Tax Alert - March 2014
Tax Alert is a monthly publication that keeps you up to date with the latest developments in tax. The alert is compiled by our national tax specialists who are continually monitoring the outlook for new tax developments and analysing the implications for our clients.
Last minute foreign super amendment welcome
Do you have foreign superannuation entitlements? An amendment to the proposed foreign superannuation tax rules makes taking advantage of the 15% concession easier for taxpayers.
In our February 2014 Tax Alert, we outlined the actions required by taxpayers to take advantage of the new rules which tax interests in foreign superannuation schemes as set out in the Taxation (Annual Rates, Foreign Superannuation and Remedial Matters) Bill. The Bill was passed through Parliament last week with a late, but much welcomed amendment providing additional flexibility for taxpayers to take advantage of the 15% concessional rule.
Readers will recall that while the new rules will apply from 1 April 2014, a concession is available where a withdrawal or transfer to a New Zealand or Australian scheme is made before 1 April 2014. Under the concession, your taxable income in New Zealand is limited to 15% of the amount transferred or withdrawn. People who choose this option can include 15% of their transferred or withdrawn foreign superannuation in their 2013–14 or 2014–15 income tax return and have their marginal tax rate for that income year applied to that amount.
Also in this issue:
- Tax year-end matters
- GST Refunds for non-residents
- Deloitte Tax Calendar - Have you ordered yours yet?