Guidelines to the individual items

Transcription

1 TAX RETURN 2014 Guidelines to the individual items Don t overpay your tax check all information and deductions in your tax return Changes? Submit your tax return online Deadline 30 April 2015 English

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3 3 Contents Deduction items 14 Capital and debt 24 Topics 30 Important forms 67 Index 68 Rates 74 Items that are not pre-completed If employers, banks, etc. have not submitted information to the Tax Administration on time, the amounts concerned will not be pre-completed in the tax return. You must enter these amounts in the tax return yourself. If there is no separate item for an amount that is missing, enter the amount in the field Any amounts that have not been pre-completed must be entered here. The expression the amount must be entered under item Your tax return on paper Here, enter under item means that you correct the amount by deleting the amount in a pre-completed item and enter the correct amount. If the amount is not pre-completed, enter the number of the item, text and amount. If there is no separate item in the tax return for non-pre-completed amounts, enter the amount in the field Any amounts that have not been pre-completed must be entered here. Electronic tax return n this case, enter under item means that you find the item concerned in the main overview and correct a pre-completed item with the correct amount or enter the amount that is missing. When you submit your tax return online, you will find all the forms that form an integral part of the tax return under the selected number of the item or under the attachments tab. The amount will automatically be transferred from the form/attachment to the appropriate item in the tax return and the amount in the Any amounts that have not been pre-completed must be entered here field. For more information, see: skatteetaten.no/starthjelp-naering Information for foreign wage earners staying in Norway Guidelines: Rettledning: Guidelines for foreign employees and self-employed persons Informasjon: Information for foreign employees: Tax Return 2014 Information for foreign employees: Commuter allowance Information for foreign employees: Standard deduction skatteetaten.no/ selvangivelse-utenlandsk Information for persons resident abroad who receive a pension from Norway Guidelines for persons resident abroad who receive pension from Norway Start help for self-employed persons, guidelines and brochures can be found at skatteetaten.no

4 4 1.3 Cohabitants Enter or delete the cohabitant s national ID number in the item if your cohabitation status has changed. Cohabitants with joint children should insert a cross in item Cohabitants with joint assets/debt should insert a cross in item For information about the tax assessment of children and cohabitants, see Parents and children, Spouses, registered partners and spouse-equivalent cohabitants and Cohabitants. 1.5 Other information Young people s housing saving (BSU) scheme The tax deduction is granted on the basis of information submitted by the bank. If no information has been provided, you must contact the bank. The savings amount deposited cannot exceed NOK 25,000 per year. The total amount deposited in the account cannot exceed NOK 200,000. If you are claiming a tax deduction for savings amounts deposited in another EEA state, special rules apply regarding the information that the Norwegian Tax Administration requires. See more about this at skatteetaten.no Lottery and betting winnings etc. Winnings from the following types of games of chance and lotteries are exempt from tax: games organised by Norsk Tipping AS, e.g. Lotto, Viking Lotto, Tipping and Oddsen totalisator betting covered by the Totalisator Act (Rikstoto) lotteries pursuant to the Lottery Act, including scratchcards and bingo games of chance and lotteries in another EEA state corresponding to games or lotteries which are legal in Norway and which are subject to official supervision and control in the home country. initiatives organised by the mass media that are open to the public. If your tax-exempt winnings in 2014 totalled NOK 100,000 or more, you must enclose confirmation from the party or parties who paid you the winnings. Here, you cannot choose not to submit a tax return. Winnings other than those mentioned above are liable to tax if the value of each individual win exceeds NOK 10,000 before the deduction of expenses. The taxable profit must be entered under item Expenses (stakes) that are directly related to the taxable winnings must be entered under item The tax exemption for winnings from games of chance and competitions does not apply if the winnings are deemed to be remuneration for work or business activity Inheritance and gifts Inheritance and gifts are not taxable income for the recipient, but the inheritance or gift must be declared if the total value is NOK 100,000 or more. If you receive a gift from your employer, it may be considered salary rather than a tax-free gift. For more information, see skatteetaten. no. The Inheritance Tax Act has been abolished and inheritance tax no longer has to be paid on inheritance following a death which occurs during 2014 or after. The same applies to gifts received from 2014 onwards. Instead, the recipient of the inheritance or gift will generally continue the deceased (the testator) or donor s tax positions linked to the transferred assets. This means for example that if you subsequently sell inherited property, the calculation of gain must be based on the input value of the deceased (testator) or donor. For more information on this, see the topic section under Inheritance and gifts or visit skatteetaten.no. If you received real property as an inheritance or gift during 2014 and the transfer is registered, the property will be pre-completed under item or In the case of a house/apartment (housing) or holiday home, you must enter the input value under item or If the transfer of the property is not registered, it will not be pre-completed and you will need to enter the information in item or yourself. For more information on input value, see the topic Inheritance and gifts.if you submit your tax return on paper,, you must provide information on the identity of the property (municipality, property no. (Gnr.), parcel no. (Bnr.), share no. (andelsnr.) etc., address), date of acquisition, input value and how the input value was calculated (market value or the previous owner s input value). You must enter this information in the field for items that are not pre-completed. Since the Inheritance Tax Act was abolished, the previous form Form for reporting gifts, gift sales, transfers between close relatives and the distribution of assets from undivided estates (RF-1616) no longer has to be submitted Income, capital and/or debts abroad You must declare all income, capital and debts that you have abroad in your tax return. This applies even if the capital or income is not taxable in Norway. Tick Yes if you have: income abroad capital abroad, e.g. real property, a timeshare flat, household contents and moveable property, bank deposits, shares or bonds debts abroad

