Yep, pretty much spot on. I live in NZ and make $110k NZD as a head of marketing, I opted for Kiwi Saver (our version of 401k) and my take home is $78k, which roughly equals $45k USD per year 😒. $110k is decent money in NZ, but average house price is $970k and I could likely only get around a $300k mortgage at my pay rate, so even with a six figure job you couldn't really afford a decent house without a $600k deposit minimum. Expensive place to live for sure.
600k minimum deposit making 110k a year? You could mortgage a house easy in NZ a good friend owns 3 different houses and he only had to put 10% down payment on a house for the bank to approve the mortgages (he buys fixes and flips houses)
@zuks6245 hell yeah brother 😎. You can live very comfortably on $110k in Timaru. All the wealth in NZ is basically in land, so if you check property values in various areas on Trademe, that'll give you a sense of how much money you'd need to thrive there. Avoid the big cities and you'll be sweet, but 1/3 of the country lives in Auckland, so that's also where the brunt of the economy exists...
The living wage in NZ as of May 2023 is only $23.90/h. Thats just under $50K a year before taxes. The minimum wage as of May 2023 is $22.70/h. Thats just over $47K per year. working full time at 40 hours a week. Most people between 18 - 30 years old earn less than $27/h, which is just under $50K per year on 40 hours. Very few lucky people earn $100K a year even before taxes let alone after taxes. Average house price is between $400K and $1M depending on the region. minimum 15% deposit to borrow from the bank that's $60K - $150K for your first home. Groceries and other essential needs have gone up in recent years. On a $50K yearly salary which would be around $700 a week after taxes, most people would be lucky to save $150 a week. Thats $5K - $10K per year after taxes and Food and Power and Phone/WiFi and car/travel expenses and rent. that means it would take 6 to 15 years to save enough for your first home. lest say 10 years if you're with a partner. 10 years assuming no unexpected costs come up like dentists bills, doctors bills, car trouble, loss of job, vet bills, child expenses, fire damage... etc. Not to mention house prices keep going up so by the time you can afford to buy 10 years ago the minimum deposit has gone up another $10K - $200K. Living in New Zealand as a young person is extremely difficult, which is why so many are moving to Australia. $100K a year would be a dream.
Heyy, I'm looking for recruitment in New Zealand🥹 please do consider if there any post related to Accounting and management is vacant... I'm done with my homeland😭
I work minimum wage in NZ, $22.50 an hour which is maybe $13-14 usd on a good day, and yea probably -15% of that in tax, then all you have left every week is half a banana, 3 durrys, and a hose to siphon some petrol.
@@rvanheukelum that is very untrue. The NZD has fallen 21% against the USD in the last year. Two people with a child would be STRUGGLING in NZ on a combined salary of 100k NZD but in the US you could live in most states on an equivalent salary of 56.5k USD.
@@rvanheukelum On the topic of percentage that is just not correct. It should be how much does the equivalent of 100K USD get taxed in each country. Even with an annual salary of 100K USD a year in NZ you would not make it into the top tax bracket though. It is just a case of making it a fair comparison between countries and currencies. If I had a salary of 100,000 iranian rial I would get taxed nothing because that is $2.36 USD
@@rvanheukelum you said 1 mlm as in 1 million right? Because if so you could live just about anywhere in the states comfortably if you manage it for at least a decade, that's with monthly spending of food and what not assuming you're still working increasing your wealth.
Heyy, I'm looking for recruitment in New Zealand🥹 please do consider if there any post related to Accounting and management is vacant... I'm done with my homeland😭
My dad has bee earning 120k for the last 6 years, he's doing okay. Mind you, he got a 300k mortgage on a 7 bedroom house 10years ago when we didn't have an immigrant/housing-shortage problem. His house is almost paid off, has 3 kids and a wife to feed. I'd say 100k get you a good life if you bought a house 10y ago!
Yeah 100k gets you shit here. Especially since average house price in Auckland is 1.1million , food, petrol , electricity, services gas, cellphone, internet ,Netflix, neon, etc 100k all gone. You need 400k a yr.
