Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 312 - Trans-Tasman portability of retirement savings  

Subdivision 312-B - Amounts contributed to complying superannuation funds from KiwiSaver schemes  

SECTION 312-10   Amounts contributed to complying superannuation funds from KiwiSaver schemes  

Treat amount as a contribution

312-10(1)    
An amount transferred from a * KiwiSaver scheme to a * complying superannuation fund in relation to you is treated as being a contribution you made to the complying superannuation fund for the purpose of providing * superannuation benefits for yourself.

Note 1:

The contribution will not be included in the assessable income of the trustee of the complying superannuation fund: see Division 295 .

Note 2:

The contribution is not included in your concessional contributions: see section 291-25 . Some of the contribution may be included in your non-concessional contributions: see subsection (3) of this section.

312-10(2)    
Division 290 (Contributions to superannuation funds), section 295-200 (Transfers from foreign superannuation funds) and Subdivision 305-B (Superannuation benefits from foreign superannuation funds) do not apply to the contribution.

Australian-sourced amount and returning New Zealand-sourced amount not non-concessional

312-10(3)    
For the purposes of Subdivision 292-C (Excess non-concessional contributions tax), disregard so much of the contribution as you or the * KiwiSaver scheme provider informs, in accordance with the regulations mentioned in section 312-5 , the trustee of the * complying superannuation fund is:

(a) an * Australian-sourced amount ; or

(b) a * returning New Zealand-sourced amount .

Note:

The effect of subsection (3) is that the amounts mentioned in paragraphs (3)(a) and (b) are not included in your non-concessional contributions. The rest of the contribution is included in your non-concessional contributions: see subsection 292-90(2) .

Assessable income and capital gains

312-10(4)    
The contribution is not assessable income of yours and is not *exempt income of yours.

312-10(5)    
Section 118-305 (capital gain or capital loss disregarded) applies in relation to the amount transferred as if the * KiwiSaver scheme were a * superannuation fund .

Tax free and taxable components of superannuation interest

312-10(6)    
Section 307-220 (Contributions segment) only applies to so much (if any) of the contribution as you or the * KiwiSaver scheme provider inform, in accordance with the regulations mentioned in section 312-5 , the trustee of the * complying superannuation fund is:

(a) a * New Zealand-sourced amount ; or

(b) the * tax free component of an * Australian-sourced amount .

Note:

So much of the value of an interest in the fund as consists of the amounts mentioned in paragraphs (6)(a) and (b) is included in the contributions segment and tax free component of the interest. So much of the value of that interest as consists of the rest of the contribution is not included in the contributions segment of the interest and is included in the taxable component of the interest. (The value of the interest may also consist of amounts other than the contribution.)