Whoa there dude! calm down. GTM 3442 was asking and I gave him a response. Canada could be any country and just because they seem to be doing more for the working class, why has NZ not followed in the same manner? After all NZ copied Canada's GST system. Perhaps you don't speak for the Labour Party despite how most people in NZ want a change (all those that voted for Labour) and are sick of only the rich get rich and the working class falling behind.Quote:
Originally Posted by BIRMANBOY
Why not bring some meaningful discussions to the thread, instead of saying "oh that guy just says the same thing to the problems we have in NZ... don't listen to him". I get that, and perhaps it's much easier to tell those to leave because "that's not how NZ works". Don't blame me, why do 20% of NZ ex-pats live abroad? Why does Australia have a difficult relationship with NZ because their immigration policies allow open migration between both countries? If people are looking for change in NZ, (as they voted for), you're not going to get it by telling those like myself to leave ASAP.
Where to hold cash aka dry powder
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06-05-2021, 10:47 PMSBQ
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07-05-2021, 09:48 AMGTM 3442
SBQ - I just thought I might learn something about the benefit of operating a joint US brokerage account where the parties have different tax residencies.
However it seems that it's more or less a one-off based on your and your father's specific, individual circumstances and intentions, rather than something which might be useful in more "generic" circumstances.
Thanks though - there were a couple of useful things in there. -
07-05-2021, 10:04 AMSnow Leopardhttps://i.imgflip.com/35ewlu.jpgQuote:
Originally Posted by SBQ
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07-05-2021, 10:36 AMkiora
;);););):D
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07-05-2021, 02:46 PMSBQI wish it was more a level playing field here in NZ and as you may already know, the issue lies entirely on where your reside. Like most OECD nations, NZ taxes individuals on a 'world wide basis' and along comes with foreign asset declarations. On another NZ based forum I hear of those moving to NZ and can not get their head around the FIF regime (too late when they've already moved over) and for many, if they would of known before, they would not of made the move. Even a co-worker where my wife works at in public health (moved to NZ from the US) was entirely unaware of FIF and she is planning to move back to the US just because of this. Of course if you have nothing to begin with then there's no issue at all in making the move. But when you see stats like almost 20% NZ ex-pats living abroad, there is a clear understanding why.Quote:
Originally Posted by GTM 3442
Another thing you may not be aware of. The US has estate death taxes and that equally applies to non-US alien account holders. I recall 30% is the take on the entire portfolio balance if I recall correctly so it's very risky to have a sole account / always best in JWROS. For the US resident, I think $11M threshold before you pay the death tax ; but that does NOT apply to foreign account holders.
I'm sorry if I came across as being so negative about NZ's investment environment but I can understand how to some, it may be quite offensive. It may be that finance is not a well discussed topic at the dinner tables in NZ and of what they don't know, then there should be no criticism. -
07-05-2021, 03:38 PMGTM 3442
Some people come across as positive, some people come across as negative.
You learn to look for the pearls between the lines.
And, reading between the lines of your anecdotes, there seem to be a lot of new arrivals unaware of New Zealand's Transitional Tax arrangements.
Personally, I would rather be saddled with New Zealand's FIF than Canada's NRWT!
Hoever, based on your description of the US inheritance tax, and assuming that neither you nor your father are US tax residents,it would probably be prudent for you to never ride in the same car, train, bus, or plane. ;) -
07-05-2021, 05:44 PMepower
Gosh that went on quite a tangent.
I’ll look to put in an on call savings account in my ASB fast saver and put a bit in NZB (nz bond fund) which is through smart shares. I’m investing through sharesies and it’s returned 2% or so, with 0.5% broker fees as long as I keep it there 6 months I break even -
07-05-2021, 06:06 PMaudiav
SBQ you give an interesting perspective on how other countries structure their personal finance rules & regs. You reminded me that the UK has ISAs (tax free savings) which i think are super useful to encourage saving. As GTM 3442 says, reading between the lines of your commentary made
me think about how I could better structure my own finances. -
08-05-2021, 08:44 AMSnoopyI would stay well clear of any bond fund as a place to park cash with interest rates this low if I was you. If this is the fund you are talking aboutQuote:
Originally Posted by epower
https://smartshares.co.nz/types-of-f...sh/nzbondtrust
it has a three year time frame focus. Any investment in medium dated bonds at this point in the interest rate cycle is subject to significant capital risk. The diversification in the portfolio won't save you because all bonds of similar duration face the same capital risk from rising interest rates.
If you want to use a Smartshares fund to park your cash use this one
https://smartshares.co.nz/types-of-f...sh/nzcashtrust
SNOOPY
(Who speaks from experience when, some 20 years ago, I moved from an overseas share fund to an overseas bond fund to keep my capital 'safe'. The ensuing bond crash of the time meant it was a few years before I got my capital back!) -
08-05-2021, 08:48 PMepowerOk thanks Snoopy for the heads up learnt something new there, much appreciatedQuote:
Originally Posted by Snoopy