Business Partner Returning to New Zealand

[tidytiger]

Hi All,

I have a business partner who is returning to New Zealand for some stupid reason , but we want to continue the business together. However, we havent got a clear idea of how we can continue working together whilst keeping it tax efficient for them.

He will be continuing to work for the company and wants to retain an interest in the company for the foreseeable future.

Does anyone have any advice on this? Or, alternatively, does anyone have any recommendations for a solicitor or accountant who either specialises in this sort of thing or has experience in the past.

Thanks,

[Craig@Clarity]

Assuming that you have a limited company and are both shareholders, there is no reason why you cannot continue on that basis with your business partner overseas. Any income he receives will be paid out to him in the same way as if he was over here. The only thing he will need to consider is how he declares that income in New Zealand and what his tax status is.

[tidytiger]

Thanks for your reply.

Thats how we'll be organising it for the time being. We had some other advice which was the same as yours. One thing we're not sure on, is the way different income is taxed in NZ (for instance, dividends) But, we've engaged an NZ accountant who's helping us there.

Cheers,