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Income Tax Act 2007

Timing and quantifying rules - Terminating provisions - Definitions

EZ 32G: Person deriving pension from foreign superannuation scheme and returning as income before 1 April 2014

You could also call this:

“Foreign pension payments reported as income before April 2014”

This law applies to you if you had money in a foreign superannuation scheme before 1 April 2014. For this law to affect you, a few things need to be true:

Your foreign superannuation would normally be treated as an ‘attributing interest’, but this law changes that.

From 1 April 2014, your interest is not considered a ‘FIF superannuation interest’.

You didn’t take any money out of the scheme before 1 April 2014.

You got pension payments from the scheme before 1 April 2014, and you included these payments in your tax return. You must have sent these tax returns to the tax office (the Commissioner) on time.

If all of these things apply to you, the law says that you don’t have to pay tax on any FIF income or loss from this superannuation scheme for the time before 1 April 2014. FIF stands for ‘Foreign Investment Fund’, which is a way the government tracks overseas investments.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6765511.

Topics:

Money and consumer rights > Taxes

Money and consumer rights > Savings and retirement

EZ 32F: Applicable accounting standard for section EX 21E: former generally accepted accounting practice without IFRS, or

“Using older accounting methods for overseas companies in specific situations”

EZ 33: Application of old financial arrangements rules, or

“Old financial arrangement rules apply to agreements made between specific dates”

Part E Timing and quantifying rules
Terminating provisions: Definitions

EZ 32GPerson deriving pension from foreign superannuation scheme and returning as income before 1 April 2014

This section applies when a person has, before 1 April 2014, an interest in a foreign superannuation scheme and—
the interest would be an attributing interest in the absence of this provision; and
on and after 1 April 2014, the interest is not a FIF superannuation interest; and
the person—
1. does not, before 1 April 2014, derive from the foreign superannuation scheme a payment that is a withdrawal:
2. derives payments, each of which is a pension, from the foreign superannuation scheme before 1 April 2014 and includes each payment in a return of income, for the income year of the payment, that is received by the Commissioner by the due date for the return of income.

The person is treated as having no FIF income or loss from the interest for the period before 1 April 2014.

Notes

Section EZ 32G: inserted (with effect on 1 April 2014), on 24 February 2016, by section 157 of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).