Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012 (181 of 2012)

Schedule 1   Portability of superannuation between Australia and New Zealand

Taxation Administration Act 1953

10   After section 390-10 in Schedule 1

Insert:

390-12 Statements about benefits paid to KiwiSaver schemes

(1) This section applies if the trustee of a *complying superannuation fund pays a *superannuation benefit to a *KiwiSaver scheme provider.

(2) The trustee must:

(a) give to the *KiwiSaver scheme provider a statement under this section within 7 days after the day on which the benefit is paid; and

(b) give to the individual in respect of whom the benefit is paid a statement in relation to the benefit within 30 days after the day on which the benefit is paid.

Note: Section 286-75 provides an administrative penalty for breach of this subsection.

(3) A statement under subsection (2) must be in the *approved form.

Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.

(4) The *approved form may require the statement to contain the following information:

(a) information relating to contributions made to the *complying superannuation fund in respect of the individual during the period specified in a determination under subsection (5) in which the benefit is paid, to the extent those contributions are reflected in that benefit;

(b) other information relating to the benefit, including the *tax free component and *taxable component (as applicable) of the benefit.

(5) The Commissioner may determine, by legislative instrument, the period mentioned in paragraph (4)(a).

(6) The period specified in the determination:

(a) may be:

(i) all or part of an income year; or

(ii) all or part of a *financial year; or

(iii) any other period; and

(b) may be different:

(i) for different kinds of trustee; and

(ii) in relation to any other matter.

(7) Subsection (6) does not limit the way in which the determination may specify the period.

(8) Subsection (4) does not limit the information that the *approved form may require the statement to contain.