Commonwealth Consolidated Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 12A.01

    This Part sets out matters to implement 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.

Note 1:   The Arrangement does not cover all complying superannuation funds. A number of types of superannuation funds and schemes are excluded (for example, self managed superannuation funds and defined benefit interests in defined benefit funds): see regulation   12A.03.

Note 2:   Amounts covered by the Arrangement are:

(a)   payments received by complying superannuation funds from KiwiSaver schemes on or after the day the Arrangement comes into force for Australia; and

(b)   superannuation benefits paid to KiwiSaver scheme providers by complying superannuation funds on or after the day the Arrangement comes into force for Australia; and

(c)   amounts paid between participating Australian funds if the member's benefits include any New Zealand - sourced amount; and

(d)   superannuation benefits paid to an individual from an interest that includes any New Zealand - sourced amount; and

(e)   amounts paid by the Commissioner of Taxation to a KiwiSaver scheme provider under the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

  See regulation   12A.03.

Note 3:   The matters in this Part are also relevant to Division   312 of Part   3 - 30 of the Income Tax Assessment Act 1997 , which provides for the taxation treatment of retirement savings to which the Arrangement relates.