Inland Revenue - Tax policy Tax Policy

News and information about the Government's tax policy work programme, including:
- proposed changes to the laws that Inland Revenue is responsible for
- updates on the progress of bills through Parliament
- policy announcements

Amendment to Foreign Super bill announced

18 February 2014

The Minister of Revenue Todd McClay today announced an amendment to the proposed tax rules for foreign superannuation contained in the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Bill. The amendment would provide extra flexibility for people wishing to transfer their foreign superannuation funds to New Zealand or Australia. For more information, please see the Minister of Revenue’s media statement.

Hon Todd McClay
Minister of Revenue

Media statement

18 February 2014

Bill to provide flexibility over foreign super

Revenue Minister Todd McClay has introduced changes to the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Bill to provide greater choice to individuals who decide to transfer their foreign superannuation before 1 April 2014.

“This amendment is about providing foreign superannuation holders with extra flexibility when it comes to complying with their tax obligations,” Mr McClay says.

The Bill introduced the ‘15 per cent option’ for those who withdrew a lump sum or made a transfer from their foreign superannuation scheme and did not comply with the rules at the time.

The changes extend the availability of the 15 per cent option to those whose funds haven’t actually been transferred to New Zealand before 1 April 2014, but who can show they have lodged an application before that date.

“Funds transfers can be a lengthy process, so this extension is good news for those wishing to take up the 15 per cent option.”

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