Sam Sung is a New Zealand tax resident. He is a share dealer. Sam owns some shares in New Zealand companies. He also owns shares in foreign companies which, on 1 April 2022, have a market value of $166,000. You understand all the shares have been acquired since 1 January 2010 and that all the holdings are less than 10% of the relevant companies. As at 1 April 2022, the portfolio of foreign companies comprises: shares in publicly listed companies in Singapore, Hong Kong and Malaysia (hereafter referred to as the 'Asian companies') which cost $40,000 and have a market value (as at 1 April 2022) of $88,000; shares in Australian resident companies listed on the Australian Stock Exchange (ASX) (hereafter referred to as the 'listed Australian companies') with a cost of $68,000 and a market value (as at 1 April 2022) of $78,000; You are advised that Sam has undertaken the following transactions: (a) Purchase of additional shares in a Malaysian company (March 2022). The additional shares in this company cost $4,000. (b) Purchase of shares in an Australian resident company listed on the ASX (May 2022). The shares in this company cost $16,000. (c) Sale of Sale of shares in a New Zealand company (listed on the New Zealand Stock Exchange) for

$7,000 (May 2022). The shares in this company were acquired in 2020 for a cost of

$5,000.

(d) Purchase of additional shares in a Singaporean company (June 2022). The additional

shares in this company cost $8,000.

(e) Sale of shares in a Malaysian company (August 2022). These shares, which were acquired

in 2021, were sold for $12,000. The shares had originally cost $10,000.

(f) Purchase of shares in a Hong Kong company (February 2023). The shares in this company

cost $15,000.

(g) Sale of shares in an Australian resident company listed on the ASX (March 2023). The

shares in this company, which were acquired in 2018 for $22,000, sold for $26,000.

(h) Sale of shares in a Hong Kong company (April 2023) for $9,500. The shares in this

company cost $11,000.

As at 31 March 2023, Sam advises that the shares in the listed Australian companies have a market

value of $96,000 (which includes the purchase and sale of relevant shares in Australian resident

companies as noted above), and the shares in the Asian companies have a market value of $85,000

(which includes the purchase and sale of relevant shares in Asian companies as noted above).

In this year (ended 31 March 2023) Sam received a $7,500 dividend from the shares in the listed

Australian companies and a dividend of $9,000 from the shares in the Asian companies.

REQUIRED:

Sam has asked what the tax implications (including tax payable) of his portfolio of foreign

companies will be in the 2022-2023 tax year. Assume Sam is subject to tax at the highest

individual marginal tax rate and that all amounts are in New Zealand dollars. Show all your

workings. State any assumptions you make. Note: the 2022-2023 tax year is from 1 April 2022 to

31 March 2023.