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Home » Immigration » New Zealand » Relocating to New Zealand » Financial Information

Financial Information

Banks

Most banks are open from 9.00am to 4.30pm weekdays and are closed on weekends. You may be able to open a New Zealand bank account before you leave your home country, which would enable you to transfer funds directly to your account in New Zealand. If you do not have a New Zealand bank account before you leave home, you may want to purchase travellers cheques in New Zealand dollars. This is safer than carrying large amounts of cash. Another option is to bring a bank draft with you. Once you get to New Zealand you can easily open a bank account, as there are a range of banking products and services available.

Most overseas currencies are accepted and easily exchanged in New Zealand banks and exchange centres. Overseas travellers cheques and credit cards such as Visa American Express, Bankcard, Mastercard, Diners Club and are accepted in many businesses, shops and restaurants

Currency

The currency is called the New Zealand dollar. There are $5, $10, $20, $50 and $100. There are 10c, 20c, 50c, $1 and $2 coins. $1 = 100c

Taxes

The New Zealand tax rate is up to 39% for personal and 33% for corporate income. Non-resident withholding tax is payable on interest and dividends.

The good news is that there is no capital gains tax, no wealth tax, no stamp duty, and no estate duty in New Zealand.

A Goods and Services Tax (GST) of 12.5% is applicable on most goods and services in New Zealand. Some things are exempt, like the purchase and the lease of residential property and finance. GST does not apply if goods are exported or if a property/business is purchased as a going concern.

Financing costs on loans that are used to finance income producing property, are 100% tax deductible.