:44.120 income years, or. 0:08:44.120 --> 0:08:47.520 The decision for most of our shares investors whether do 0:08:47.559 --> 0:08:49.520 I want to go FDR or do I not to 0:08:49.559 --> 0:08:53.640 g CV. So something that we actually offer shares investors 0:08:53.640 --> 0:08:55.880 at the moment as a download or report, so it 0:08:55.880 --> 0:08:58.440 gives the data or the inputs so they can do 0:08:58.520 --> 0:09:02.960 the calculations to determine their ZV income or the FDR 0:09:03.040 --> 0:09:06.160 method income. It's a downloadable sis the report or we 0:09:06.200 --> 0:09:11.280 also offer a integration to share site plug in. We 0:09:11.320 --> 0:09:13.120 share them a month of your trading data and it 0:09:13.120 --> 0:09:15.280 prints out those two numbers and then you can make 0:09:15.320 --> 0:09:18.480 that call about whether you want to use a CV 0:09:18.600 --> 0:09:23.959 approach or the FDR approach. So summarizing going back through, 0:09:24.040 --> 0:09:26.719 so we realize we're a fifth investor because we have 0:09:26.840 --> 0:09:30.120 more than fift New Zealand dollars offshore. We've now done 0:09:30.120 --> 0:09:34.240 our CV income, our FDR income, and we've decided that 0:09:34.280 --> 0:09:38.160 we want to go with the FDR income approach. Let's say, so, 0:09:38.200 --> 0:09:40.200 how do we go about paying text now that we 0:09:40.240 --> 0:09:42.800 know this number? Hayden right. 0:09:42.960 --> 0:09:46.760 So obviously the thing to do is to include the 0:09:46.800 --> 0:09:50.000 fifth income in your income tax return, and so you 0:09:50.000 --> 0:09:53.400 would go into my IR and load up the return 0:09:53.480 --> 0:09:55.760 for the air and include your fifth income. When it 0:09:55.800 --> 0:09:58.800 comes to fifth income, you may be entitled to claim 0:09:58.840 --> 0:10:02.000 some tax credits against that income. For example, if you 0:10:02.120 --> 0:10:06.240 receive a foreign dividend and the foreign country has withheld 0:10:06.400 --> 0:10:10.560 withholding taxes, you'll be entitled to a foreign tax credit 0:10:11.240 --> 0:10:13.600 in relation to your fifth income. But there are some 0:10:13.760 --> 0:10:16.920 limitations in claiming foreign tax credits, so it's always good 0:10:16.960 --> 0:10:19.960 to check the id guaridance to see if you're entitled 0:10:20.000 --> 0:10:22.800 to the foreign tax credit and the amount you're entitled to. Then, 0:10:22.840 --> 0:10:26.920 in addition, in relation to the dividend, Chazis may deduct 0:10:26.960 --> 0:10:30.400 withholding tax and that's resident withholding tax from the dividend, 0:10:30.640 --> 0:10:32.560 and you're entitled to claim a tax credit for that 0:10:32.640 --> 0:10:35.439 resident withholding tax in your return as well. The difference 0:10:35.440 --> 0:10:38.960 between a foreign tax credit, though, and the resident withholding 0:10:39.000 --> 0:10:42.400 tax deducted by chair Zis is that resident withholding tax 0:10:42.440 --> 0:10:46.000 is actually a refundable tax credit. So if it turns 0:10:46.040 --> 0:10:48.880 out that the tax payable on your fifth income is 0:10:48.960 --> 0:10:53.400 greater than the foreign tax credit and the RWT combined, 0:10:54.120 --> 0:10:56.920 you'd be able to get a refund of the excess IRWT. 0:10:58.120 --> 0:11:02.280 If I suppose you realize that you'd not return fifth 0:11:02.280 --> 0:11:05.120 income in a prior year when you should have the 0:11:05.160 --> 0:11:07.840 best thing to do then would be to write into 0:11:07.880 --> 0:11:10.960 inland revenue, telling them about it and making what's called 0:11:10.960 --> 0:11:14.000 a voluntary disclosure. And so again you can do that 0:11:14.080 --> 0:11:18.440 through my IR by logging into the system and asking 0:11:18.440 --> 0:11:21.120 in the revenue to adjust the return. And when you're 0:11:21.120 --> 