QUALIFYING FUNDS

Press, Volume CVI, Issue 31123, 28 July 1966, Page 11

QUALIFYING FUNDS

rTHE car dealer of your -* choice, the customs department, or your accountant will be able to give you guidance on the eligibility of overseas funds for the purchase of a car, but here are some details provided recently by one of Christchurch’s major car dealers. Overseas funds which qualify for the purchase of I a new car include proceeds! from the sale of any assets! held by the applicant in any country other than New Zea-i land. Bonus shares, divi-|

dends and interest on shares held in companies based outside New Zealand qualify provided that the shares from which they stem have been held for a minimum of one year.

pensions, company retirement pensions or annuities. Winnings from overseas lotteries, horse racing and betting qualify, but in the case of lotteries eligible funds are restricted to those where the prizes were paid in overseas currency. Money from a loan made to an overseas resident from funds which would have qualified is eligible, and so are funds or assets held by New Zealand offices of overseas companies in overseas bank accounts or such funds

held by New Zealand companies with overseas parent companies. The foregoing can be taken only as a guide, and if you

are considering buying a car with overseas funds but are not sure if the funds qualify you should seek qualified advice.

Also qualifying is any form of income, whether commissions, royalties or other earnings, derived from overseas before October 17, 1964, while the applicant was resident in New Zealand. Personal earnings while resident in any country overseas also qualify, as do maturing insurance policies held overseas provided

the premiums have not been: paid from New Zealand, inj which case all premiums paid from New Zealand are deducted from the matured sum. Legacies left to the applicant or members of his immediate family from any overseas source or involving any overseas assets are eligible in some cases, and so is overseas currency purchased at , par from any New Zealand resident, before January 1,

1965, provided that the funds so purchased would have qualified for the original owner. Any funds held before immigrating to New Zealand qualify if the applicant in-| tends to live permanently in New Zealand irrespective of the time the funds have been held, provided they were held before the applicant left for i New Zealand. Compensation or reparation monies paid out ; overseas qualify, as do pen- ' sions, annuities and so oo derived from overseas sources, i for instance armed service