Treasury Laws Amendment (KiwiSaver Scheme) Regulations 2021 (F2021L01616)

Schedule 1   Amendments

Superannuation Industry (Supervision) Regulations 1994

6   Regulation 12A.02 (definition of Australian-sourced amount)

Repeal the definition, substitute:

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.