Buying shares whilst residing in NZ

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by Patric, 15th Apr, 2020.

Join Australia's most dynamic and respected property investment community
  1. Patric

    Patric New Member

    Joined:
    15th Apr, 2020
    Posts:
    1
    Location:
    Queenstown
    Hi all..

    Wondering if someone can provide some advice as looking to get into the share market.

    I am an Aus citizen who has recently moved over to NZ so am now a NZ permanent resident for tax purposes.

    my understanding is that I cannot use the likes of commsec for example as I would need to put down my Australian tfn and they don’t allow overseas addresses? Is this correct? Can become a problem receiving dividends too I have heard?

    I have tried to find nz based companies but haven’t come past anything decent. Only ASB which is CBA equivalent but $30 minimum fee and increases with larger transfers..

    Anyone used any NZ based share trading platforms or can shed some light on how to best approach the situation

    cheers!
     
  2. DoggaPP

    DoggaPP Well-Known Member

    Joined:
    23rd Jul, 2018
    Posts:
    319
    Location:
    Lake Macquarie NSW Australia
    We are planning to move to NZ too and I am researching this exact thing as we speak - I'll keep you posted
     
  3. nuzullandchicky

    nuzullandchicky Well-Known Member

    Joined:
    17th Aug, 2016
    Posts:
    65
    Location:
    QLD
    I am a NZ citizen and moved to Australia some years ago. I still hold NZ shares and use Direct Broking as my platform/broker to buy NZ stocks and have a NZ bank account. I am now an Australian citizen too and hold Australian stocks. Before I was an Australian citizen I held Australian shares etc. Both countries have a tax relationship so tax paid in either country becomes a tax credit in the other. eg: if you have Australian stocks that you pay tax on income just file a Australian tax return and submit this info in your NZ tax return and you receive a credit for the Australian tax you have paid against your NZ tax. I find buying stocks in both countries fine and there is no problems. Being in NZ you can also open a "sharsies" account to buy stocks.
     
    Vicki W, DoggaPP and willair like this.