[Spooky]

Hi, would like to find out if having a joint bank account will complicate things like IRD numbers and income tax deductions etc.? Anyone faced with complications with joint accounts with their spouses?

[Tia Maria]

It doesn't complicate IRDs at all.

When you fill out your tax return you are both just required to declare half the interest earned, (if any!), on a joint account.

Plus only one set of bank fees.

Cheers

Tia

[Incognito]

Hi,

What if you are both in different tax bands? Does it still work out best to have a joint account?

Thanks :)

[Tia Maria]

If you are in different tax bands you will each fill out an individual tax form and be taxed at the appropriate rate.

So if one is paying more tax than the other then it may be worth putting any savings in the lower tax payers account. Any savings you make should then be compared to any monthly bank fees you may be charged on the extra account.

The benefits will differ from person to person, depending on how much interest you expect to earn.

Cheers

Tia

[Spooky]

Thanks for the replies. Just to double confirm that I don't need to be a PR in order to open an account? Just need passports and a letter stating our overseas mailing address?

I remember a thread on opening up accounts as overseas visitors but can't find it...could anyone find it? Thankiessss :)

[Spooky]

Found the answer I was looking for on the Westpac site: http://www.westpac.co.nz/olcontent/olcontent.nsf/Content/Open+an+account

Seems like you can apply for an account before arrival once you are a resident or if you can show evidence that you are coming to NZ for some valid reason like work/ study:

I am planning to move to New Zealand, can I open a bank account before I arrive?
If you are moving to New Zealand, you can apply to open a Westpac bank account before you arrive. We’ll arrange a savings account that you’ll be able to deposit money into. Once you arrive in New Zealand, we’ll convert this to the account that best meets your needs.

For more information, and to download an application form – go to Apply for a Westpac account and follow the instructions.

Note: We are unable to open accounts for non-residents unless they are intending to travel to New Zealand for the purpose of employment, study or permanent immigration within the next three months.

[dilanium]

As I was coming to NZ to study I had no problem opening an account with Westpac. Good stuff!