Prepared by: BRIAN BENDZULLA, BSc UED SSA Fellow of the Institute of Actuaries of Australia Director. Revision Date: 1 st December, 2014

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1 TECHNICAL NOTE TRANS TASMAN PORTABILITY SCHEME ITEM 1. Purpose of the Arrangement 2. General Provisions of the Arrangement 3. NZ Personal Tax 4. Portfolio Investment Entity (PIE) 5. NZ Foreign Super Tax 6. Incoming Transfers NZ to Australia 7. Outgoing Transfers Australia to NZ 8. Evaluating Transfers 9. Temporary Residents Australia 10. Further Information Prepared by: BRIAN BENDZULLA, BSc UED SSA Fellow of the Institute of Actuaries of Australia Director Revision Date: 1 st December, 2014 NetActuary Pty Ltd ABN Tel: (03) Fax: (03) Address: PO Box 750, Sandy Bay, Tas. 7006

2 1. PURPOSE OF THE ARRANGMENT Australians and New Zealanders can move freely across the Tasman Sea to live and work in either country. In 2009, the two governments signed an arrangement for a Trans Tasman Retirement Savings Portability Scheme. Both countries have now enacted Legislation and regulations. The Scheme will operate from 1 st July, Around 50,000 New Zealanders move to Australia each year while about 16,000 move the other way. This Tech Note is written from an Australian perspective. The Scheme will allow individuals to move their retirement savings between Australia and New Zealand after their permanent emigration from one country to another. It still will not be possible to move Australian retirement monies to any other country, if you are an Australian or New Zealand citizen living in Australia, prior to a condition of release being met. Different rules apply to temporary residents. This portability is designed to assist labour market mobility between NZ and Australia and is not aimed at achieving equal tax treatment of retirement savings. A comparison between the tax regimes is not straight forward. Sections 3 to 5 set out NZ tax rules. The reader is assumed to be familiar with Australian tax legislation and rates. Some of the Portability Scheme rules are there to ensure that regulatory, policy and access differences between Australia and New Zealand can t be exploited. Also, New Zealand or Australian sourced savings cannot be transferred from Australia or New Zealand to a third country. This is despite the fact that NZ individuals who migrate permanently to another country (other than Australia) are allowed a cash withdrawal of their retirement savings. Consolidation will allow individuals to keep better track of their retirement monies, avoid currency risk and save on fees as compared to having multiple accounts. 2. GENERAL PROVISIONS OF THE ARRANGEMENT Some of the provisions are: Transferring funds across the Tasman will be optional and accepting transfers will be voluntary for KiwiSaver accounts and Australian super funds. There will be separate identification of the transferred amounts because transferred amounts while generally subject to the rules of the host country, certain source country rules will apply. Any decrements (i.e. fees, premiums etc) will first be applied to host country savings. NetActuary Pty Ltd ABN Tel: (03) Fax: (03) Address: PO Box 750, Sandy Bay, Tas. 7006

3 2. Australian retirement savings from an Australian untaxed source, or an Australian defined benefit scheme or benefits that are paid as a pension cannot be transferred to a KiwiSaver scheme. Broadly, transfers applies to an accumulation interest in an APRA regulated complying super fund. New Zealand sourced retirement savings to Australia are subject to Australia s nonconcessional contribution cap arrangements on their initial entry into the Australian super system. NZ transfers will not be treated as a foreign superannuation lump sum like a QROPS transfer and so are not taxed. In other words, it is treated like an Australian rollover but subject to a contribution cap assessment. New Zealand sourced transfers must be held in an APRA fund and may not be transferred or held in SMSFs or transferred to a third country. Australian sourced transfers must be held in a KiwiSaver account; may not be withdrawn to purchase a first home and may not be transferred to a third country. Hopefully in time it will be possible to move to an SMSF. This may not eventuate as it appears to be an approach to retirement savings that is not favoured by NZ governments. There is scope for further harmonisation. While currently the tax rates are different, both countries operate a TTE system taxed contributions, taxed earnings and exempt withdrawals. Some other clarifications include: Retirement savings refers to savings held in a KiwiSaver or APRA regulated fund including individual, employer and government contributions. Source country means the country in which an individual s retirement savings were first held and host country means the country to which an individual s retirement savings were transferred. 3. NZ PERSONAL TAX New Zealand has no inheritance tax, no general capital gains tax, payroll tax, social security tax or health care tax other than the ACC levy. FBT applies. Gift duty tax was abolished from 1 st October, GST was 12.5% to 30 th September, 2010 and is now 15%. The tax year is 1 st April to 31 st March. Company tax rate is 28%. There is a dividend imputation system with dividends grossed up for various credits and included in your taxable income.

