Hi, I am selling my house in New Zealand and need to bring about 35,000 NZ dollars into Aus. and I would like to know what is the best way to go about doing this so it doesnt cost me a fortune in Tax and Fees any suggestions would be extremely helpful. Thanks in advance!
It doesn’t cost to bring money with you other than bank transaction fees. If you decide to carry cash across a border you simply need to declare amounts over $10k.
If it’s an NZ investment property you need to talk to an accountant there
The Freckle
Thanks for your reply.
Yes, I am more concerend about the tax I will pay. I do my own tax every year with the Tax Pack and I am wondering if once I sell my investment property if I should use a account that year, cause it may be a bit tricky or maybe at the end of the day we still have to pay tax on it any way so maybe I dont need a accountant. What are your thoughts. Have you sold a investment property in NZ before?kristinedogz wrote:Thanks for your reply.
Yes, I am more concerend about the tax I will pay. I do my own tax every year with the Tax Pack and I am wondering if once I sell my investment property if I should use a account that year, cause it may be a bit tricky or maybe at the end of the day we still have to pay tax on it any way so maybe I dont need a accountant. What are your thoughts. Have you sold a investment property in NZ before?Haven’t lived in NZ for almost 14 yrs so I’m well out of date with PI technical issues. An accountant is the best bet for tax advice.
The Freckle
kristinedogz wrote:Thanks for your reply.
Yes, I am more concerend about the tax I will pay. I do my own tax every year with the Tax Pack and I am wondering if once I sell my investment property if I should use a account that year, cause it may be a bit tricky or maybe at the end of the day we still have to pay tax on it any way so maybe I dont need a accountant. What are your thoughts. Have you sold a investment property in NZ before?I recently sold an investment property in NZ, this was a flip, you do not pay capital gains tax in NZ
and you also do not pay stamp duty. Seems the government in NZ is generous as opposed to Oz.
Any profits made however is added to income in Australia. I distribute profits as I purchase in a trust.
You should obviously chat to your accountant about this.Cheers, WI
Thanks for that info WI so you think it would be worth my while to use a accountant. I did not purchase this house in a trust just in my partner and my own name.
Hi Kristinedogz
I assume you would be passing on papers to your accountant in Oz?
Also, have you considered the currency and how this will effect your return bringing the money back to OZ, this is important.Cheers WI
Well typicaly I do my own Tax with the tax pack so just wondering if I should use a accountant. Yes that is a really good point I must check the dollar values out doesnt worry me if I have to leave the money in the bank over there and wait for a good time to bring it over. Thanks for that thought
and you also do not pay stamp duty. Seems the government in NZ is generous as opposed to Oz.You must be logged in to reply to this topic. If you don't have an account, you can register here.