5 5 Information about foreign bank deposits etc. must be provided on form RF-1231E Deposits in foreign banks (RF-1231). Interest on income is entered under item If you became the owner of real property abroad during 2014, you must provide information about the type of property (holiday home, plot of land etc.), the country in which it is situated, when it was purchased (date), the purchase price and, if available, its sales value. Enter this information under item You must declare taxable income, capital and debts abroad under the relevant items in the tax return. If you are claiming a deduction from your assessed tax for tax paid abroad (credit), you must complete Deduction for tax paid abroad by a person (credit) (RF-1147). If you are claiming a deduction from your income, enter the information under item If you are claiming a deduction from your income or from assessed tax for tax you have paid abroad, the payment must be documented. If you believe that your capital or income is not liable to tax in Norway, you must state your income and capital and explain why they are not liable to tax. If you have paid tax abroad on the capital or income, you should state this. If you have income that is taxed in another Nordic country, you must complete form Nedsetting av inntektsskatt på lønn (Reduction in income tax on wages in Norwegian only) (RF-1150). The same applies if you are claiming a reduction in tax for the part of the tax levied on wages earned abroad (pursuant to the one-year rule) or you have wage earnings that are exempt from taxation pursuant to a tax treaty. Capital in the form of real property abroad and income from or a gain on the sale of such property are, in principle, liable to tax in Norway. Capital in the form of real property abroad and income from or a gain on the sale of such property is, in principle, liable to tax in Norway. If you have real property or are engaged in or take part in business activities abroad, you will not be granted the full deduction for interest on debt in Norway if the income from the real property or business activity is exempt from tax in Norway. Nor will you be entitled to the full deduction for debt if your capital in the form of real property or business activity is exempt from tax in Norway. If you own a house/apartment/holiday holiday home in Belgium, Bulgaria, Germany, Italy or Malta, you will still receive the full deduction for the debt and interest on the debt. If you have claimed deductions for debt and/or interest on debt in the country in which the house/apartment/holiday home is situated, you will not be entitled to a deduction for the amounts concerned in Norway. You must therefore state which deductions you have claimed in the country in which the property is situated. 2.1 Pay and equivalent benefits Pay etc. Here, you enter pay, fees and other remuneration from your employer. This includes benefits in kind, i.e. benefits in forms other than money. Benefits in kind that must be entered under this item include the benefit of free use of a car, air miles, wholly or partially free accommodation and free work clothes. Any gain on the exercising or sale of an option you have received in an employment relationship will also be taxed as pay and entered under item The benefit of a low-interest loan from your employer is taxed as pay. The benefit of the low-interest loan is normally pre-completed. Both the benefit of the low-interest loan and the interest that has accrued and been paid are deductible in item Concerning the valuation of benefits in kind, see the topic Benefits in kind - valuation. There, you will also be able to read about free board for offshore workers. The free use of a car is described under the topic Cars. In the case of persons classified as wage earners, pay from labour market schemes etc., sick pay, parental support, work assessment allowance, qualification benefit pursuant to the Social Services Act and unemployment benefit are also liable to tax as salary. The same applies to transitional benefits for single mothers or fathers (for new recipients after 1 April 2014) and remuneration you have received as a member of a board, representative body, committee, council, etc. Remember to enter all taxable income that has not been pre-completed in the tax return and to check that all the deductions have been included. Pay of up to NOK 1,000 from an individual employer or client is tax-free. For work in a client s home/holiday home, the limit is NOK 6,000. If the employer or client is a tax-exempt organisation, the payment will be tax-exempt if it does not exceed NOK 6,000. Please note that there is no tax-exempt allowance for business income Income giving entitlement to a seafarers allowance Income giving entitlement to the seafarers allowance has been pre-completed in your tax return. If that is not the case, you must enter the income under this item. Income from work on board ships in service entitles you to a seafarers allowance, provided that this work is your main occupation and that you have spent at least 130 days on this work during the income year. Any remuneration paid to a seafarer through an employer, including tips, will be considered income on board. Any profit that the seafarer has made from sales activities on board is also deemed to be income on board. The same applies to sick pay, wages and equivalent benefits during periods of illness or injury which take

