If you're a NZ resident for tax purposes: - dividends from...

If you're a NZ resident for tax purposes:
- dividends from shares (held in any market) are viewed as income and you'll need to pay income tax on them.
- capital gains on shares (held in any market) are free from taxation, providing you don't trade in sufficient volume/ frequency for the IRD to determine you to be a trader.

By comparison we have a pretty sweet deal but we do get somewhat screwed on franking credits - fully franked (tax paid) dividends on Aussie shares still need to be taxed in NZ. There's talk of these franking credits being treated as imputation credits in NZ but doesn't seem to have been any progress.
Apparently NZ residents can get around this by having an Aus bank account into which your dividends are paid, and then using this cash when you visit Aus.