0:11:24.280 asking for an adjustment, it's really important to provide a 0:11:24.320 --> 0:11:27.839 work paper explaining how you've culculated them out that you're 0:11:27.840 --> 0:11:30.640 planning on adjusting to. And also to bear in mind 0:11:30.679 --> 0:11:34.120 that you may have mistakenly included your dividend income and 0:11:34.120 --> 0:11:36.560 your return by mistake, so you're not just asking to 0:11:36.559 --> 0:11:39.040 include the fifth income, but you're also asking them to 0:11:39.080 --> 0:11:41.120 take the dividend income out the return, and so there's 0:11:41.120 --> 0:11:44.080 actually a need adjustment that you're asking for. So including 0:11:44.080 --> 0:11:47.000 all that information and making the voluntary disclosures helpful. 0:11:47.960 --> 0:11:49.920 There's a few things that remember in terms of types 0:11:49.920 --> 0:11:52.959 of income. What happens with dividend income. 0:11:54.040 --> 0:11:59.079 Well, yeah, under the FDR method, you don't look at 0:11:59.160 --> 0:12:02.560 dividend income. Under the CV method, there is a formula. 0:12:02.640 --> 0:12:06.080 So I said before that you're looking to work out 0:12:06.080 --> 0:12:08.480 the market value movement on your portfolio. It's basically looking 0:12:08.480 --> 0:12:11.840 at the overall economic return. So there's a CV formula 0:12:11.840 --> 0:12:14.280 that you need to work through. Your dividends form part 0:12:14.320 --> 0:12:18.480 of the gains for a particular year, so you would 0:12:18.520 --> 0:12:20.840 need to look at that if you're applying the CV formula. 0:12:21.320 --> 0:12:26.480 But one point to remember that with all of these methods, 0:12:26.480 --> 0:12:29.000 So with the FDR method and the CV method, once 0:12:29.000 --> 0:12:32.439 you've calculated your income for the year and returned to 0:12:32.440 --> 0:12:35.400 that income to inland revenue, that that is the only 0:12:35.440 --> 0:12:37.719 income that you need to return on those fifths. So 0:12:38.280 --> 0:12:41.120 if you subsequently make a gain at a later date, 0:12:41.559 --> 0:12:43.880 you will not be taxed on that gain. If you 0:12:44.559 --> 0:12:50.560 subsequently receive a dividend, then you're not taxed on that. 0:12:50.679 --> 0:12:53.360 You just have to return your fifth income under one 0:12:53.400 --> 0:12:55.280 of those two methods each year, and that is that 0:12:55.640 --> 0:12:57.320 is the only income that you need to return in 0:12:57.360 --> 0:12:58.640 relation to those fifths. 0:13:00.080 --> 0:13:02.400 Of investors out there, we're interested about how they're going 0:13:02.480 --> 0:13:04.360 to be able to do these calculations. Is there any 0:13:04.440 --> 0:13:08.120 kind of tools that you can point them to that 0:13:08.440 --> 0:13:11.720 can help them with this process? Hayden, Yeah, sure. 0:13:11.880 --> 0:13:15.839 So you've already mentioned the AX exemption tool. So that's 0:13:15.880 --> 0:13:19.520 available in an n Revenues website just by googling asx 0:13:19.679 --> 0:13:24.199 fifth exemption. There's also a fifth income calculator on a 0:13:24.280 --> 0:13:27.600 THEN Revenues website which which can be helpful if you're 0:13:27.640 --> 0:13:31.160 trying to work out both your fifth FDR income and 0:13:31.480 --> 0:13:34.839 CV income and all that you need to use that 0:13:34.960 --> 0:13:40.720 tool is your transaction details during the year. In addition, 0:13:40.800 --> 0:13:44.439 there's also a Foreign Investment Fund income guide available on 0:13:44.480 --> 0:13:46.920 the n THEN Revenue website that's called the IR four 0:13:46.960 --> 0:13:49.319 six one, So you could google IR four six one 0:13:49.880 --> 0:13:53.120 or IID Foreign Investment Fund Guide and both of those 0:13:53.160 --> 0:13:54.880 searchers will pull up the guide for you. 0:13:55.480 --> 0:13:58.040 Yeah, just