Actually most average person in NZ earn way less than 100k and don’t have the luxury of Netflix etc, with some households bringing in 100k. So for most the shit that you can get here is grateful and obviously you like the finer things, so be it but there’s always someone less fortunate that don’t have the pleasure.
Thats crazy, you can live of a 100k a year salary. Next to no one has that much. you could certainly be comfortable at 150k even that that might be slightly frivolous.
This makes it look much nicer than it really is. 100k isn't much here. Yet it's very hard to achieve in the new zealand economy. Buying property in New Zealand, particularly in its major cities, is expensive. The nation has one of the highest house-price-to-income ratios in the world. Average home price over 1 million. Buying for under a million is very difficult. The median weekly income for wage and salary workers in New Zealand was NZ$1,189 per week as of June 2022 (or NZ$61,828 per year). (Data from Stats NZ - Labour market statistics).
sorry for the question, when you talk about dollars do you refer to us dollar o nz dollar like when you say 1kk for a house, what currency are you thinking bout?
Average home price in Toronto/Vancouver is $1.5 Million CAD+ , with same salaries and more taxes + shitty weather and healthcare. NZ is a paradise in comparison.
Hey, I'm looking for recruitment in New Zealand🥹 please do consider if there any post related to Accounting and management is vacant... I'm done with my homeland😭
Compare this to other countries, My family of 5: Fibre broadband 80 per month Rent 3000 per month Power 400 per month Mobile plan 100 per month Petrol 300 per month Food 1500 per month School free Medical appointment 50 per visit Medication $5 per prescription Outdoors free Leisure expensive
Heyy, I'm looking for recruitment in New Zealand🥹 please do consider if there any post related to Accounting and management is vacant... I'm done with my homeland😭
I took a look at the exchange rate with the USD and 1 USD = 1.79 NZD. $100k NZD = $55,885 USD. Better than the local average, but you will probably struggle in a metro area if you have to support anyone beyond yourself.
Everywhere in the world if you report a high taxable income you get taxed high. The problem is ... if you are rich and have corporation expenses you can reduce your taxable income big time.
As a New Zealander, i can say Auckland in New Zealand is soo expensive. Like the price of a regular house you want to buy is from 1 to 3 million. And don't even get me started on the groceries. But other than this, New Zealand is still a good place to visit.
LMAO everything you listed is also free in the US. And who charges for the beach? Internal travel is free?? You mean, like freely moving about your own fking country free? What was your point again? LMAO
Heyy, I'm looking for recruitment in New Zealand🥹 please do consider if there any post related to Accounting and management is vacant... I'm done with my homeland😭
they are so isolated that they don't know what the rest of the world is like. in Italy the average salary is like €1200 per month with houses around 300/400k in the big cities
common VAT at 22%. We have more pensioners than workers and we have an increasingly aging population and people who are having fewer and fewer children.
I lived in Christchurch for a year in 2015/2016. I'm from Canada and was working in the same profession I have at home except I was taking home about 55% of what I normally make.. I cant speak for everyone but compared to Canada the quality of life is alot worse. Its definitely got way better weather, scenery and the people are all right on but imagine living on 55% of what you're used too... I do hope to return one day permanently I absolutely loved it but its definitely a place you should be planning on bringing money too.
Not quite accurate. The ACC levy is specifically designated for personal injury insurance. In return, nobody can be sued in the event of anyone sustaining an injury.
100k NZD is 55654.99 USD which means your take home amount is actually only 39626.99 USD, fuck all. Then you gotta deduct 15% GST, our fuel is heavily taxed and therefor expensive, Rent is extremely expensive especially in cities and if you think you will be able to buy a home anytime soon on this income think again, homes are crazy expensive and generally you are buying a very small home for a lot of money. This, this is why everyone just moves to Australia. Edit: Also could add Kiwisaver if you have it, which minimum is 3% of your income you wont see until you are 65(I think its 65, basically until you reach retirement around that age)
A $100000 Australian salary winds up being pretty similar. About $75000 after taxes, medicare levy etc - then we get to pay 10% GST on everything, tolls everywhere, high rents/mortgages, high electricity costs and nickle and dimed for everything like drivers licences, car rego, insurances etc Our superannuation is 10%
Why would you add KiwiSaver?? it is still your money you get the interest on it and the Government will put in 50 cents for every dollar up to a maximum of $521.43 a year That is the opposite tax.