6 6 the place of such income on board, and to certain benefits in kind. For more information about the seafarers allowance, see item Rental income which confers a right to claim the allowance for fishermen should be entered under item The deduction must be entered under item Income from child care in the childminder s own home Income (remuneration) for minding other people s children in your own home is business income, but it will be treated as income from employment when the children are: 11 years old or younger at the end of the income year (born in 2003 or later), or 12 years old or older and have special care or nursing needs. The parents should normally divide the gross income into an expense allowance and employment income (pay). If the expense allowance amounts to 50 percent or less of your total gross remuneration for the year for each child and NOK 1,057 or less per month for each child, it is deemed not to yield a surplus. Only remuneration for work should then be entered in the tax return. Remuneration for work is included in the basis for calculating the minimum standard deduction. The stipulated expense allowance is a standard deduction. Instead of the standard deduction, you can choose to deduct actual expenses incurred in connection with the childminding, provided that the standard deduction was not chosen for the previous year. If you have chosen to use the standard deduction, you are bound by this choice for five years provided that there is no significant change in your circumstances. For information about deductions for actual expenses, see the brochure Skatteregler ved barnepass (Tax rules relating to childminding in Norwegian only). You will find the brochure at skatteetaten.no If you run a child day care centre in your own home, you must enter your income and expenses in an income statement (form RF-1175 or RF-1167), and transfer the business income from item 0402 in the income statement to item in your tax return. You must enter your calculated personal income under item Business income/deficits from a child day care centre outside your own home must be entered under item and respectively. For information about family day care centres, see the brochure Familiebarnehager og skatt (Day care centres for children in private homes and tax - in Norwegian only) at skatteetaten.no Any sickness benefit that replaces income from childminding in your own home has been pre-completed Surpluses from expense allowances Expense allowances are payments intended to cover expenses incurred in the performance of your work, assignments or office, e.g. board, travel and car expenses. If an allowance is greater than the actual expenses incurred, the surplus is taxable and must be declared under item The Certificate of Pay and Tax Deducted will normally state the type of allowance concerned. For the calculation of surpluses and deficits, see the topic Expense allowances. Allowances that cover private expenses are normally liable to tax in full, e.g. allowances for travel expenses for travel between the home and a permanent place of work. For information about liability to tax on an employer s coverage of expenses for board and lodging and home visits abroad for foreign employees working in Norway, see Guidelines for foreign employees and self-employed persons at skatteetaten.no/ selvangivelse-utenlandsk Allowances self-employed persons grant themselves in connection with their business activities are deemed to be business income and are not deemed to be expense allowances. If a self-employed person receives an expense allowance as part of paid employment, the allowance will be treated in the same way as for other wage earners Other income from work Here, you must declare other earnings that are not business income, e.g. sales income and remuneration for craft or handicraft work in the home. Sales income should be declared after deducting the cost of materials. Gross income from the sale of garden or natural produce which is not business income, e.g. from the sale of berries, fungi and fish, is only liable to tax for amounts exceeding NOK 6,000 per income year. Any income in excess of this amount must be declared in your tax return. You must declare any amounts not pre-completed in your tax return. 2.2 Pensions, employmentrelated annuities etc. If you have received pension back-payments from the National Insurance scheme or from others (code 225 in the Certificate of Pay and Tax Deducted), the whole amount will be taxed in the year it was paid. The Tax Administration will ensure that the tax will not be higher than it would have been if the pension had been taxed in the year or years to which the back payment relates.

7 Own pension from the National Insurance scheme The pre-completed amounts in items to are specified in the Certificate of Pension Income and Tax Deducted from the Norwegian Labour and Welfare Service (NAV) Own pension etc. from a pension scheme other than the National Insurance scheme, including pensions from abroad This item includes payments from various Norwegian pension schemes: occupational pensions, early retirement pension (AFP), employment-related pensions, introductory benefit, benefit pursuant to the Act relating to supplementary benefits for persons who have only lived in Norway for a short period, benefits derived from surrendered property (right of occupancy etc.) in agriculture and forestry. The item also includes pensions from abroad etc. that are liable to tax in Norway and that are not to be entered under item One-off payments that replace the right to such benefits must also be entered here. Payments from individual pension agreements/individual pension schemes (IPA/IPS) must also be entered under this item. The same applies to taxable payments from employment-related annuities (group annuities) established before 1 January Taxable payments from employment-related annuities (group annuities) established before 1 January 2007 must be entered under item See the topic Life insurance for information about annuities taken out as continuation insurance and annuities taken out in accordance with the Act relating to individual pension schemes. If you have received benefits in 2014 that are not pre-completed in your tax return, you must declare them. If you receive a pension that is taxed in another country, you can claim a deduction in your assessed tax for tax paid in the other country (credit). You must document such payment