Originally Posted by royelliot
I have decided to sell my house after living in the UK for the last 5 years and head
out into the pacific for the next season. I have been looking around at other threads to unpick what might be the best option for me..
- I have both NZ and British Passports
- I would like to buy a blue water
yacht in NZ and sail off into the pacific
- I don't know where I want to put roots down at all yet - unlikely to be NZ
- I suspect I will look at selling in Australia (maybe... but if I can convince the wife maybe I will end up further round! But likely Oz)
Would appreciate advice from those that know about GST/Duty about what the most money
'efficient' way of doing this is.
If I buy a boat that hasn't been 'imported' and is flagged elsewhere are there tax implications in the country where the ship is registered? (i.e. if I purchased a Dutch or British flagged boat do I end up paying something in those countries and nothing in NZ?) Or do I bring a briefcase of cash to the pub and settle it over a beer
and handshake? If I am in New Zealand and I want to buy a boat do I need to ensure it is imported? Are there advantages of buying a NZ boat and registering it in the UK as I also have one of those
As I am heading offshore
, I will be looking as a top priority at something that has or is close to CAT1 (for my own piece of mind). I understand that there are regulations
in NZ about requirements for CAT1, is this another good reason (to avoid bureaucracy) to look at registering elsewhere?
Thanks massively in advance. I have just joined what looks to be an excellent forum and any help will be appreciated.
I can't be absolutely specific about what you want to do, but my small business is GST registered and I do returns every 2 months. Firstly the rate of GST in NZ is 15% and it is meant to be displayed at the point of sale
. However companies that normally sell their services to other businesses typically display "prices less GST". Secondhand goods don't incur GST but if you were buying and selling as a business ( say secondhand houses) you would be obliged to be registered and make a GST return. A business GST return shows GST collected verses GST paid on goods and services and the business pays the difference or collects a refund if they have paid more than collected. This is so that GST doesn't compound down the chain of supply.
So if I were to sell you my secondhand yacht (as building yachts is not my business) there would be no GST involved being secondhand goods. If you bought my yacht through a yacht broker, their commission would attract GST and that should be confirmed during any negotiations. However the vendor (me in this case) would be paying the commission and any GST that fee attracts.
If you were having a yacht built, every component that is supplied will attract GST as will the builders labor charges. That of course should be confirmed during negotiations.
If you were to go to say a Beneteau
importer / supplier and ask for a new yacht the price
quoted should! include GST. That too should be confirmed so you don't get a nasty surprise. It is normally required that prices should be displayed as "including" or "not including".
All of which means that if you buy a secondhand yacht in NZ you shouldn't have to pay GST. But if you decided to put a new engine
in it that would incur GST as would an installers charges.
There are many fine yachts available in NZ especially in Auckland
. The marina where I keep my yacht has something between 1500 and 2000 berths as I recall
There are 7 marinas
within about a 20 km radius of the Auckland
CBD, and many other marinas
around the country. There are world class marine
services and supplies available especially in Auckland. Last time I checked, the exchange rate was NZ$1=US$0.65 cents
Please use this advice as a guide only.
I can't advise you about the import duty a vessel might incur if you take it back home.