NZ living cost is one of the highest among the world. Many people live from pay to pay and have no saving. I felt NZ living quality is lower than Australia and China.
@@awesomedude4428 where is living quality if you live pay to pay and worry about paying credit card and all expenses in NZ? Do you know about 15-20% of NZ people have migrated out to mainly Australia and other countries? On the other hand, very small percentage of China people migrate out as expense is still reasonable comparing with after tax income. At least majority of China people are not worried to pay bills.
Who gets 100,000 income in NZ ?? Mostly 68% population EARN below 100K. Like annual income starts with 45k , 55K , 60K 65K 75K 80K THATS IT. 32% MAKE ABOVE 100K AND SUFFER with taxes 😂🤣😂
Add 15% GST, 50-60% petrol tax, expensive meat (we export all the good stuff and overcharge our people), registration costs and now you are about 50-60% of your money gone to the govt gang and their kosher money printers.
NZ citizen here; food is becoming expensive, fuel has already gotten quite expensive, the house prices… you wouldn’t believe. We have these “KiwiSaver” investment schemes which are good for economy and ensure steady long term growth for finance, but they’re too steady, and my KiwiSaver won’t be big enough to get a mortgage on a first owned home until 2033. My student loan will also be a burden but that was my choice, luckily I get the student allowance which is free for me but not the dear taxpayers. The government uses tax money in many ridiculous ways, we are still recovering from Covid and the economic trauma it caused, the upcoming recession will be quite something but whatevs. Owning a home and raising a family seems not only miles away but also challenging, impossible on a single salary, so I’m not surprised there is a “brain drain” of my smarter and academically equipped peers to Australia. I however plan on moving elsewhere such as Argentina, South Korea, or Romania.
If you earn more than that, lets say 140 thousand then you will be paying 33% tax. (as rounded figure passing trough all three tax bands) General Sales Tax 15% on almost anything you buy. Rates on your house (which has GST applied to it) And hundreds of other taxes so not as simple as it may appear.
Then add 15 percent good & service tax on everything you buy so much of that 71k is also taxed another 15 percent. Is that acc for a pen pusher or a tradesmen
Then after tax they tax u again with vat or duty or fuel tax or car tax and national insurance and poll tax and then they fine u with speeding tickets and parking tickets and......
For each dollar of incomeTax rateUp to $14,00010.5%Over $14,000 and up to $48,00017.5%Over $48,000 and up to $70,00030%Over $70,000 and up to $180,00033%Remaining income over $180,00039%
It's what you pay to live in a developed world that isn't supported by extreme natural resources. If you don't want to contribute to society, go live in a third world country and take your woo-is-me attitude with you.
Lot of comments from US, Canada etc. can’t really compare from one aspect but just know ACC is our accident insurance ( so your paid 80% your salary if you have an accident until you come back to work even if at fault) and universal healthcare is built in.
We don't pay for our public hospital care at the time but we certainly pay for it through our taxes. Also doctors and specialists visits are subsidised, but are not free. I paid $50 to see a doctor at my health centre last week. Prescriptions often have a few. Not free healthcare at all.
Wrong! Tiered tax system. For each dollar of incomeTax rateUp to $14,00010.5%Over $14,000 and up to $48,00017.5%Over $48,000 and up to $70,00030%Over $70,000 and up to $180,00033%Remaining income over $180,00039%
Haven’t watched the video yet, I lived in New Zealand my whole life ( just recently moved to the uae) but ima predict that it’s gonna be 20k 💀 Edit: watched the vid and that’s gotta be cap
Yeah that’s actually not terrible lol, I think people just like to complain, they don’t know how insane it gets for tax in some places/most places. Edit: I do wish not so much tax was wasted on road work though. Better infrastructure like public transit is needed. Maybe go towards better school system, idk, just anything besides more pointless road crews and roadwork.