4 3. The income tax scales have been: Income Band 2014/15 Rate 2013/14 Rate 2012/13 Rate 2011/12 Rate $0 - $14, % 10.5% 10.5% 10.5% $14,001 - $48, % 17.5% 17.5% 17.5% $48,001 - $70, % 30.0% 30.0% 30.0% Over $70, % 33.0% 33.0% 33.0% The ACC Earning levy has been: Year Levy Rate Max Earnings for levy 1 st April 2014 to 31 st March % NZ$118,191 1 st April 2013 to 31 st March % NZ$116,089 1 st April 2012 to 31 st March % NZ$113,768 1 st April 2011 to 31 st March % NZ$111,669 Non Resident Withholding Tax for Australians is 15% on dividends, 10% on interest and 5% on royalties. Special rules apply to foreign sourced income. 4. PORTFOLIO INVESTMENT ENTITY (PIE) Since 1 st October, 2007 investors in a PIE are taxed at their Prescribed Investor Rate (PIR). Super funds and managed funds are PIEs. In New Zealand, investors receive little relief on contributions. They pay tax on fund income but distributions are tax free. The PIR is the rate at which an investor s taxable income in a PIE will be taxed. The default PIR for individuals is 28% and is used unless you elect one of the lower rates of 10.5% or 17.5%. The 28% rate applies to non-new Zealand tax residents. If in one of the last two financial years your taxable income was $14,000 or less and when combined with the income from your PIE investment your total income was $48,000 or less, then all of your PIE income will be taxed at 10.5%. Or if in one of the last two financial years your taxable income was between $14,000 and $48,000 and less than $70,000 including PIE income, then your PIE taxable income will be taxed at 17.5%. Even at the default rate, there is an advantage for investors in the 30% and 33% tax brackets as they are only paying 28% tax on their PIE Income. In this retirement space there are complying superannuation funds and KiwiSaver. Transfers can t be made under the portability scheme directly from New Zealand complying super funds to an Australian APRA fund. Australian sourced monies moving the other way pay no tax on the transfers, but future investment income is taxed.

5 4. Individuals get a NZ$1,000 kick-start to open a KiwiSaver account at any stage including for children. Employees can contribute 3%, 4% or 8% of salary. The compulsory employer contribution is 3% and this is taxed at the employee s marginal tax rate. The government will contribute up to $10 p.w. ($ p.a. paid in one sum for the 1 July to 30 June period). This is tax free. To be eligible for the full amount the individual must be over age 18, resident in New Zealand and have contributed a minimum of $1, in the year. This is not dissimilar to the Australian co-contribution system. The KiwiSaver Act 2006 sets out who is eligible to be a KiwiSaver scheme member. Membership of a KiwiSaver scheme is voluntary. An individual can join a KiwiSaver scheme if the individual: Is entitled to live in NZ indefinitely; and Is below the qualification age for NZ superannuation (currently 65); and Is personally present in NZ at the time of enrolment in the scheme. Broadly, Australian citizens and Australian permanent residents are entitled to live in NZ indefinitely and can become members of a KiwiSaver scheme. Individuals who hold temporary, visitor or student permits cannot. Enrolment in a KiwiSaver scheme is automatic on commencing permanent employment in NZ, although a member may opt out. Individuals who are not employed may opt in. Individuals employed on a temporary contract for less than 28 days cannot join a KiwiSaver scheme. 5. NZ FOREIGN SUPER TAX From 1 st April, 2014 the NZ foreign investment fund (FIF) rules will no longer apply to interests in foreign superannuation schemes. Instead, lump sums from foreign superannuation schemes will be taxed when they are withdrawn or transferred to a New Zealand or Australian scheme. The amount of tax will depend on how long a taxpayer has been a New Zealand resident, using one of two calculation options. Periodic pension payments will be taxed in full on receipt as is the current situation. A withdrawal from a foreign superannuation fund is a taxable event. For individuals who did not meet their obligations on withdrawal in the period 1 st January 2000 to 31 st March 2014, there is an option to pay a tax of 15% of the withdrawal amount. The remaining 85% of that sum will not attract income tax. Penalties and interest will not apply from the income year in which the withdrawal should have been included in their tax return. Alternatively, the previous tax year can be reassessed but penalties and use-of-money interest will apply from the income year in which the transfer or withdrawal occurred.