and fill in form Deduction for tax paid abroad by a person (credit) (RF-1147). For pensions from another EEA State that correspond to the old-age pension from the National Insurance scheme and early-retirement pension (AFP) in Norway, see item Pensions from another EEA State which corresponds to an old-age pension from the National Insurance scheme and early retirement pension (AFP) in Norway Here, you enter pension from another EEA State that corresponds to old-age pension from the National Insurance scheme and early-retirement pension (AFP) that is taxable in Norway. You must also state the period, retirement percentage, the type of pension and from which country it is paid. Corresponding pension means a pension from general, mandatory pension schemes that include all inhabitants of the country in question. If you are the recipient of a corresponding pension from another EEA State, you can claim a tax deduction on this basis. For information about the conditions for tax deductions, see the topic Tax deduction for pension income and tax limitation on low general income. If the Tax Administration so requests, you must present documentation showing that the pension has been paid by a general and mandatory pension scheme which covers all inhabitants in the country. Pensions from another EEA State which do not meet the conditions for tax deduction must be entered under item Supplementary benefit for spouse Taxable supplementary benefits for spouses from the National Insurance scheme and private pension schemes are specified under code 219 in the Certificate of Pay and Tax Deducted. Supplementary benefit for spouses from the National Insurance scheme that is paid to recipients of old-age pensions and early-retirement pensions (AFP) is tax-free when the effective date for the supplementary benefit is before 1 January Tax-free supplementary benefits for spouses are listed under code 242 in your Certificate of Pay and Tax Deducted Tax-free pension from abroad Here, you enter pension income from foreign pension schemes that are not liable to tax in Norway. You must state the type of pension, the amount and the country from which it is paid. Tax-free pensions have a bearing on the calculation of the tax deduction for pension income. The pension is included in the total pension income; see the topic Tax deduction for pension income and tax limitation on low general income. 2.4 Children s income from employment Children aged 12 years or younger Children born in 2002 or later are not required to submit a tax return. For these children, pay of NOK 10,000 or less is tax-free. Any amount in excess of this is taxable. If the parents live together, the amount is split equally between them in their pre-completed tax returns. The parents may choose a different allocation. If the parents do not live together, the child is assessed together with the

8 8 parent with whom the child is registered as living in the Population Register. If this parent is married, see the topic Parents and children. 2.6 Maintenance, annuities, children s pensions etc Taxable maintenance payments received Regular maintenance payments from separated or former spouses are liable to tax. Note that only maintenance payments from separated or former spouses disbursed through a public agency have been pre-completed in the tax return. Maintenance payments paid as lump sums are not liable to tax. Child maintenance payments, special grants pursuant to the Children Act, foster home payments pursuant to the Act relating to child welfare, and advance child maintenance payments paid by NAV pursuant to the Act relating to advance payment are not liable to tax Other income Here, you enter taxable payments from non employment-related annuities (individual annuities), taxable payments from employment-related annuities (group annuities) established on or after 1 January 2007, income derived from surrendered property (right of occupancy etc.) outside agriculture and forestry (e.g. free housing and other benefits in kind), payments from bequests and other taxable regular benefits. The taxable part of annuities from Norwegian life insurance companies is specified in the statement you receive from the company. See the topic Life insurance for information about annuities taken out as continuation insurance and annuities taken out in accordance with the Act relating to individual pension schemes. For information concerning annuities in foreign companies, see the topic Life insurance. Taxable payments from employment-related annuities (group annuities) established before 1 January 2007 must be entered under item Taxable back payment of wages and pension after death (listed under code 214 in the Certificate of Pay and Tax Deducted) must be entered under item Only the amount that exceeds one and a half times the basic amount (G) in the National Insurance scheme at the time of death is liable to tax. Until 1 May 2014, one and a half times the basic amount was NOK 127,867, while from 1 May 2014 it was NOK 132, Children s pension Here you must declare any pensions for children who are 16 years old or younger (born in 1998 or later). Pre-completed amounts have been transferred from codes 220 and 228 in the child s Certificate of Pay and Tax Deducted. Child benefit and the cash support (both government and municipal) for care of own children in the home are tax-exempt and shall not be declared in the tax return. How to submit your tax return online: 1. Log on via skatteetaten.no You will then see that your Tax return for wage earners and pensioners, etc. (RF-1030) is ready in My message box For My Attention. 2. Under the menu item Forms and services, open form RF1030 Tax return for self-employed persons etc.. When you open the tax return for self-employed persons, you will be asked which income statement you wish to submit together with the tax return. The income statements are described in Start help for selfemployed persons etc.. You will see that Tax return for self-employed persons etc. has been pre-completed with the same amounts as those found in the Tax return for wage earners and pensioners etc., which was sent to you. As a self-employed person, you may need Start help for self-employed persons etc.. These guidelines can be downloaded from skatteetaten.no/starthjelp-naering or obtained from the Norwegian Tax Administration.

