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Thread: Tax on $$ brought into NZ

  1. 16th July 2011, 09:50 AM #1
    Dell
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    Default Tax on $$ brought into NZ

    I've just been talking with another ex-pat Kiwi here in the U.S. She tells me that there's a pretty hefty tax on money brought into NZ....and that they send $$ to NZ in small increments (less than $10,000 a year) because of this tax.

    Is this true?

    Thanks in advance...
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  3. 16th July 2011, 12:15 PM #2
    Francoise
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    Not heard of that - other than tax on the interest earned, but that will apply regardless of how much you send at a time. As far as I know you have to declare any CASH amounts brought in over NZ$10 000, but I don't know that there is any tax on it other than as previously mentioned. But I might be wrong.
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  4. 16th July 2011, 03:00 PM #3
    Dell
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    Thanks for your reply. It seems that if it were true, I would have heard about it here!
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  5. 16th July 2011, 03:01 PM #4
    James 1077
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    No tax on money movements but if you are bringing physical cash in you have to declare it ... they just want to make sure that you aren't carrying wads of cash around to fund terrorism / launder it but there isn't a cost involved.

    In fact it is normally better to transfer money in large chunks rather than smaller ones as you get better rates for it.
    Last edited by James 1077; 16th July 2011 at 03:07 PM.
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  6. 16th July 2011, 07:51 PM #5
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    Quote Originally Posted by James 1077 View Post
    In fact it is normally better to transfer money in large chunks rather than smaller ones as you get better rates for it.
    What he said!
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  7. 17th July 2011, 01:02 AM #6
    Dell
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    Thanks!
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  8. 17th July 2011, 08:57 AM #7
    TJH
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    We used xe.com to move our money to NZ and they typically have much better rates than sending it direct from your bank.
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  9. 17th July 2011, 11:48 AM #8
    Dell
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    Quote Originally Posted by TJH View Post
    We used xe.com to move our money to NZ and they typically have much better rates than sending it direct from your bank.
    Thanks again! Gotta sell the house and the exchange rate has to take a giant leap in a positive direction (US $) before I can even think of sending money but I am anticipating!
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  10. 17th July 2011, 12:17 PM #9
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    ralf-nz
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    Quote Originally Posted by Dell View Post
    Thanks again! Gotta sell the house and the exchange rate has to take a giant leap in a positive direction (US $) before I can even think of sending money but I am anticipating!
    Nice when you have the option to wait! Back then I hadn't and was quite annoyed. Only the further development showed it wasn't that rate hadn't been the bad over all.


    Going back to you original question: In 2007 there wasn't anything like taxes on money transfers. Currently I havn't followed this but it's good to see that the same regulation still applies; and I hope very much it will do so in future too!
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