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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 12A.02 Definitions for Part 12A

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 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.

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