9 9 2.7 Business income/income from self-employment Self-employed persons engaged in business will usually receive the Tax return for self-employed persons etc.. If you have received the Tax return for self-employed persons etc., you must submit it either online or on paper. You must submit a tax return even if you did not receive any income during 2014 and even if the business ceased trading in If you started commercial activity during 2014 and have received the form Tax return for wage earners and pensioners etc., the reason is that the Tax Administration has not been informed that you have started a business. You can submit a tax return that you have received with the mandatory forms online via skatteetaten.no; see below. Self-employed persons etc. who have gross business income that does not exceed NOK 50,000 will not normally be required to submit an income statement; see Start help for selfemployed people etc. part Income from housing and other real property Taxable income from housing or other real property in Norway and abroad must be entered under items and The benefit of living in your own house/apartment is exempt from tax. Income from letting your own house/apartment is exempt from tax if you use at least half the house yourself (calculated according to rental value). You can also let the whole house or a large part of it for up to NOK 20,000 per year tax-free. For more information about letting a house/apartment, see the topic Housing and other real property The owner s share of income from unit in a housing cooperative/jointly-owned housing property Here, you enter taxable income from units in housing cooperatives/ jointly owned housing properties. The amount is specified in the statement from the housing cooperative or jointly-owned property. Owners of units in a housing cooperative/jointly-owned housing property who have not received a statement can obtain the required information from the board of the cooperative/property or its accountant. If you let a house/apartment in a housing cooperative (housing association or limited liability housing company) or jointly-owned property and the house/apartment is subject to accounts-based tax assessment as a result, your share of the cooperative/property s income should not be entered here. Any pre-completed amount must be deleted and entered in form RF-1189E Letting etc. of real property (RF-1189) Net income from the letting etc. of real property outside the context of a business Here, you must declare net income from the form Letting etc. of real property (form RF-1189E). Any profit transferred from form RF-1189E must be entered under item or item (properties abroad). Any loss must be entered under item See also the topic Housing and other real property. In the online tax return, you will find form RF-1089 in connection with item or in the attachment summary. When the amount is completed, it will automatically be transferred to the correct item Taxable income from letting holiday homes You do not pay tax on the use of a holiday home that you own. If you let a holiday home you own and that you use yourself, up to NOK 10,000 of the income from letting is tax-free. If the income from letting is higher, 85 percent of the income in excess of NOK 10,000 is liable to tax. See also the example under the topic Housing and other real property. If you do not use the holiday home yourself, but only let it, all the rental income is taxable. The property will then be subject to accounts-based assessment and the form Letting etc. of real property (RF-1189) must be completed. See item Taxable gains on the realisation (sale etc.) of housing, land and other real property A gain on the sale of a house or apartment is tax-free if you: have owned the house/apartment for more than a year, and you have used it as your own home for at least one of the last two years preceding the sale. A gain on the sale of a holiday home is tax-free if you: have owned the holiday home for more than five years, and you have used it as your own holiday home for at least five of the last eight years preceding the sale. If the conditions for tax exemption are fulfilled, you will not be permitted to deduct any loss. Gains/losses on the sale of land are taxable/deductible regardless of how long you have owned the land. Any gain/loss on the sale of a farm is generally taxable/deductible. See also the topic Housing and other real property. Gains/losses on the realisation (sale, etc.) of housing may be pre-completed. In such cases, you will have received information on the basis for the tax liability (period of ownership and use) and the calculation. If you believe this information to be incorrect or incomplete and you have not corrected the information using form Salg av bolig, fritidsbolig eller tomt (RF-1318) (Sale of housing, holiday home or land - in Norwegian only), you must correct the gain/loss in the tax return and declare the new information.

10 Income from real property abroad Here, you enter taxable income from real property abroad. State the country in which the property is situated. If you let a holiday home you own and that you use yourself, up to NOK 10,000 of the income from letting is tax-free. If the income from letting is higher, 85 percent of the income in excess of NOK 10,000 is liable to tax. Income from other real property abroad must be entered on the form Letting, etc. of real property (RF-1189). Any gain from letting must be entered under this item. Any loss must be entered under item See the topic Real property abroad and skatteetaten.no. Please note that profit from the redemption of index-linked bonds is taxable if the savings arrangement is part of business activities or concerns a multiple debt instrument. Such profit is not pre-completed, and you must enter it yourself. The profit is the difference between the amount received on redemption and the price you paid for the bond including fees (subscription fee and interruption fee, if any). Interest on overdue payment of wages, pensions, holiday pay, etc. must be entered under item Interest reimbursement in connection with the repayment of tax is not taxable and should not be entered in the tax return. Interest on outstanding claims abroad etc. should be entered under item Capital income and other income See the topic Parents and children for information about children s capital income, including compensation and insurance payments for personal injuries or loss of provider Interest income on bank deposits etc. Here, you enter interest income on: deposits in banks in Norway savings in Norwegian cooperative building associations deposits in organised savings associations in Norway deposits in the guardian authority s account loans and savings in Norwegian cooperative societies and consumer associations. If you own bank deposits together with others, the bank will have attributed the whole interest income to one of the owners. The owners must therefore divide the interest income between themselves in proportion to their holdings. Married couples may choose a different allocation. Interest on bank deposits abroad must be entered under item Interest on loans to companies that is subject to extra tax (RF-1070) Interest income on loans furnished by personal taxpayers to limited liability companies, public limited liability companies, equivalent companies and collective investments, corresponding foreign companies and businesses assessed as partnerships is in some cases liable to extra tax (see the calculation below). The extra tax is payable in addition to ordinary tax on interest income (in addition to tax on interest income that is entered in item and item ). The amount to be entered in is the actual accrued interest after tax that is in excess of a calculated deductible riskfree return. The interest income will be calculated for each month in accordance with the following formula:: Actual accrued interest - Actual accrued interest x tax rate for general income (for information about rates, see page 47) - Risk-free return (balance of loan x riskfree interest rate, see below) = Interest income liable to extra tax Other interest income This item includes interest income on: outstanding claims in Norway deposits from house tenants in Norway mortgage bonds in Norway yield on index-linked bonds and bank savings with an equity-indexed yield other Norwegian debt certificates obligatory loan deposits in Norwegian cooperative enterprises etc. yield from bond funds and money market funds. The balance of the loan is defined as the balance at the start of the month. If a loan is taken up during a calendar month, the balance of the loan on the borrowing date will apply. If a debt instrument is issued at a discount, the balance of the loan will be calculated on the basis of the issue price. If you have furnished several loans to the same company, the loans will be dealt with together. If you have furnished loans to several companies, the interest income will be calculated for each company. The risk-free interest rate for 2014 is published at skatteetaten.no.

