Explanatory Memorandum
(Circulated by the authority of the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, the Hon Bill Shorten MP)General outline and financial impact
Portability of superannuation between Australia and New Zealand
Schedule 1 to this Bill amends the Income Tax Assessment Act 1997 (ITAA 1997) and other Acts to introduce an Arrangement that allows individuals to move their retirement savings between Australia and New Zealand.
Date of effect : The amendments commence on the day the Arrangement between the Government of Australia and the Government of New Zealand comes into force for Australia.
Proposal announced : This measure was jointly announced by the Treasurer and the New Zealand Minister for Finance in the Treasurer's Media Release No. 084 of 16 July 2009.
Financial impact : The measure has a positive revenue impact of $6.8 million over four years to 2016-17.
Human rights implications : This Bill does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 1, paragraphs 1.76 to 1.96.
Compliance cost impact : The measure is expected to have a medium overall compliance cost impact, comprised of a medium implementation impact and a low increase in ongoing compliance costs.
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