6 5. People who have previously complied with the FIF rules in relation to a foreign superannuation fund can continue to use FIF rules on a grand-parenting provision if a number of conditions are met. It is applied on an interest by interest basis. 6. INCOMING TRANSFERS NZ TO AUSTRALIA Transfers to SMSF not allowed; APRA funds cannot transfer NZ sourced funds to a SMSF; NZ sourced amounts only accessed at NZ legislated retirement age (currently 65); NZ sourced can t be moved to a 3 rd country; NZ transfer counts as a non-concessional contribution for contribution cap purposes excluding Australian sourced amounts previously moved to NZ and returning NZ sourced amounts (i.e. NZ sourced moved to Australia, back to NZ and then back to Australia); Transfer normally part of tax free component except the taxable component of returning Australian sourced tax components; Transferred savings will not attract Government co-contribution; No clawback of NZ tax credits (akin to co-contributions) and can move the $1,000 KiwiSaver Kickstart. For NZ transfers to other countries a year after migration can be withdrawn in cash but there is a clawback of tax credits; The requirements of proof of permanent emigration to Australia will be the same as those contained in Clause 14(3) Schedule 1 of the KiwiSaver Act 2006 (i.e. the member has to certify that they have permanently emigrated to Australia and have an Australian residential address); If the savings are left in NZ KiwiSaver, then the member does not receive the Member Tax Credits while working in Australia and PIR is 28%; Other types of NZ schemes (e.g. the state sector retirement savings scheme) or NZ complying funds are not within the scope of the Trans-Tasman Scheme. A NZ sourced amount can t be split with a spouse and is treated as a preserved amount. For the Australian fund to accept the KiwiSaver monies the member must meet Australian age and work test requirements for contributions; have quoted their TFN and the contribution must not exceed the non-concessional contribution cap. If the amount received from the KiwiSaver Scheme less any disregarded amounts (Australian sourced or

7 6. returning NZ sourced) exceeds the relevant non-concessional contribution cap, the fund must return the whole amount to the KiwiSaver account. Normally exceeding the fund cap amount only requires the excess to be returned. However, this provision provides consistency with NZ law which does not permit the partial transfer of retirement savings. If the transferred amount includes an Australian sourced component, the fund needs to find out if there is a tax free component, restricted non-preserved or unrestricted non-preserved amounts. This information can be provided by either the KiwiSaver Scheme or the member. The transfer can be accepted without the additional information, but then the entire amount will be treated as a non-concessional contribution for excess non-concessional contribution tax purposes and the Australian amount will be included in the taxable component of the member s interest and treated as a preserved benefit. If the NZ sourced amount is received directly or via a rollover from an Australian complying fund, the standards apply. 7. OUTGOING TRANSFERS AUSTRALIA TO NZ Can look for lost Australian super at Need first and last name, date of birth and tax file number; Australian sourced funds can t be withdrawn for a first home purchase withdrawal; Australian sourced funds can be accessed when member reached 60 and satisfies the Australian definition of retirement; No tax on exit from Australian superannuation system; On entry into New Zealand exempt from being treated as dividend and so not taxed. The trustee must ensure all of the following is met: The member has emigrated permanently to NZ (can t be paid before member has left Australia); The member has given the trustee a statutory declaration stating that they have permanently emigrated, and has provided the trustee with proof of residence at an address in NZ; The member has required and consented to the payment of the whole (not just a part) of their withdrawal benefits to a KiwiSaver Scheme; The whole of the member s withdrawal benefit is able to be paid to a KiwiSaver Scheme and the amount is able to be paid within 30 days (check no illiquid investments in member s benefit);

8 7. The member has opened a KiwiSaver Scheme account; The member has given the trustee the KiwiSaver Scheme s name and account number to which the benefits are to be paid; and The KiwiSaver Scheme provider will accept the payment. 8. EVALUATING TRANSFERS Australia taxes superannuation fund investment income at 15% while in NZ it s 10.5% to 28%. The rate is 28% for a non resident. So on the surface, NZ to Australia transfers make sense. It is less attractive the other way around. Not that simple because capital gains in Australian funds taxed at 10% effectively (15% in first year disposals) while the rate of tax on Australasian share gains in NZ is zero. Consolidation saves fees. There are currency issues to consider. The daily rate at the last working day in the financial year has been: 30/06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ /06/ KiwiSaver does not offer pension payment functionality. The size of the KiwiSaver accounts is small so contribution caps are unlikely to be an issue. KiwiSaver has no life insurance component unlike Australian funds. In New Zealand, people typically include life insurance as part of a home mortgage package. It may be necessary to move Australian retirement savings monies to an APRA regulated accumulation account before transferring to a KiwiSaver account in NZ. An income drawdown account would also have to be commuted. Important to check that the receiving fund will accept the transfer.

9 8. 9. TEMPORARY RESIDENTS AUSTRALIA The above applies to superannuation monies in Australia for permanent residents of Australia and New Zealand. Temporary residents on departure can apply for a departing Australia super payment (DASP). The payment is subject to withholding rates generally the following: 0% for the tax free component 35% for a taxed element of a taxable component 45% for an untaxed element of a taxable component While temporary residents can leave their super in Australia, the super fund generally transfers the balance to the ATO six months after they have departed Australia. At that stage, it does not accrue any interest or provide any insurance benefits. 10. FURTHER INFORMATION To discuss any aspect of the above, please do not hesitate to contact Brian on (03) or him via NetActuary also offers a service to evaluate the ramifications of a specific Trans Tasman transfer. * * * * * *

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