11 11 If you submit your tax return online, you can use auxiliary form (RF-1070) to calculate interest income that will be subject to extra tax. The calculation will then take place automatically when you enter the balance of the loan and the accrued interest for each month. You will also find a corresponding calculation aid at skatteetaten.no Yield from endowment insurance Here, you declare the yield earned in 2013 on the savings part of endowment insurance with guaranteed yield. You will find the amount in the statement from the insurance company. Here, you also enter taxable yield paid during 2014 from endowment insurance with investment options without guaranteed yield (unit-linked insurance). You will find this amount in the annual statement if the insurance has been taken out with a Norwegian insurance company. Any taxable yield from endowment insurance with or without guaranteed yield taken out with companies outside Norway must be entered under item See the topic Life insurance and skatteetaten.no Taxable share dividend etc. (RF-1088) This item should be pre-completed with share dividends from Norwegian limited liability companies and foreign companies listed on Oslo Stock Exchange, and for which you have received form Aksjer og egenkapitalbevis (Shares and equity certificates in Norwegian only) (RF-1088). The same applies to interest on equity certificates. RF-1088 is based on information that the companies, the Norwegian Central Securities Depository (VPS) and you have submitted to the Tax Administration. You must check this statement before completing your tax return. If you make changes to the statement, you must submit it by the deadline for submitting your tax return. See the topic Shares, etc. and skatteetaten.no/aksjer. If the amount in RF-1088 is incorrect or it says ukjent (unknown), you must correct the figures that are incorrect or missing and declare the correct taxable gain directly under item of the tax return. If you change the amount in item of the tax return, you must submit the tax return. You should also contact the company and notify them of the error. The guidelines to RF1088 contain more information about how taxable dividend is calculated and some examples of calculations. If you have shares or equity certificates and have not received form RF-1088, enter the share dividend/interest under item See the topic Shares, etc. and skatteetaten.no/aksjer Taxable yield from units in unit trusts The item contains pre-completed amounts based on information submitted to the Tax Administration by the management companies. It comprises dividends on units in Norwegian unit trusts and certain foreign unit trusts. In the case of units in unit trusts which you owned on 31 December 2014, it is the dividend after the deduction of any risk-free return that is liable to tax and that is entered under this item. If you have received any dividend on units in foreign unit trusts that is not pre-completed under this item, you must fill in and attach form RF-1059 Aksje og fondsandeler mv. (Shares and units in funds etc. in Norwegian only). If you submit your tax return online via Altinn, you will find the form next to the item or in the attachment overview. You can also submit the form on paper. You will find the form at skatteetaten.no. The form can also be obtained from the Norwegian Tax Administration. The dividend from the completed RF-1059 must be declared under item In such cases, you cannot opt not to submit a tax return. See the topic Shares, etc. and skatteetaten.no/aksjer. Any yield from units in Norwegian bond and money market funds must be entered under item Taxable dividend not declared under items or Other taxable share dividends, unit trusts, etc. (RF-1059) Under this item, you should enter other taxable share dividends, etc. that are not declared under items or You should also enter dividends from foreign companies that are not listed on Oslo Stock Exchange. Dividends from Norwegian and foreign unit trusts that have not been pre-completed should also be entered under You can calculate taxable dividends and any deduction for risk-free return in the form RF-1059 Shares and units etc. (RF-1059). The deduction for risk-free return reduces the tax payable on your dividends received. See guidelines RF-1072 for information about the rules and how to complete the form. RF-1059 must be submitted together with the tax return. If you submit your tax return online via Altinn, you will find the form next to the item or in the attachment overview. You can also submit the form on paper. You will find the form at skatteetaten.no. The form can also be obtained from the Norwegian Tax Administration. Other taxable share dividends etc. (where RF-1088 or RF-1059 is not to be submitted)

12 12 If you own shares for which you should have submitted form RF-1059, you do not have to submit RF-1059 if you: are not claiming a deduction for the risk-free return and enter the dividend received directly in the tax return, or enclose a calculation showing the taxable dividend after the risk-free return. For more information on share taxation and share forms, see the topic Shares etc. and skatteetaten.no/aksjer Taxable gains on the sale of shares etc. (RF-1088) This item should be pre-completed with the net gain from shares from Norwegian limited liability companies and foreign companies listed on Oslo Stock Exchange, and for which you have received form Aksjer og egenkapitalbevis (Shares and equity certificates in Norwegian only) (RF-1088). The same applies to equity certificates. RF-1088 is based on information that the companies, the Norwegian Central Securities Depository (VPS) and you have submitted to the Tax Administration. You must check this statement before completing your tax return. If you make changes to the statement, you must submit it by the deadline for submitting your tax return. See the topic Shares, etc.. If the amount in RF-1088 is incorrect or it says ukjent (unknown), you must correct the figures that are incorrect or missing and declare the correct taxable gain in item of the tax return. If you change the