How GMG (Goodman Group) Is Taxed in New Zealand
Even though GMG is listed on the ASX and is Australian-resident, it is treated as a Foreign Investment Fund interest in New Zealand because it is a stapled security. Stapled stock fails EX 31 test 4, so the exemption does not apply. If your total foreign holdings exceed the NZ$50,000 de minimis, you owe FIF tax on this position using the Fair Dividend Rate (FDR) or Comparative Value (CV) method.
Note
Stapled security (Goodman Limited + Goodman Industrial Trust + Goodman Logistics (HK) Limited). Stapled stock fails EX 31 test 4, so GMG is treated as a FIF interest in NZ.
FDR worked example for GMG
FDR deems 5% of your opening (1 April) market value as annual NZ income, taxable at your marginal rate. Below shows tax owed at 33% (income $78,101–$180,000) and 39% (over $180,000) marginal rates.
| GMG cost basis | FDR deemed income (5%) | NZ tax @ 33% | NZ tax @ 39% |
|---|---|---|---|
| $10,000 | $500 | $165 | $195 |
| $50,000 | $2,500 | $825 | $975 |
| $100,000 | $5,000 | $1,650 | $1,950 |
These are FDR figures only. Use the FIF tax calculator to compare with CV (actual economic gain) — CV can be lower than FDR in years where GMG fell in value or paid no dividends.
FDR vs CV — when each applies
| Method | Income calculation | Use when |
|---|---|---|
| FDR (default) | 5% × opening market value (1 April) | Standard year — share rose or stable, dividends typical |
| CV (alternative) | Actual economic gain (closing − opening + dividends − cost adjustments) | Loss year, low/no dividend year, or year with significant disposals |
You can use FDR for some FIF interests and CV for others in the same year if it produces a lower total — but the choice is per-FIF, not per-share. Once chosen for a year, it applies to all interests in that bucket.
De minimis interplay — does GMG push you over NZ$50,000?
FIF rules only kick in if the cost basis of all your FIF interests combined exceeds NZ$50,000 at any point in the tax year. Below the threshold, you only pay NZ tax on dividends actually received. GMG cost counts toward the threshold (unlike exempt ASX shares such as CBA, BHP, and CSL which do not count).
Practical implication: if your portfolio is mostly exempt ASX shares with a small GMG position, you may stay under the de minimis even with sizable Australian holdings. Use the FIF tax calculator to check your aggregate cost basis.
Related Calculators
Source
IRD Foreign Investment Fund (FIF) rules — see ird.govt.nz Foreign Investment Funds. Verified 2026-04-30.