Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014
2014 legislation covers NZ residents with interests in foreign superannuation schemes and introduces new rules on the treatment of certain mineral miners.
The Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Bill was introduced into Parliament on 20 May 2013. It received its first reading on 11 June 2013, second reading on 5 December 2013 and the third reading on 20 February 2014 followed by Royal assent on 27 February 2014.
The new legislation brings greater clarity and cohesion to the tax rules for New Zealand residents with interests in foreign superannuation schemes. It also introduces new rules to align the treatment of certain mineral miners with that of taxpayers more generally, and makes changes to a number of other tax rules to ensure they operate correctly. The new Act amends the Income Tax Act 2007, Income Tax Act 2004, Income Tax Act 1994, Tax Administration Act 1994, Child Support Act 1991, Child Support Amendment Act 2013, KiwiSaver Act 2006 and the Health Entitlement Cards Regulations 1993.