Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1997
1 Section 11 - 55 (table item headed "superannuation")
After:
KiwiSaver schemes, superannuation benefits paid from complying superannuation funds to |
|
insert:
KiwiSaver schemes, superannuation benefits paid by Commissioner to |
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2 Section 11 - 55 (table item headed "superannuation")
Omit:
unclaimed money payment .................... | 306 - 20 |
substitute:
unclaimed money payment to government .......... | 306 - 20 |
3 Section 312 - 1
Omit:
This Division deals with amounts transferred between KiwiSaver schemes and complying superannuation funds.
substitute:
This Division deals with amounts transferred between KiwiSaver schemes and complying superannuation funds. This Division also deals with amounts paid by the Commissioner to KiwiSaver schemes.
4 Section 312 - 5
After "with", insert "the Superannuation (Unclaimed Money and Lost Members) Act 1999 and".
5 Section 312 - 15 (heading)
After " paid ", insert " from complying superannuation funds ".
6 At the end of Subdivision 312 - C
Add:
312 - 20 Superannuation benefits paid by Commissioner to KiwiSaver schemes
An * unclaimed money payment that you are taken to receive under section 307 - 15 because it is paid to a KiwiSaver scheme provider by the Commissioner in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999 is not assessable income and is not * exempt income.
Superannuation (Unclaimed Money and Lost Members) Act 1999
7 Section 7
After:
(b) to a fund identified by the person; or
insert:
(ba) to a KiwiSaver scheme provider identified by the person; or
8 Section 7
Omit:
Superannuation of lost members
At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:
(a) small accounts of lost members; and
(b) inactive accounts of unidentifiable lost members.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount he or she has received in respect of a person:
(a) to a fund identified by the person; or
(b) if the person has reached eligibility age or the amount is less than $200--to the person; or
(c) if the person has died--to the person's death beneficiaries or legal personal representative.
Superannuation of inactive low - balance members
At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low - balance accounts.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) if the person has reached eligibility age or the amount is less than $200--to the person; or
(c) if the person has died--to the person's death beneficiaries or legal personal representative.
substitute:
Superannuation of lost members
At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to:
(a) small accounts of lost members; and
(b) inactive accounts of unidentifiable lost members.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200--to the person; or
(d) if the person has died--to the person's death beneficiaries or legal personal representative.
Superannuation of inactive low - balance members
At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low - balance accounts.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200--to the person; or
(d) if the person has died--to the person's death beneficiaries or legal personal representative.
9 Section 8
Insert:
"KiwiSaver scheme" has the meaning given by subsection 995 - 1(1) of the Income Tax Assessment Act 1997 .
"KiwiSaver scheme provider" has the meaning given by subsection 995 - 1(1) of the Income Tax Assessment Act 1997 .
10 After paragraph 17(2)(a)
Insert:
(aa) to a single KiwiSaver scheme provider if:
(i) the person has not died; and
(ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and
(iii) the matters (if any) prescribed by the regulations are satisfied; or
11 Paragraph 17(2AB)(a)
After "a fund,", insert "a KiwiSaver scheme provider,".
12 Paragraph 17(2AB)(b)
After "(2)(a),", insert "(aa),".
13 Subsection 17(2AB)
After "the fund,", insert "KiwiSaver scheme provider,".
14 Paragraph 18B(1)(a)
After "this Part", insert "(other than a payment to a KiwiSaver scheme provider)".
15 Paragraph 18C(1)(a)
Omit "subsection 17(2)", substitute "paragraph 17(2)(a)".
16 After paragraph 20H(2)(b)
Insert:
(ba) to a single KiwiSaver scheme provider, if the person directs the Commissioner to pay to the provider and the matters (if any) prescribed by the regulations are satisfied; or
17 Subsection 2 0H(2AA)
After "fund", insert ", KiwiSaver scheme provider".
18 Paragraph 20L(1)(a)
After "this Part", insert "(other than a payment to a KiwiSaver scheme provider)".
19 Paragraph 20M(1)(a)
Omit " subsection 2 0H(2), (2AA)", substitute "paragraph 20H(2)(b) or subsection 2 0H(2AA)".
