- November 16, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Opening Term Deposits with Australian Banks from NZ and Tax Implications.
Hello,
I was wondering if anyone could provide some information on whether it is possible to open term deposits with Australian banks from New Zealand. I have come into possession of some Australian dollars that I am looking to invest, and I am not sure what my options are. Additionally, I would like to know what the tax implications would be on the interest generated from these term deposits. Any insight or advice would be greatly appreciated. Thank you!
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Yes, you can. You can make preparations to open an account from NZ but will need to physically visit a branch in Australia to finalise things.
You’ll need to declare the Australian interest as overseas income in your IR3 return.
Also note that if you have $50k or more in foreign currency this is considered a financial arrangement and the financial arrangement rules apply (you’ll have to account for changes in the NZD/AUD exchange rate effectively creating a profit or loss on your capital). A financial arrangement is basically any debt instrument, whether that be a mortgage on a foreign property, a bank deposit, a loan, or a number of other things.
Tax is based on your tax residency. You’re a New Zealand citizen, and so will need to pay NZ tax and declare this income.
You also will be taxed in Australia, but you can receive “credits” so that your NZ tax owed is adjusted so you only pay NZ tax _rates_.
Edit: I’m the opposite way around. Australian tax resident with NZ savings accounts with interest accumulating.