Superannuation Industry (Supervision) Regulations 1994

PART 12A - TRANS-TASMAN RETIREMENT SAVINGS PORTABILITY  

Division 1 - General  

REGULATION 12A.02  

12A.02   DEFINITIONS FOR PART 12A  

In this Part:

Arrangement
means the Arrangement between the Government of Australia and the Government of New Zealand on Trans-Tasman Retirement Savings Portability, signed at Brisbane on 16 July 2009.

Australian-sourced amount
means:

(a) an amount that:

(i) was originally accrued in a complying superannuation fund; and

(ii) is subsequently received by a KiwiSaver scheme; and

(iii) is identified by the receiving KiwiSaver scheme as an amount described in subparagraph (i); or

(b) an amount that:

(i) is paid by a KiwiSaver scheme provider to a complying superannuation fund; and

(ii) is identified by the complying superannuation fund as an amount described in subparagraph (a)(i); or

(c) an amount that:

(i) is paid to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(ii) is identified by the Commissioner of Taxation as an amount described in subparagraph (a)(i); or

(d) an amount that:

(i) is paid by the Commissioner of Taxation to a complying superannuation fund under the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(ii) is identified by the complying superannuation fund as an amount described in subparagraph (a)(i).

Note:

As part of trans-Tasman retirement savings portability, an Australian-sourced amount may eventually be received by the same complying superannuation fund in which it originally accrued or another complying superannuation fund. It will still be an Australian-sourced amount at that time.

KiwiSaver scheme
has the meaning given by subsection 995-1(1) of the 1997 Tax Act.

KiwiSaver scheme provider
has the meaning given by subsection 995-1(1) of the 1997 Tax Act.

New Zealand-sourced amount
means:

(a) an amount that:

(i) was originally accrued in a KiwiSaver scheme; and

(ii) is subsequently received by a complying superannuation fund; and

(iii) is identified by the complying superannuation fund as an amount described in subparagraph (i); or

(b) an amount that:

(i) is paid by a complying superannuation fund to a KiwiSaver scheme provider; and

(ii) is identified by the KiwiSaver scheme provider as an amount described in subparagraph (a)(i); or

(c) an amount that:

(i) is paid to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(ii) is identified by the Commissioner of Taxation as an amount described in subparagraph (a)(i); or

(d) an amount that:

(i) is paid by the Commissioner of Taxation to a KiwiSaver scheme provider under the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(ii) is identified by the KiwiSaver scheme provider as an amount described in subparagraph (a)(i).

returning New Zealand-sourced amount
means a New Zealand-sourced amount that has been received by the same, or another, complying superannuation fund for the second or subsequent time.

Note 1:

As part of trans-Tasman retirement savings portability, a New Zealand-sourced amount may eventually be received by the same KiwiSaver scheme in which it originally accrued or another KiwiSaver scheme. It will still be a New Zealand-sourced amount at that time.

Note 2:

If retirement savings move between Australia and New Zealand on more than one occasion, it is likely that:

(a) a part of the savings will be a New Zealand-sourced amount because that part was originally accrued in a KiwiSaver scheme; and

(b) a part of the savings will be an Australian-sourced amount because that part was originally accrued in a complying superannuation fund.

tax free component of an Australian-sourced amount
means an amount that:

(a) is, or is part of, an Australian-sourced amount; and

(b) was, or was included in, the tax free component of the member ' s former superannuation interest in Australia before the Australian-sourced amount was paid to a KiwiSaver scheme.

Note:

The Act defines other expressions used in this Part.