A Member’s Account in the Asteron Retirement Savings Plan

Reference

This determination is made under section 91AAW of the Tax Administration Act 1994.

Interpretation

In this determination, unless the context otherwise requires:

• “CRS applied standard” means the CRS standard as modified by section 185O for the determination of requirements under the Tax Administration Act 1994.

• “CRS publication” means the Standard for Automatic Exchange of Financial Account Information in Tax Matters, published by the Organisation for Economic Co-operation and Development.

• “CRS standard” means the Common Standard on Reporting and Due Diligence for Financial Account Information, as amended from time to time, which is a standard—

(a) developed by the Organisation for Economic Co-operation and Development and the Group of Twenty countries; and

(b) agreed by the Council for the Organisation for Economic Co-operation and Development on 15 July 2014; and

(c) contained in Part IIB of the CRS publication. “Scheme” means the Asteron Retirement Savings Plan.

• “Scheme” means the Asteron Superplan.

Discussion (which does not form part of the determination)

The Scheme has now closed. Therefore, the purpose of this determination (CRS 2023/02) is to cancel determination CRS 2019/011 (that the Commissioner of Inland Revenue made treating a Member’s Account in the Scheme as outlined in the scope of CRS 2019/011, as being an Excluded Account for the purposes of the CRS applied standard and requirements under Part 11B of the Tax Administration Act 1994, subject to the conditions in CRS 2019/011 being met for the Scheme and the Member’s Account) with effect from the end of the CRS reporting period ended 31 March 2023.

Determination

The Commissioner of Inland Revenue’s determination CRS 2019/011 is cancelled by this determination (determination CRS 2023/02) with effect from the end of the CRS reporting period ended 31 March 2023.

Application date

This determination applies with effect from the end of the CRS reporting period ended 31 March 2023.

Dated at Wellington this 12 day of April 2023.

Tony Morris

Acting Deputy Commissioner, Customer & Compliance Services - Business