Superyacht Tax Advice

superyacht tax advice

Superyacht Tax Advice

As a New Zealander working on a superyacht, do I have to pay tax?

Embarking on a career as a super yacht crew member promises exhilarating experiences across the globe. However, it’s crucial not to overlook the importance of tax compliance. At ABA Chartered Accountants, we specialise in providing superyacht tax advice for individuals crewing yachts overseas or planning to embark on this thrilling journey.

Every year, countless New Zealanders seize the opportunity to work aboard luxury yachts, ranging from deckhands to licensed captains and various hospitality roles. With estimates indicating a global super yacht crew population of 35-40,000, the demand for skilled crew members is undeniable.

New Zealanders are well known in the maritime world for their reliability, respectfulness, and strong work ethic. Yet, amidst the adventure and allure of yachting life, understanding and managing tax responsibilities is essential.

Yachting jobs offer attractive benefits, from generous compensation to the opportunity to explore diverse destinations without the burden of rent. However, overlooking tax obligations can lead to unforeseen financial challenges down the line.

So, as a New Zealander working on a superyacht, do I have to pay tax?

If you are a tax resident of New Zealand, you need to pay tax. Whether you’re considered a tax resident of New Zealand depends on your specific circumstances.

Our team at ABA Chartered Accountants can provide clear explanations and devise strategies to ensure your tax compliance, offering peace of mind as you navigate international waters. Don’t let tax worries spoil your voyage – contact ABA Chartered Accountants for superyacht tax advice and trust us to steer you in the right direction before your departure.

By addressing tax matters proactively and seeking expert guidance, you can enjoy your yachting adventure to the fullest while safeguarding your financial well-being.

Tax Residency NZ

Whether you need to pay tax in New Zealand depends on your tax residency status. You may be classified as a non-resident for tax purposes if you spend over 325 days outside of NZ in any 12-month period, or if you don’t have an enduring relationship with NZ.

Enduring Relationship:

To determine if you have an enduring relationship with New Zealand, several factors are considered:

  • How often you return to New Zealand
  • If you hold residential property in NZ
  • Family and social connections
  • Economic interests such as investments
  • Local employment or business connections
  • Intention to return to live in NZ

Settling Non-Residency Status:

If you’re planning to leave New Zealand and want to settle your non-residency status for tax purposes, the Inland Revenue allows backdating to the first of the 325 days spent outside of NZ. These days do not need to be consecutive.

Seek Expert Superyacht Tax Advice and Remain Compliant

It’s essential to consider these factors and seek professional superyacht tax advice to ensure compliance with tax regulations in New Zealand. Contact the experts at ABA today and avoid any potential issues.

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