Draft regulations released
The Government has released Exposure Draft – SIS Regulations to support the implementation of its trans-Tasman retirement savings portability scheme. From 1 July 2013, it will be possible to transfer retirement savings between certain Australian superannuation funds and New Zealand KiwiSaver schemes under a portability scheme established by the Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012.
The draft regulations will prescribe the details of the portability scheme.
- Retirement savings will generally be subject to the rules in the host country (subject to certain exceptions).
- It will not be possible to transfer New Zealand-sourced retirement savings to an Australian self-managed superannuation fund (SMSF).
- Likewise, an APRA-regulated fund will be prohibited from rolling over New Zealand-sourced amounts to an SMSF.
- In this respect, trustees will be required to separately identify New Zealand-sourced amounts.
- Furthermore, it will not be possible to commence a transition to retirement pension from New Zealand-sourced amounts transferred to an Australian fund.
- New Zealand-sourced amounts held in an Australian fund will only be accessible when the member reaches the NZ age of retirement (currently 65).
DATE OF EFFECT: When finalised, the draft regulations will commence on the day the Arrangement between Australia and New Zealand comes into force (expected to be 1 July 2013).
SUBMISSIONS are due by 21 May 2013.
[LTN 93, 16/5/13]
Trans-Tasman superannuation portability starts 1 July 2013 – SIS regs amended
The Superannuation Industry (Supervision) Amendment Regulation 2013 (No 3) was registered on the Federal Register of Legislative Instruments on Thur 30.5.2013.
It amends the SIS regs to prescribe the details of the Government’s trans-Tasman retirement savings portability scheme. From 1 July 2013, it will be possible to transfer retirement savings between certain Australian superannuation funds and New Zealand KiwiSaver schemes under the portability scheme established by the Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012.
DATE OF EFFECT: The regs will commence on the day the Arrangement between Australia and New Zealand comes into force.
[LTN 103, 30/5/13]
Trans-Tasman Super finalised
The Minister of Superannuation has announced the arrangements for the trans-Tasman retirement savings portability scheme have been finalised on Fri 31.5.2013, with regulations to implement the scheme registered and diplomatic notes exchanged between the Governments of Australia and New Zealand. The trans-Tasman retirement savings portability scheme will commence on 1 July 2013.
[LTN 104, 31/5/13]