Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Exempt income

CW 28B: Foreign superannuation withdrawal in initial period of residency

You could also call this:

“Tax-free withdrawals from foreign super schemes for new NZ residents”

You don’t have to pay tax on money you take out of a foreign superannuation scheme if two things are true. First, you must have recently moved to New Zealand and become a tax resident. Second, you must take the money out within a specific time period after becoming a tax resident. This time period is called the exemption period. The exact details of who qualifies and how long the exemption period lasts are explained in section CF 3 of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6034709.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
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CW 28: Pensions, or

“How certain pensions and allowances are exempt from income tax”

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CW 28C: Foreign superannuation withdrawal exceeding given amount, or

“Tax rules for large withdrawals from foreign superannuation schemes”

Part C Income
Exempt income

CW 28BForeign superannuation withdrawal in initial period of residency

  1. A foreign superannuation withdrawal is exempt income of a person if the person—

  2. meets the requirements of section CF 3(4)(a) (Withdrawals from foreign superannuation scheme); and
    1. derives the foreign superannuation withdrawal in the exemption period referred to in section CF 3(6) for the person.

      Notes
      • Section CW 28B: inserted, on , by section 19 of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).