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Thread: Tax on Funds from outside NZ

  1. #1
    ShellBda's Avatar
    ShellBda is offline Oh Masterful One
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    Default Tax on Funds from outside NZ

    Hello,

    Can anyone tell me whether any money that I bring or have transferred to a NZ bank (before I obtain residency) is taxable?

    If I open a bank account now, in advance of my moving to NZ, would any funds I deposit into the account be taxed?

    Thanks,
    Shell

  2. #2
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    Hi,

    You're not taxed on just depositing money to your account, but if you were earning interest it would be taxed at the 39% non residents rate.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  3. #3
    ShellBda's Avatar
    ShellBda is offline Oh Masterful One
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    Thanks Taffy. Would the tax be 39% of the deposit amount and/or just the interest?

  4. #4
    Taffy's Avatar
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    Just the interest. It's called resident withholding tax, for some strange reason!
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

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