20 After paragraph 20QF(2)(a)
Insert:
(aa) to a single KiwiSaver scheme provider if:
(i) the person has not died; and
(ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and
(iii) the matters (if any) prescribed by the regulations are satisfied; or
21 Paragraph 20QF(3)(a)
Omit "subparagraph (2)(a)(ii) does", substitute "subparagraphs (2)(a)(ii) and (aa)(ii) do".
22 Paragraph 20QF(5)(a)
After "a fund,", insert "a KiwiSaver scheme provider,".
23 Paragraph 20QF(5)(b)
After "(2)(a),", insert "(aa),".
24 Subsection 2 0QF(5)
After "the fund,", insert "KiwiSaver scheme provider,".
25 Paragraph 20QK(1)(a)
After "this Part", insert "(other than a payment to a KiwiSaver scheme provider)".
26 Paragraph 20QL(1)(a)
Omit " subsection 2 0QF(2) or (5)", substitute "paragraph 20QF(2)(a) or subsection 2 0QF(5)".
27 After paragraph 24G(2)(a)
Insert:
(aa) to a single KiwiSaver scheme provider if:
(i) the person has not died; and
(ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and
(iii) the matters (if any) prescribed by the regulations are satisfied; or
28 Paragraph 24G(2A)(a)
Omit "subparagraph (2)(a)(ii) does", substitute "subparagraphs (2)(a)(ii) and (aa)(ii) do".
29 Paragraph 24G(3A)(a)
After "a fund,", insert "a KiwiSaver scheme provider,".
30 Paragraph 24G(3A)(b)
After "(2)(a),", insert "(aa),".
31 Subsection 2 4G(3A)
After "the fund,", insert "KiwiSaver scheme provider,".
32 Paragraph 24K(1)(a)
After "this Part", insert "(other than a payment to a KiwiSaver scheme provider)".
33 Paragraph 24L(1)(a)
Omit " subsection 2 4G(2) or (3A)", substitute "paragraph 24G(2)(a) or subsection 2 4G(3A)".
34 Application of amendments
The amendments of the Superannuation (Unclaimed Money and Lost Members) Act 1999 made by this Part apply in relation to payments of amounts made by the Commissioner on or after the commencement of this Part, regardless of when the amounts were received by the Commissioner.
Part 2 -- Contingent amendments
Superannuation (Unclaimed Money and Lost Members) Act 1999
35 Section 7
Omit:
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2020 and 30 June 2021, give the Commissioner of Taxation details relating to accounts of those funds.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2020 (for accounts that had balances of less than $6,000 on 1 June 2020) and 30 June 2021 (for all other accounts).
Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) if the person has reached eligibility age or the amount is less than $200--to the person; or
(c) if the person has died--to the person's death beneficiaries or legal personal representative.
substitute:
Superannuation of eligible rollover fund members
Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2020 and 30 June 2021, give the Commissioner of Taxation details relating to accounts of those funds.
Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2020 (for accounts that had balances of less than $6,000 on 1 June 2020) and 30 June 2021 (for all other accounts).
Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person:
(a) to a fund identified by the person; or
(b) to a KiwiSaver scheme provider identified by the person; or
(c) if the person has reached eligibility age or the amount is less than $200--to the person; or
(d) if the person has died--to the person's death beneficiaries or legal personal representative.
36 After paragraph 21E(2)(a)
Insert:
(aa) to a single KiwiSaver scheme provider if:
(i) the person has not died; and
(ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and
(iii) the matters (if any) prescribed by the regulations are satisfied; or
37 Paragraph 21E(3)(a)
Omit "subparagraph (2)(a)(ii) does", substitute "subparagraphs (2)(a)(ii) and (aa)(ii) do".
38 Paragraph 21E(5)(a)
After "a fund,", insert "a KiwiSaver scheme provider,".
39 Paragraph 21E(5)(b)
After "(2)(a),", insert "(aa),".
40 Subsection 2 1E(5)
After "the fund,", insert "KiwiSaver scheme provider,".
41 Paragraph 21G(1)(a)
After "this Part", insert "(other than a payment to a KiwiSaver scheme provider)".
42 Paragraph 21H(1)(a)
Omit " subsection 2 1E(2) or (5)", substitute "paragraph 21E(2)(a) or subsection 2 1E(5)".
43 Application of amendments
The amendments of the Superannuation (Unclaimed Money and Lost Members) Act 1999 made by this Part apply in relation to payments of amounts made by the Commissioner on or after the commencement of this Part, regardless of when the amounts were received by the Commissioner.