• Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 12/3/2013

New Zealand - Tax bill includes earthquake-related measures, superannuation proposals 

December 3:  A superannuation tax bill in New Zealand includes earthquake-related measures, including changes to the depreciation rules.

The foreign superannuation tax bill now (following amendments made by a legislative committee) includes changes the way that foreign superannuation plan (or scheme) interests are taxed. Under the pending bill, these interests would be taxed only on withdrawal.

Earthquake-related measures

The bill contains measures for:

  • Extending the time limit for claiming “depreciation rollover relief” relating to irreparably damaged, lost or abandoned buildings due to the Canterbury earthquakes
  • Making depreciation rollover relief accessible to taxpayers seeking to rebuild in Canterbury but who are required (or choose) to pool with other investors to invest in large building complexes

Read a December 2013 report [PDF 87 KB] prepared by the KPMG member firm in New Zealand: Changes to Foreign Superannuation Tax Bill

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