Hi all, I might have a problem and am hoping someone can help me. I have a yacht I brought in NZ and it had never previously been registered in NZ. I registered it under small ships (UK) and I am sailing up to the pacific islands next month and after that all going to plan onwards around the world, step by step over a few years.
My question is since I am registered in the UK will I have to pay a tax on the cost of the boat when I finally get to Europe. Or even shorted term will there be a problem leaving NZ. I have a proof of purchase recept from the guy I brought it off so I can prove I brought it in NZ so I might not have to pay GST on the way out?
Anyway I will leave it at that and see what you think any help appreciated.
John Lee Diamond
I could be wrong but I would have thought that the yacht would be GST exempt from the NZ side. You would however cop VAT at the other end and any other costs they have when you eventually got home. I presume this would be on the depreciated value of the yacht not what you paid for it.
A link to the NZ tax office is below with the relevant details.
Shouldn't be any gst on a secondhand Yacht, and instead of a receipt you should get a registerable Bill of Sale, You will more than likely cop import duties and taxes when you arrive home depending on your country