amount in item 3.1.8, you must submit the tax return. You cannot make use of the submission exemption arrangement for the tax return. The tax return will only be pre-completed for realisations (sales, etc.) where the Tax Administration has all the information necessary to calculate the gain/loss. If the Tax Administration does not have all the necessary information, e.g. because we do not know what you obtained for the shares, the gain/loss for this realisation will not be calculated in the tax return. In form RF-1088, you will find a footnote under item 110 which states that we are missing information needed to calculate the gain/loss for one or more realisations. You must then go to Table 3b in Aksjeoppgaven (RF-1088 ) (Shares and equity certificates in Norwegian only) to find these realisations. You must correct the missing figures and enter the gain/loss for these realisations directly in the tax return. If you discover an error in form RF-1088, you can get help to calculate the correct taxable gain if you submit RF-1088K via altinn. no. You will receive an updated statement within three or four days. If the updated version shows a changed taxable amount, you must enter this amount in your tax return. The guidelines to RF-1088 contain more information about how taxable gain is calculated and some example calculations. If you own shares or equity certificates and have not received form RF-1088, enter the net gain from shares under item and complete form RF For more information on share taxation and share forms, see the topic Shares etc. and skatteetaten.no/aksjer Taxable gains on the sale of units in securities funds This item covers taxable gain on the redemption, sale or other form of realisation of units in securities funds (e.g. unit trusts, bond or money market funds, combination funds etc.). Unit holders in Norwegian and some foreign securities funds that have realised units in 2014 will receive a realisation statement from the management company or the Norwegian Central Securities Depository (VPS). The realisation statement contains information about the taxable gain/deductible loss. The total taxable gain will be pre-completed under this item if the management company or the Norwegian Central Securities Depository has reported the amount to the Tax Administration. You must check the amounts and correct any errors. If the gain has not been pre-completed in your tax return, enter it yourself under item Gains/losses on the realisation of units in most foreign securities funds are not pre-completed. You must then fill in and submit form RF-1059 Aksjer og fondsandeler mv. (Shares and units in funds etc. in Norwegian only) (RF-1059) and enter any gain under item and any loss under item If you submit your tax return online via Altinn, you will find the form next to the item or in the attachment overview. You can also submit the form on paper. You will find the form at skatteetaten.no. The form can also be obtained from the Norwegian Tax Administration Taxable gains on the sale of shares, securities funds, etc. (RF-1059) Here, you enter taxable gains on shares etc. other than those entered under items or 3.1.9, including: shares/equity certificates in Norwegian and foreign companies for which you have not received form Aksjer og egenkapitalbevis (Shares and equity certificates in Norwegian only) (RF-1088). (This also applies to gains on shares in companies that were dissolved during 2014.) units in foreign securities funds from which the gain has not been included in the pre-completed amount in item bonds On the realisation of shares in foreign companies or shares/ equity certificates in Norwegian companies for which you have not received Aksjer og egenkapitalbevis (Shares and equity certificates in Norwegian only) (RF-1088), you must complete and submit form Aksjer og fondsandeler mv. (Shares and units in funds etc. in Norwegian only) (RF1059). For information on how

13 13 to calculate gains, see the guidelines (RF-1072) and skatteetaten. no/aksjer. There is no separate form for gains on the sale of bonds and other financial instruments. On request, you must be able to submit documentation and a calculation of gains from the sale of bonds and other financial instruments. Gains from the sale of other financial instruments, including financial options and other derivatives, must be entered under item For more information on share taxation and share forms, see the topic Shares etc. and skatteetaten.no/aksjer Income from abroad Here, you enter all income from abroad that is liable to tax in Norway and that is not to be entered under other items. This applies to, among other things, interest on foreign bank deposits, bearer bonds, units in foreign bond funds and outstanding claims against foreign debtors. Income from holdings in foreign companies that is not business income must also be declared here. Any gain on the sale or other realisation of real property abroad must be entered here if the gain is liable to tax in Norway. See the topic Real property abroad. Specification of deposits and interest in foreign banks and BSU savings (young people s housing savings) in another EEA State must be entered on the form Bank deposits abroad (RF-1231). If you submit your tax return online via Altinn, you will find the form next to the item or in the attachment overview. You can also submit the form on paper. You will find the form at skatteetaten.no. The form can also be obtained from the Norwegian Tax Administration. Any taxable annual yield from endowment insurance taken out in another EEA State is also entered here. Taxable yield in connection with the disbursement of endowment insurance with an investment option without guaranteed yield (unit-linked insurance) from companies in another EEA State must also be entered here. The Tax Administration may ask for documentation. For information about calculating the return, see the topic Life insurance. For information about special rules concerning life insurance (endowment insurance) taken out with a company in another EEA State before 1 January 2004, see the topic Life insurance. If