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  • NZ TO AUS

    I am planning to move to Melbourne soon.
    I currently have a few IP's in Auckland.
    How will the taxation work if I live in Australia?

    Craig

  • #2
    I was in a similar situation a few years back. A Ip in NZ whilst i was living and working in Aus.

    The rules are a little one sided when i was over there ( obviously check if this still holds true today)

    Any losses you make in nz cannot be claimed against your Aus income. Although you will still have to include it on your Aus taX returns. these losses can build up however untill such time as the property makes a profit in nz each year. then instead of paying tax in Aus the prevous losses can now offset these.
    The losses will build up and accumulate in nz should you decide to return back to Nz at some stage to work then all those saved losses can be used in your first years back.


    The story is totally different if you lived in NZ and had property in Aus. It is pretty much the same as a NZ Ip with losses being claimable.


    Also from memory only certain finance institutions ( mainly the mainstream ones)are recognised between countries and if you don't use them you can be charged several % extra per year.

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    • #3
      I am living in melbourne and been to NZ few times. One question I have is
      you kiwis have such a beautiful and sparsely populated country, is the only reason to move to Oz is for economy reason. But I can see the economy is bubbling in NZ.

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      • #4
        Hi Taiws

        Welcome to the forum.

        Didn't you know.... the grass is always greener on the other side of the fence.

        Also there is the general perception that Australia's climate is warmer than in NZ,

        Hell, this morning, the temp where I am, is about -5*C but the sun is shining and it will be a beautiful day at golf.

        Regards
        "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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        • #5
          Originally posted by muppet
          Didn't you know.... the grass is always greener on the other side of the fence.
          What of it, that is, that hasn't slipped away in the floods

          GP

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          • #6
            Yes i think a vast number of young people do travel to Australia etc to work because of the economy.
            I know alot of people like myself who have realised that to buy a house and get started in Akl when you are young can be difficult. That is why many decide to work for several years in another country such as australia or Uk then consolidate and move back to NZ in a much more comfortable position than they would have otherwise have been.
            Also you get the added benefit of having been on a virtual OE.

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