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Becoming a Kiwi Resident and importing assets

Becoming a Kiwi Resident and importing assets

Old Feb 23rd 2019, 12:41 am
  #1  
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Default Becoming a Kiwi Resident and importing assets

Hi

I’m Aussie and British and own property in NZ but have never lived there. I’d like to do so now and import my personal assets from Australia and Britain. Does anyone know if I can do this without duty ?

Id also like to move my UK pension away from the UK and put it in a NZ fund. Possible ? Hard ?

Would aporeciate the advice of anyone having done this.

TE
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Old Feb 23rd 2019, 9:09 am
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Default Re: Becoming a Kiwi Resident and importing assets

Originally Posted by Turban Explorer View Post

Id also like to move my UK pension away from the UK and put it in a NZ fund. Possible ? Hard ?
Contact chc4me this is right up his street
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Old Mar 1st 2019, 9:06 pm
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Default Re: Becoming a Kiwi Resident and importing assets

Originally Posted by Turban Explorer View Post
Hi



Id also like to move my UK pension away from the UK and put it in a NZ fund. Possible ? Hard ?

Would aporeciate the advice of anyone having done this.

TE
Originally Posted by Justcol View Post
Contact chc4me this is right up his street
I agree. Dai is ace.
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Old Mar 2nd 2019, 3:33 am
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Default Re: Becoming a Kiwi Resident and importing assets

I'm another for Team Dai (Chc4me). He managed the transfer of both of our pensions from the UK in to an NZ Superann fund and continues to manage our portfolio.
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Old Mar 6th 2019, 7:54 pm
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Default Re: Becoming a Kiwi Resident and importing assets

Oh wow, thanks team, I'm feeling the love!

Turban Explorer - if you haven't lived in NZ previously, then it is likely that you qualify as a Transitional Tax Resident. This means that you will have a 4 year tax free period from date of arrival to arrange your affairs and bring assets to NZ without tax or duty. However I should say that tax issues can be complex and you should seek advice from an appropriate tax accountant that specialises in such matters before undertaking any course of action.

In terms of your UK Pension, it does depend on the type of pension you have. In general you will be able to move pension savings to a NZ fund within 4 years of arrival, tax free. Is it easy or hard? Depends on they type of scheme that you have (e.g Defined Benefits or Defined Contribution, personal pension, or a SIPP), the UK scheme administrator, the NZ scheme that you are transferring to, knowledge of the rules and knowing what could go wrong. I've written a short ebook on the subject, you can PM me if you'd like a copy.

I should add that this post covers a number of points on Pensions.
regards
chc4me

Last edited by chc4me; Mar 6th 2019 at 7:58 pm.
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Old Mar 19th 2019, 8:42 pm
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Default Re: Becoming a Kiwi Resident and importing assets

I’ve just seen this. Fabulous and very helpful.
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Old Mar 28th 2019, 5:40 am
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Default Re: Becoming a Kiwi Resident and importing assets

Generally no import duty on bringing your own (used) personal possessions but beware importing more interesting things like wine/whiskey collections, newer motor vehicles or larger boats as they could all be subject to duty to some degree
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Old Apr 1st 2019, 12:44 pm
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Default Re: Becoming a Kiwi Resident and importing assets

Originally Posted by Mikeyw69 View Post
Generally no import duty on bringing your own (used) personal possessions but beware importing more interesting things like wine/whiskey collections, newer motor vehicles or larger boats as they could all be subject to duty to some degree
How about tools? I'm a farmer planning to move to NZ in 2020 or 2021 and would be bringing around £18k worth of power and hand tools from our farm workshop (from screwdrivers and socket sets to an industrial drill and lathe). I can show receipts for most of them but would they incur duty?
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Old Apr 1st 2019, 1:23 pm
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Default Re: Becoming a Kiwi Resident and importing assets

Now this thread has moved on slightly from financial assets, does anyone know of there is duty to be paid on new personal belongings?
We will have our shipping paid for, so no real limit to what we can bring so we want to future proof and bring some new 'stuff' with us as we are well aware that the cost of goods exceeds that in the UK. So maybe next size bikes for the kids (we have a favourite UK brand that we can get discounted), a dining table that I have coveted for a long time, next size kids clothes bought in the sales..... etc. I'm basically stockpiling!!
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Old Apr 2nd 2019, 10:05 am
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Default Re: Becoming a Kiwi Resident and importing assets

Originally Posted by hallie_day View Post
Now this thread has moved on slightly from financial assets, does anyone know of there is duty to be paid on new personal belongings?
We will have our shipping paid for, so no real limit to what we can bring so we want to future proof and bring some new 'stuff' with us as we are well aware that the cost of goods exceeds that in the UK. So maybe next size bikes for the kids (we have a favourite UK brand that we can get discounted), a dining table that I have coveted for a long time, next size kids clothes bought in the sales..... etc. I'm basically stockpiling!!
Cut the labels off, remove all original packaging, and who's to say they are new ??

Its common sense really, they are only new if you say they are.
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Old Apr 2nd 2019, 6:56 pm
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Default Re: Becoming a Kiwi Resident and importing assets

And don’t tell anyone in public that’s what you’ve done . Same should apply for tools also (earlier question) but there may be some issues with bigger tools or tools for commercial use. Customs and MPI produce some useful factsheets but I cant link these on here - no links can be posted by newbies.
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Old May 7th 2019, 12:16 pm
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Default Re: Becoming a Kiwi Resident and importing assets

Hi,

I'm currently in the process of making the move from the UK to Christchurch with my British Husband.

We both have UK pensions to transfer.

Do you have a copy of the ebook you would be able to share with me too?

Thanks for your help in advance!

Angela
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Old May 7th 2019, 10:16 pm
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Default Re: Becoming a Kiwi Resident and importing assets

KiwiAnge, I've private messaged you the link for the ebooks.
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Old May 8th 2019, 4:30 am
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Smile Re: Becoming a Kiwi Resident and importing assets

Originally Posted by chc4me View Post
KiwiAnge, I've private messaged you the link for the ebooks.
Thank you so much! It’s really appreciated, it’s such a minefield trying to sort this bit out.
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