PHOTO: 123RF If Australians move here, they get the pension, even if they wouldn’t have been eligible for it in Australia.
OPINION: “Hey now, hey now. Don’t dream it’s over”. The lyrics say it all when it comes to our Trans-Tasman relationship with the neighbours.
In the latest edition of the dream being over for New Zealanders, those wanting to buy a holiday home in Australia better brace themselves for a financial backstab with a double layer of stamp-duty that’s crept in.
This can add tens of thousands of dollars to transaction costs. As an example, an A$800,000 ($834,398) house in New South Wales attracts stamp duty of A$31,719, but if you still reside in New Zealand and don’t pass the 200 day test, the duty becomes A$95,719.
In Queensland, an A$800,000 house incurs $24,466 of stamp duty for a local buyer, but blows out to AUD$80,466 for New Zealanders who remain resident at home.
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