Big Face

Hi all

Firstly......Great site and Im glad I found it

Now...We are planning to move to NZ early next year.

Does anyone know if there are any tax implications as to how/when I transfer
my money to NZ?

I am a UK citizen.....My wife is a NZ citizen and we have a joint a/c in NZ.

Are there any benefit/saving if the money is transferred from/to a/cs solely in a NZ citizens name?

Any help/advice appreciated.
Thanks

Kiwipaul

Their isn't any.

Much simpler than Oz as their is NO CGT in NZ and so any capital gains are tax free.

Once resident in NZ you have to declare all income worldwide but transferring money incurrs no tax liabliity. You can even hang onto your PEPS, ISA's and endowments without problems.

JAJ

Separate from the tax question - if your wife is not a British citizen have you considered the option of naturalisation while still resident in the UK? (in fact if married to a British citizen you can even move abroad during processing).

UK settled status will eventually be lost if the holder leaves the UK to live elsewhere. Citizenship will not be lost.

Having British citizenship will make life a lot easier should you later choose to return to the UK, or live elsewhere in Europe.

Jeremy

Don

Just to be a smartarse: there is indeed CGT in NZ but normally you can disregard this eventuality. See the following:

If you traded in shares or currency for capital gain, you would be liable to CGT. If you speculated in property investments for short term gain, you would be liable to CGT.

In these cases capital gains are treated as income and taxed accordingly.

Don

Couple of recent stories that property investors in the Wanaka/ Queenstown areas are being stung for CGT because they sold for a quick profit. Guidelines from tax office said holding a property for 10 years or more would be one way they would not chase you for CGT.

JAJ

I think it's possible in other jurisdictions to treat capital gains as income once the Revenue authorities believe it's the result of a *trading* business.

For example if you deal in shares personally a few times a year - it's capital. If you're a day-trader (and manage to make money, a big ask ... ) then there's a possibility your profits will be taxed under the income tax rules. I don't think this is unique to NZ, Alan Collett may be able to comment further.

Jeremy

lauralollipop

hi jeremy

just wondering, do you have to pay tax on the money that you bring with you to auz when you migrate there? (house profits etc...)


laura
x

JAJ

The importation of capital to Australia does not *in itself* create a tax liability.
That's about as much as one can say without getting into terribly complicated details of capital gains tax and forex elections.

Jeremy