Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 312.10

Treat amount as a contribution

  (1)   An amount transferred from a * KiwiSaver scheme to a * complying superannuation fund in relation to you is treated as being a contribution you made to the complying superannuation fund for the purpose of providing * superannuation benefits for yourself.

Note 1:   The contribution will not be included in the assessable income of the trustee of the complying superannuation fund: see Division   295.

Note 2:   The contribution is not included in your concessional contributions: see section   291 - 25. Some of the contribution may be included in your non - concessional contributions: see subsection   (3) of this section.

  (2)   Division   290 (Contributions to superannuation funds), section   295 - 200 (Transfers from foreign superannuation funds) and Subdivision   305 - B (Superannuation benefits from foreign superannuation funds) do not apply to the contribution.

Australian - sourced amount and returning New Zealand - sourced amount not non - concessional

  (3)   For the purposes of Subdivision   292 - C (Excess non - concessional contributions tax), disregard so much of the contribution as you or the * KiwiSaver scheme provider informs, in accordance with the regulations mentioned in section   312 - 5, the trustee of the * complying superannuation fund is:

  (a)   an * Australian - sourced amount; or

  (b)   a * returning New Zealand - sourced amount.

Note:   The effect of subsection   (3) is that the amounts mentioned in paragraphs   (3)(a) and (b) are not included in your non - concessional contributions. The rest of the contribution is included in your non - concessional contributions: see subsection   292 - 90(2).

Assessable income and capital gains

  (4)   The contribution is not assessable income of yours and is not * exempt income of yours.

  (5)   Section   118 - 305 (capital gain or capital loss disregarded) applies in relation to the amount transferred as if the * KiwiSaver scheme were a * superannuation fund.

Tax free and taxable components of superannuation interest

  (6)   Section   307 - 220 (Contributions segment) only applies to so much (if any) of the contribution as you or the * KiwiSaver scheme provider inform, in accordance with the regulations mentioned in section   312 - 5, the trustee of the * complying superannuation fund is:

  (a)   a * New Zealand - sourced amount; or

  (b)   the * tax free component of an * Australian - sourced amount.

Note:   So much of the value of an interest in the fund as consists of the amounts mentioned in paragraphs   (6)(a) and (b) is included in the contributions segment and tax free component of the interest. So much of the value of that interest as consists of the rest of the contribution is not included in the contributions segment of the interest and is included in the taxable component of the interest. (The value of the interest may also consist of amounts other than the contribution.)

Table of sections

312 - 15   Superannuation benefits paid from complying superannuation funds to KiwiSaver schemes

312 - 20   Superannuation benefits paid by Commissioner to KiwiSaver schemes