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