New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
#76
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
They are affected in terms of any lump sums withdrawn at retirement will be taxed based on how long they have lived in NZ.
#77
Account Closed
Joined: Mar 2008
Posts: 0
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
As I haven't worked in NZ since the end of March '09 & therefore I haven't paid any tax, do I still need to fill in a tax return for my NHS pension.
Not to do with pensions but do the same rules apply to bringing lump sums of cash over. We have two endowments, one of which matured in May, the other is due to mature in Sept, if we bring those over do we have to pay tax on them too? I was hoping to be able to pay off a chunk of our mortgage.
Last edited by scrubbedexpat094; Aug 1st 2012 at 12:50 am. Reason: spelling
#78
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
Seems to me that NZ IRD are viewing all my wee UK personal pension fund as a 'lump sum'.
Am still doing my best to understand it all . You are a wee for putting up with us about this.
#79
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
As I haven't worked in NZ since the end of March '09 & therefore I haven't paid any tax, do I still need to fill in a tax return for my NHS pension.
We have two endowments, one of which matured in May, the other is due to mature in Sept, if we bring those over do we have to pay tax on them too?
We have two endowments, one of which matured in May, the other is due to mature in Sept, if we bring those over do we have to pay tax on them too?
#80
Account Closed
Joined: Mar 2008
Posts: 0
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
Bugger, I thought you might say that!
#81
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
chc4me, you are a wealth of info. Thanks so much for taking the time to answer peeps questions.
You rock!!
You rock!!
#83
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
Does all this affect pension pots below $50,000 . I'm muddled over that one now.
With the existing rules should these have been declared on a tax return or not . Or is only if you are over $50,000 that you had to declare & complete a tax return?
Is it the collective pension pots ? Husband had 3 UK pots dotted about.
With the existing rules should these have been declared on a tax return or not . Or is only if you are over $50,000 that you had to declare & complete a tax return?
Is it the collective pension pots ? Husband had 3 UK pots dotted about.
#84
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
I ask as we had our 2 larger ones and some much, much smaller ones way well under $50k. Thanks in advance.
OR as some one else has asked........do they tot up your total pot of both large and small ones and then use the total amount as your liability?
Last edited by Genesis; Aug 1st 2012 at 4:58 am.
#85
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
BLOODY HELL!! I rang the IRD about my 2 endowments and they told me that they do not have to be declared.
#86
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
#87
BE Enthusiast
Joined: Nov 2005
Posts: 404
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
I think I will be tempted not to bring it here!!!! I have a UK NHS final salary pension that I paid for 29 years. Decent lump sum and as I left a band 8 pretty good monthly... mmm me thinks I may need some advice
#88
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
Looks like NZ is a real winner for those who planned and saved for their futures eh?
Last edited by Genesis; Aug 1st 2012 at 7:21 am.
#89
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
Does all this affect pension pots below $50,000 . I'm muddled over that one now.
With the existing rules should these have been declared on a tax return or not . Or is only if you are over $50,000 that you had to declare & complete a tax return?
Is it the collective pension pots ? Husband had 3 UK pots dotted about.
With the existing rules should these have been declared on a tax return or not . Or is only if you are over $50,000 that you had to declare & complete a tax return?
Is it the collective pension pots ? Husband had 3 UK pots dotted about.
#90
Forum Regular
Joined: Feb 2012
Posts: 87
Re: New Tax on non-NZ personal & occupation pension plans to hit migrants old and new
I realise that this won't be of any comfort to most of those posting on this thread but the scheme actually has advantages for new residents at the older end of the age spectrum who are able to get access to their pension as soon as they arrive.
Not only can they take 25% tax free (as in the UK) but for the next four years they won't be taxed on any annual drawdown or annuity (which they would be in the UK). They don't even have to bring the money over to NZ but can re-invest it outside NZ free of NZ tax for four years (and if they're cute enough pay no tax on the interest it earns).
Not only can they take 25% tax free (as in the UK) but for the next four years they won't be taxed on any annual drawdown or annuity (which they would be in the UK). They don't even have to bring the money over to NZ but can re-invest it outside NZ free of NZ tax for four years (and if they're cute enough pay no tax on the interest it earns).