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This is a Bill, not an Act. For current law, see the Acts databases.
SUPERANNUATION LEGISLATION AMENDMENT (NEW ZEALAND ARRANGEMENT) BILL 2012
2010-2011-2012
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Superannuation Legislation Amendment
(New Zealand Arrangement) Bill 2012
No. , 2012
(Treasury)
A Bill for an Act to amend the law relating to
superannuation, and for related purposes
i Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No. ,
2012
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Portability of superannuation between Australia
and New Zealand
3
Income Tax Assessment Act 1997
3
Superannuation (Government Co-contribution for Low Income
Earners) Act 2003
7
Taxation Administration Act 1953
7
Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No. , 2012
1
A Bill for an Act to amend the law relating to
1
superannuation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Superannuation Legislation
5
Amendment (New Zealand Arrangement) Act 2012.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No.
, 2012
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
The day 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, comes into force for Australia.
The Minister must announce by notice in the
Gazette the day the Arrangement comes into
force for Australia.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Portability of superannuation between Australia and New Zealand Schedule 1
Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No. , 2012
3
Schedule 1--Portability of superannuation
1
between Australia and New Zealand
2
3
Income Tax Assessment Act 1997
4
1 Section 11-55 (table item headed "superannuation")
5
After:
6
foreign superannuation funds, lump sum benefits ............ 305-60
305-65
305-70
insert:
7
KiwiSaver schemes, contributions to complying
superannuation funds from ..........................................
312-10
KiwiSaver schemes, superannuation benefits paid from
complying superannuation funds to ............................
312-15
2 At the end of Part 3-30
8
Add:
9
Division 312--Trans-Tasman portability of retirement
10
savings
11
Table of Subdivisions
12
Guide to Division 312
13
312-A Preliminary
14
312-B Amounts contributed to complying superannuation funds
15
from KiwiSaver schemes
16
312-C Superannuation benefits paid to KiwiSaver scheme providers
17
Guide to Division 312
18
312-1 What this Division is about
19
This Division deals with amounts transferred between KiwiSaver
20
schemes and complying superannuation funds.
21
Schedule 1 Portability of superannuation between Australia and New Zealand
4 Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No.
, 2012
Subdivision 312-A--Preliminary
1
Table of sections
2
312-5 Division
implements
Arrangement with New Zealand
3
312-5 Division implements Arrangement with New Zealand
4
This Division, together with regulations made under the
5
Superannuation Industry (Supervision) Act 1993, implement the
6
Arrangement between the Government of Australia and the
7
Government of New Zealand on Trans-Tasman Retirement
8
Savings Portability, signed at Brisbane on 16 July 2009.
9
Subdivision 312-B--Amounts contributed to complying
10
superannuation funds from KiwiSaver schemes
11
Table of sections
12
312-10
Amounts contributed to complying superannuation funds from KiwiSaver
13
schemes
14
312-10 Amounts contributed to complying superannuation funds
15
from KiwiSaver schemes
16
Treat amount as a contribution
17
(1) An amount transferred from a
*
KiwiSaver scheme to a
*
complying
18
superannuation fund in relation to you is treated as being a
19
contribution you made to the complying superannuation fund for
20
the purpose of providing
*
superannuation benefits for yourself.
21
Note 1:
The contribution will not be included in the assessable income of the
22
trustee of the complying superannuation fund: see Division 295.
23
Note 2:
The contribution is not included in your concessional contributions:
24
see section 292-25. Some of the contribution may be included in your
25
non-concessional contributions: see subsection (3) of this section.
26
(2) Division 290 (Contributions to superannuation funds),
27
section 295-200 (Transfers from foreign superannuation funds) and
28
Subdivision 305-B (Superannuation benefits from foreign
29
superannuation funds) do not apply to the contribution.
30
Portability of superannuation between Australia and New Zealand Schedule 1
Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No. , 2012
5
Australian-sourced amount and returning New Zealand-sourced
1
amount not non-concessional
2
(3) For the purposes of Subdivision 292-C (Excess non-concessional
3
contributions tax), disregard so much of the contribution as you or
4
the
*
KiwiSaver scheme provider informs, in accordance with the
5
regulations mentioned in section 312-5, the trustee of the
6
*
complying superannuation fund is:
7
(a)
an
*
Australian-sourced amount; or
8
(b)
a
*
returning New Zealand-sourced amount.
9
Note:
The effect of subsection (3) is that the amounts mentioned in
10
paragraphs (3)(a) and (b) are not included in your non-concessional
11
contributions. The rest of the contribution is included in your
12
non-concessional contributions: see subsection 292-90(2).
13
Assessable income and capital gains
14
(4) The contribution is not assessable income of yours and is not
15
*
exempt income of yours.
16
(5) Section 118-305 (capital gain or capital loss disregarded) applies in
17
relation to the amount transferred as if the
*
KiwiSaver scheme
18
were a
*
superannuation fund.
19
Tax free and taxable components of superannuation interest
20
(6) Section 307-220 (Contributions segment) only applies to so much
21
(if any) of the contribution as you or the
*
KiwiSaver scheme
22
provider inform, in accordance with the regulations mentioned in
23
section 312-5, the trustee of the
*
complying superannuation fund
24
is:
25
(a)
a
*
New Zealand-sourced amount; or
26
(b)
the
*
tax free component of an
*
Australian-sourced amount.
