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Foreign Super Tax legislation passed

The new tax treatment of Foreign Superannuation has now passed through Parliament.  This was announced on 21st February 2014  Foreign super bill passes

 

However, a late amendment means that if you have STARTED (in good faith) the transfer of your foreign super to New Zealand, you should be able to take advantage of the 'special option' of having only 15% of the value assessed as taxable income.

It is important to note however, that there is an exemption if you bring your funds back to New Zealand in the first 48 months that you are living in New Zealand after you return or arrive.

It is also important to note that if you have lived here for a short period of time, the 15% option may NOT be in your best interest.

For more information, check out these blog articles:

Do you have super in the UK or USA? Or have you brought it back since 1st January 2000?

Overseas foreign superannuation and the IRD

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