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  1. #1
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    Default AUD dividends to NZ

    Hi, I am finding there seems to be an r issue of ASX companies making it harder for NZer's to receive AUD dividends. The most recent is Telstra. They don't seem to have a cheque option.
    How do those facing similar issues deal with this issue. I must have sent 10 emails to Link services Australia and still unable to get the dividend.
    Opening a bank account in Australia for someone not planning to live there is rather tricky and requires proof of an Aussie address and for you to be there.

  2. #2
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    Quote Originally Posted by psychnurse View Post
    Hi, I am finding there seems to be an r issue of ASX companies making it harder for NZer's to receive AUD dividends. The most recent is Telstra. They don't seem to have a cheque option.
    How do those facing similar issues deal with this issue. I must have sent 10 emails to Link services Australia and still unable to get the dividend.
    Opening a bank account in Australia for someone not planning to live there is rather tricky and requires proof of an Aussie address and for you to be there.
    I think most (or at least a lot) Australian companies now direct credit to NZ bank accounts. About half my AUD dividends come in like that. My partners TLS comes straight in as NZ$ and has done for some while now.

  3. #3
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    You may find the div is being held waiting for your direct payment account instructions. I had similar experience as I had forgotten to supply the info but I did get an email explaining the hold up as they no longer sent cheques.


    If you go to Aus for holidays it's a good way to have cash at hand with an Aus bank a/c. I didn't have to have an Australian address when I got a CBA bank account organized. I am with ASB securities which may have made it easier and definitely easier going there. I have managed to use the Aus account for various Aus share options which was far easier than using NZ accounts. You are right that a lot of companies no longer have the cheque option. The question would be what companies don't have a direct pay option?

  4. #4
    Guru peat's Avatar
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    For TLS shares you can have them domiciled on the NZ share registry and avoid the whole issue altogether.
    For clarity, nothing I say is advice....

  5. #5
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    Quote Originally Posted by peat View Post
    For TLS shares you can have them domiciled on the NZ share registry and avoid the whole issue altogether.
    Dividend would still be paid from Australia though.

  6. #6
    Trying to get outta here
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    Quote Originally Posted by 777 View Post
    Dividend would still be paid from Australia though.
    That's right, I'm still waiting for my TLS dividend to be direct credited to my NZ bank account even after ringing Link twice.

  7. #7
    Ignorant. Just ignorant.
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    Quote Originally Posted by psychnurse View Post
    Hi, I am finding there seems to be an r issue of ASX companies making it harder for NZer's to receive AUD dividends. The most recent is Telstra. They don't seem to have a cheque option.
    How do those facing similar issues deal with this issue. I must have sent 10 emails to Link services Australia and still unable to get the dividend.
    Opening a bank account in Australia for someone not planning to live there is rather tricky and requires proof of an Aussie address and for you to be there.
    I opened my Australian bank accounts by sending some introductory emails, making appointments, and then turning up to both ANZ and CBA in Sydney. I freely admit that it would have been much harder if I hadn't turned up in person.

    The only time I needed an Australian address was for posting out credit/debit cards when I shifted some transactional banking to Australia

    The upside is that Australian dividends and interest stay in AUD and in Australia, which makes life easier and cheaper for subsequent transactions. Plus the admin of foreign currency accounts is much simpler and much cheaper in Australia.

  8. #8
    Guru peat's Avatar
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    Quote Originally Posted by 777 View Post
    Dividend would still be paid from Australia though.
    not at all certain why that is relevant - your NZ bank account is credited , it comes from the NZ registry , and even if the amount is derived from an AUD figure there is no cost of conversion , so I would repeat that having them domiciled in NZ , if possible,as it is for Telstra, can be useful to NZ residents.

    Quote Originally Posted by couta1 View Post
    That's right, I'm still waiting for my TLS dividend to be direct credited to my NZ bank account even after ringing Link twice.


    two weeks Couta, I fear they are sending yours via carrier pigeon across the Tasman, and they may have lost their way.
    Last edited by peat; 08-10-2017 at 03:58 PM.
    For clarity, nothing I say is advice....

  9. #9
    Trying to get outta here
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    Finally after 2 weeks past payment date I'm going to get my TLS dividend paid tomorrow, rung Link NZ three times with no result so finally rung their Aussie office to sort it out. What makes it more ridiculous is that I received the dividend statement around 10 days ago. PS-Sold my TLS shares for a loss after the Ex date so won't be having this trouble going forward, pathetic really.

  10. #10
    Gnawing on Bones Beagle's Avatar
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    Can't claim their franking credits either, (and I predict that will NEVER change)...makes you wonder if its worth bothering with Australian companies especially with Australians playing underarm cricket on immigration, welfare benefits, paying full tax and Medicare levies but no voting rights or access to services and a whole host of other nationalistic policies aimed specifically to be discriminatory against Kiwi's. Why bother...
    Last edited by Beagle; 13-10-2017 at 12:14 PM.
    No butts, hold no mutts, (unless they're the furry variety).

  11. #11
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    Think I'm just going to have to write my TLS divvy off, even after talking to Link in Aussie and confirming my bank account details and that they do a sweep every Friday, nothing was received, bye bye $2600. I'm never going to own an Aussie company again, not worth the stress.

  12. #12
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    Quote Originally Posted by couta1 View Post
    Think I'm just going to have to write my TLS divvy off, even after talking to Link in Aussie and confirming my bank account details and that they do a sweep every Friday, nothing was received, bye bye $2600. I'm never going to own an Aussie company again, not worth the stress.
    Couta, what happens to be the problem? I have many Australian shares and never have had a problem at all receiving dividends. If the divie is not direct credited you can always go to your Link login and request a replacement cheque which will be mailed to you promptly. Are you shares held in Chess or on an SRN? Why are you speaking to Link in NZ, you should be calling the registry in Australia. But there is no way you will miss out on the $2600 unless you are just giving up. My partner got her TLS dividend from Australia in her NZ bank account a few weeks ago. Its not that complicated.

  13. #13
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    The other option to avoid all the above mentioned hassles is to have the investments under a nominee account for a fee of $250/year (ASB securities) and they will deal with all the issues.

  14. #14
    Junior Member
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    Hi
    Can anyone confirm if, with TLS bought on the NZ Market, any imputation credits can or cant be claimed?

  15. #15
    Trying to get outta here
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    Quote Originally Posted by blackcap View Post
    Couta, what happens to be the problem? I have many Australian shares and never have had a problem at all receiving dividends. If the divie is not direct credited you can always go to your Link login and request a replacement cheque which will be mailed to you promptly. Are you shares held in Chess or on an SRN? Why are you speaking to Link in NZ, you should be calling the registry in Australia. But there is no way you will miss out on the $2600 unless you are just giving up. My partner got her TLS dividend from Australia in her NZ bank account a few weeks ago. Its not that complicated.
    It becomes complicated when they have your holder number and bank account details(Confirmed) and the dividend still doesn't get swept into your account on the day they say it will, after already waiting over 2 weeks. Other than just keep ringing them(Aussie Registry)there is not much I can do to fix their broken broom.
    Last edited by couta1; 15-10-2017 at 09:41 AM.

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