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Taxation (Other)

New Zealand - Taxation (Other)


There is no capital gains tax applied to individuals in New Zealand. However, if a person disposes of personal property in relation to a business that they are running then they may find that a capital gains tax is applied. There may also be some taxes applied to the sale of land if gains are made but this depends upon the circumstances. If you consider that this might apply to you then you will need to consult an accountant.

VAT is known as Goods and Services Tax in New Zealand (GST). This is applied to all goods and services and is based on the total price. In October 2010 this tax changed from 12.5% to 15%. There are certain transactions which are zero rated such as international passenger transport and exports of goods. Those who rent property from another will not have to pay GST and if you sell a building that has been rented out to others for a minimum of five years you will not have to pay GST.

Both inheritance tax and wealth tax do not exist in New Zealand. However, if you inherit the estate of a person not living in New Zealand then you may be liable for inheritance tax in that country. You may also be liable for wealth tax in another country if you have property and other assets there.

Gift tax is known as capital acquisitions tax. The duty is applied to the person who is giving the gift if it is worth more than $27,000. This covers smaller gifts over a 12 month period if the total value is more than the stated $27,000. The person making the donation must file a ‘gift statement’ for any gifts over a value of $12,000.

Property taxes are applied annually to homeowners and tenants by the local authorities. These are calculated using the rateable value of the house and this is the equivalent of the UK’s council tax. Bills are issued at the beginning of each financial year and if you are only resident for a percentage of the year a pro-rata bill is issued. The bills vary each year according to the costs calculated by the local authority and will also vary according to area. If you consider your bill is too high then you are able to appeal against the valuation of the property. These monies collected by the local authority are used to provide services such as street lighting, refuse collections and cleaning of the streets. In some areas it may cover the cost of water supply to the home.


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Expat Health Insurance Partners


Bupa Global

At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.

Cigna

Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.