you have taken out a life insurance policy (endowment insurance) with or without guaranteed yield with an insurance company outside the EEA area, you must enter the whole amount disbursed here (only applies to contracts entered into after 1 January 1986). Income from real property abroad must be entered under item Taxable income from employment must be entered under item Other income Here, you enter all other taxable income in Norway not included under the items above, including: taxable winnings (for information about tax-free winnings, see item 1.5.2) and finder s fees gains from the sale of financial instruments, including options and other derivatives any discount received in connection with the payment of fixed-interest loans before the due date currency gains gains from the realisation of bitcoins interest on overdue payment of wages, pensions, holiday pay etc. the taking to income of a negative balance or positive profit and loss account interest for which you were granted a deduction in 2013 and which fell due for payment in 2014 without being paid, see item If the interest is paid later, it will be deducted from income in the year in which it is paid. The above does not apply to interest expenses relating to self-employment/business activities. calculated gains on shares and holdings in companies etc. on the cessation of tax liability as a resident in 2014 the benefit of free use of other people s assets (not work-related or business-related use). For more information on currency gains and losses, see the article Currency gains and losses in foreign currency at skatteetaten. no. Income linked to commercial activity must be declared in the income statement if you are obliged to submit such a statement..

14 14 Deduction items Remember that in the case of payments of NOK 10,000 or more, it is a condition for deduction that the payment is made via a bank. If you pay in cash, there will therefore be no right of deduction if the payment amounts to NOK 10,000 or more. If you claim a deduction for ongoing payments, e.g. house rent for commuters, the amount limit applies to the total payment for the year as a whole. To ensure that you do not lose the right to a deduction, it is therefore important that you pay via a bank 3.2 Deductions from income from employment etc Minimum standard deduction from own income The minimum standard deduction is a standard deduction from wage earnings, pensions and similar income. If your actual expenses relating to your work or similar are greater than the minimum standard deduction, you can claim a deduction for these expenses instead of the minimum standard deduction; see item The minimum standard deduction is calculated automatically. Therefore, if you change the basis for calculating the deduction, for example when declaring wage earnings that have not been pre-completed, you do not need to correct the deduction yourself. See also the topic Minimum standard deduction calculation and skatteetaten.no/minstefradrag Actual expenses This item is an alternative to item and should be used when your actual work-related expenses are greater than the minimum standard deduction. The expenses must be entered under item The Tax Administration may require you to document/substantiate your expenses. Examples of expenses that can be deducted instead of the minimum standard deduction: work clothes (if the clothes are subject to a great deal of wear and tear) or uniforms use of a home office specialist literature moving in connection with taking up employment travel without overnight stays in connection with job interviews voluntary medical and accident insurance (limited to NOK 700; spouses cannot claim a combined deduction of more than NOK 700) subsistence expenses for business travel not involving overnight stays (extra expenses for board and lodging in connection with business travel involving overnight stays shall not be included here, but entered in item 3.2.7) subsistence expenses in connection with absence from the home for 12 hours or more without overnight stays in connection with overtime, duty, long journeys to and from work etc. a contractor s premium for voluntary insurance for the first 16 days expenses for a stand-in (substitute) transport expenses for business travel/job-related travel maintenance/updating of education expenses for tools. Any deficit on expense allowances from an employer for coverage of such costs is also included in item Minimum standard deduction from supplementary benefit for spouses A separate minimum standard deduction will be calculated on the amount in item The minimum standard deduction amounts to 27 percent of the supplementary benefit for spouses, but may not exceed NOK 70,400. The minimum standard deduction must also be set no lower than NOK 4,000, unless the supplementary benefit for spouses is lower. No separate minimum standard deduction will be given for supplementary benefit for spouses when the benefit is tax-free Minimum standard deduction from children s income A separate minimum standard deduction from the child s taxable wage earnings entered under item will be calculated. If you have several children aged 12 or younger (born in 2002 or later) who have received wage earnings, a minimum standard deduction from the wage earnings for each individual child will be calculated. If the child s income is divided between the parents, the minimum standard deduction is calculated on the basis of the child s income before it is divided, and then divided between the parents. For information about calculating the minimum standard deduction from wage earnings, see the topic Minimum standard deduction calculation Minimum standard deduction from children s pension If you are aged 17 or over (born in 1997 or earlier) and receive a child s pension, you are entitled to a separate minimum standard deduction from the child s pension entered under item and/ or item The minimum standard deduction is in addition to the minimum standard deduction from any wage earnings. The deduction is calculated as for other pensions; see the topic Minimum standard deduction calculation.