Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Exempt income

CW 29B: Amounts from Australian complying superannuation schemes reinvested in KiwiSaver schemes

You could also call this:

“ Moving Australian retirement savings to KiwiSaver without tax ”

If you’re a natural person (which means you’re a real human, not a company), you might have money in an Australian complying superannuation scheme. This is like a retirement savings account in Australia. If you take money out of this Australian account and put it into a KiwiSaver scheme in New Zealand in the same year, you don’t have to pay income tax on that money. KiwiSaver is New Zealand’s retirement savings system. This rule helps people who move their retirement savings from Australia to New Zealand.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5346100.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
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CW 29: Reinvested amounts from foreign superannuation schemes in Australia, or

“Tax-free transfer between certain Australian super schemes in the same year”

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CW 30: Annuities from Crown Bank Accounts, or

“Tax-free annuities granted by the Executive Council and paid from the Crown Bank Account”

Part C Income
Exempt income

CW 29BAmounts from Australian complying superannuation schemes reinvested in KiwiSaver schemes

  1. An amount of income derived in an income year by a natural person from an Australian complying superannuation scheme is exempt income if, in the income year, it is contributed to a KiwiSaver scheme.

Notes
  • Section CW 29B: inserted, on , by section 13 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).