for those the shares of investors out there, 0:13:58.080 --> 0:14:01.880 we do provide the day on transaction history which can 0:14:01.920 --> 0:14:09.120 be used to educate or to input into the IRR 0:14:10.200 --> 0:14:13.640 fifth tool calculation tool. And as I mentioned before, we 0:14:13.679 --> 0:14:16.559 have also had the Shares Share Sarte integration and they 0:14:16.559 --> 0:14:18.680 can do the calculations for you. So we've got that 0:14:18.760 --> 0:14:22.200 dry approach or you can outsource it. And I understand 0:14:22.280 --> 0:14:25.640 you can do a one month fee for the share 0:14:25.680 --> 0:14:29.480 site report as well, and from there my IR for 0:14:29.600 --> 0:14:33.920 the submitting to the ID. So we have a lot 0:14:34.000 --> 0:14:37.760 of investors on shares these that are already over the 0:14:38.120 --> 0:14:44.760 fifty k threshold and will be sit under the fifth rules. However, 0:14:44.800 --> 0:14:47.000 we also see a lot of investors that are growing 0:14:47.000 --> 0:14:49.280 their portfolios and we'll be close to that fifty k 0:14:49.360 --> 0:14:52.680 mark very soon. Ross what should they be thinking about? 0:14:53.320 --> 0:14:55.000 You know, I guess it's important if you're close to 0:14:55.040 --> 0:14:58.160 that fifty k mark to really just check and see 0:14:58.160 --> 0:15:02.040 where you are at. If the cost of your fifths 0:15:02.120 --> 0:15:05.880 exceeds or is fifty thousand dollars or more New Zealand 0:15:05.920 --> 0:15:08.640 and any any point in the income year, then you 0:15:08.640 --> 0:15:11.240 will be subject to the fifth rules. It is only 0:15:11.960 --> 0:15:14.440 fifths that are subjects to rules that come within the 0:15:14.560 --> 0:15:17.920 fifty thousand dollars you're measuring. If, for example, you have 0:15:19.040 --> 0:15:23.120 investments in Australian listed stocks that are exempt, they don't 0:15:23.120 --> 0:15:26.320 come into the fifty thousand dollars, so you can exclude those. 0:15:26.800 --> 0:15:30.000 If you do, say, have fifths with a cost of 0:15:30.080 --> 0:15:33.000 fifty two thousand dollars in a year, that means that 0:15:33.040 --> 0:15:35.520 all of your fifths are going to be subject to 0:15:35.520 --> 0:15:37.320 the fifth regime, don't You don't sort of get the 0:15:37.320 --> 0:15:40.880 first fifty thousand dollars free if you're if you exceed 0:15:40.880 --> 0:15:43.640 that fifty thousand dollars mark, then all of your fifths 0:15:43.640 --> 0:15:45.680 will be taxed using the fifth regime in that year. 0:15:45.960 --> 0:15:49.360 Just a local example, please, where have a lot lot 0:15:49.360 --> 0:15:52.320 of investors that say invest in a smartch is SMP fund? 0:15:53.240 --> 0:15:54.480 Would that be a fifth fund? 0:15:54.840 --> 0:15:56.800 To work out whether a lot of fund is a 0:15:56.840 --> 0:15:59.240 foreign investment fund, what you need to look at is 0:15:59.640 --> 0:16:03.080 where the fund itself is resident. So my understanding is 0:16:03.120 --> 0:16:06.320 the smart shares funds actually New Zealand resident funds, So 0:16:06.400 --> 0:16:08.960 you're investing into a New Zealand entity, so the foreign 0:16:08.960 --> 0:16:11.920 investment fund rules won't apply. It doesn't matter that the 0:16:11.920 --> 0:16:15.320 fund is investing itself into foreign shares that that's not 0:16:15.360 --> 0:16:17.560 what you're looking at. You look at where the fund 0:16:17.640 --> 0:16:18.160 is resident. 0:16:18.560 --> 0:16:22.320 Thank you both, really appreciate your time and thank you 0:16:22.360 --> 0:16:24.760 from on behalf of our investors as well. Thank you. 0:16:24.920 --> 0:16:28.280 Thanks once again. Tax is very individual and it's always 0:16:28.320 --> 0:16:31.360 best to see tax advice from your accountant or advisor 0:16:31.560 --> 0:16:39.560 if you're at all on shore. Martyr Wa