27
Note:
So much of the value of an interest in the fund as consists of the
28
amounts mentioned in paragraphs (6)(a) and (b) is included in the
29
contributions segment and tax free component of the interest. So much
30
of the value of that interest as consists of the rest of the contribution is
31
not included in the contributions segment of the interest and is
32
included in the taxable component of the interest. (The value of the
33
interest may also consist of amounts other than the contribution.)
34
Schedule 1 Portability of superannuation between Australia and New Zealand
6 Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No.
, 2012
Subdivision 312-C--Superannuation benefits paid to KiwiSaver
1
scheme providers
2
Table of sections
3
312-15
Superannuation benefits paid to KiwiSaver schemes
4
312-15 Superannuation benefits paid to KiwiSaver schemes
5
A
*
superannuation benefit paid to a
*
KiwiSaver scheme provider
6
by the trustee of a
*
complying superannuation fund in respect of
7
you is not assessable income of yours and is not
*
exempt income of
8
yours.
9
3 Subsection 995-1(1)
10
Insert:
11
Australian-sourced amount has the meaning given by the
12
regulations mentioned in section 312-5 (about trans-Tasman
13
portability of retirement savings).
14
4 Subsection 995-1(1)
15
Insert:
16
KiwiSaver scheme has the meaning given by the KiwiSaver Act
17
2006 of New Zealand.
18
5 Subsection 995-1(1)
19
Insert:
20
KiwiSaver scheme provider means a provider (within the meaning
21
of the KiwiSaver Act 2006 of New Zealand).
22
6 Subsection 995-1(1)
23
Insert:
24
New Zealand-sourced amount has the meaning given by the
25
regulations mentioned in section 312-5 (about trans-Tasman
26
portability of retirement savings).
27
7 Subsection 995-1(1)
28
Insert:
29
Portability of superannuation between Australia and New Zealand Schedule 1
Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No. , 2012
7
returning New Zealand-sourced amount has the meaning given
1
by the regulations mentioned in section 312-5 (about trans-Tasman
2
portability of retirement savings).
3
8 Subsection 995-1(1) (at the end of the definition of tax free
4
component)
5
Add:
6
; and (d) the tax free component of an
*
Australian-sourced amount has
7
the meaning given by the regulations mentioned in
8
section 312-5 (about trans-Tasman portability of retirement
9
savings).
10
Superannuation (Government Co-contribution for Low
11
Income Earners) Act 2003
12
9 After subparagraph 7(1)(c)(ii)
13
Insert:
14
(iia) an amount transferred from a KiwiSaver scheme to a
15
complying superannuation fund as mentioned in
16
section 312-10 of the Income Tax Assessment Act 1997;
17
Taxation Administration Act 1953
18
10 After section 390-10 in Schedule 1
19
Insert:
20
390-12 Statements about benefits paid to KiwiSaver schemes
21
(1) This section applies if the trustee of a
*
complying superannuation
22
fund pays a
*
superannuation benefit to a
*
KiwiSaver scheme
23
provider.
24
(2) The trustee must:
25
(a) give to the
*
KiwiSaver scheme provider a statement under
26
this section within 7 days after the day on which the benefit
27
is paid; and
28
(b) give to the individual in respect of whom the benefit is paid a
29
statement in relation to the benefit within 30 days after the
30
day on which the benefit is paid.
31
Schedule 1 Portability of superannuation between Australia and New Zealand
8 Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No.
, 2012
Note:
Section 286-75 provides an administrative penalty for breach of this
1
subsection.
2
(3) A statement under subsection (2) must be in the
*
approved form.
3
Note:
Section 388-55 allows the Commissioner to defer the time for giving
4
an approved form.
5
(4)
The
*
approved form may require the statement to contain the
6
following information:
7
(a) information relating to contributions made to the
*
complying
8
superannuation fund in respect of the individual during the
9
period specified in a determination under subsection (5) in
10
which the benefit is paid, to the extent those contributions are
11
reflected in that benefit;
12
(b) other information relating to the benefit, including the
*
tax
13
free component and
*
taxable component (as applicable) of
14
the benefit.
15
(5) The Commissioner may determine, by legislative instrument, the
16
period mentioned in paragraph (4)(a).
17
(6) The period specified in the determination:
18
(a)
may
be:
19
(i) all or part of an income year; or
20
(ii) all or part of a
*
financial year; or
21
(iii) any other period; and
22
(b) may be different:
23
(i) for different kinds of trustee; and
24
(ii) in relation to any other matter.
25
(7) Subsection (6) does not limit the way in which the determination
26
may specify the period.
27
(8) Subsection (4) does not limit the information that the
*
approved
28
form may require the statement to contain.
29
11 Paragraph 390-15(1)(a) in Schedule 1
30
Omit "or 390-10", substitute ", 390-10 or 390-12".
31
12 Application of amendments
32
The amendments made by this Schedule apply to:
33
Portability of superannuation between Australia and New Zealand Schedule 1
Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 No. , 2012
9
(a) amounts transferred from KiwiSaver schemes to complying
1
superannuation funds; or
2
(b) superannuation benefits paid to KiwiSaver scheme providers
3
by trustees of complying superannuation funds;
4
on or after the commencement of this item.
5