Taxation (KiwiSaver) Act 2007

1: Title
This Act is the Taxation (KiwiSaver) Act 2007.
2: Commencement
1: This Act comes into force on the date on which it receives the Royal assent, except as provided in this section.
2: Section 108(1)
3: Sections 119 120 121
4: Sections 4 6 to 9 12(2)﻿(b) (4) (7) 18(1) (2) 27(4) (8)﻿(d) (11) (13)﻿(a) 28 34(1) 35 36(1) 37 38(1) 40 42 43 44 46 47 48 49 51 52 53 54 59 63(1) 73 74 90 92(1) 95 96 98(1) (3) 102(8) 109
5: Section 78
6: Section 137
7: Sections 5 10 11 12(2)﻿(a) (c) to (f) (3) (5) (6) (8) (9) 14 16 18(3) 17 19 22 27(1) (2) (3) (5) (6) (7) (9) (10) (12) (13)﻿(b) (14) 29 30 33 34(2) 36(2) 38(2) 50 57 60 61 62 63(2) (3) 65 69 71(1) 75 76 78(2) 79 to 82 84 85 86 87 93(1) (2) (3) (5) 102(3) (9) 103 110(2) 122 to 136
8: Sections 15 20 21 23 to 25 56(2) 66 91 92(3) 94 111(2) Section 2(7) amended 29 May 2008 section 59(2) Taxation (Personal Tax Cuts, Annual Rates, and Remedial Matters) Act 2008 KiwiSaver-related amendments to Income Tax Act 2004
3: Income Tax Act 2004
Sections 4 to 12 Income Tax Act 2004 2007-07-01 ss 4, 6–9, 12(2)﻿(b), (4) and (7) of the Income Tax Act 2004 2007-12-19 s 12(2)﻿(10) of the Income Tax Act 2004 2008-04-01 ss 5, 10, 11, 12(2)﻿(a), (c)-(f), (3), (5), (6), (8) and (9) of the Income Tax Act 2004
4: New section CS 10B inserted
After section CS 10
CS 10B: Exclusion of permitted withdrawals from KiwiSaver schemes and complying superannuation funds
Section CS 1 complying superannuation fund KiwiSaver scheme permitted withdrawal .
5: Contributions to employees' superannuation schemes
After section DC 6(1) Exclusion
1B: The employer is denied a deduction for a contribution, to the extent of the amount of the tax credit under section KJ 6
6: Person's requirements
1: Section KJ 2(a)
a: has creditable membership of a complying superannuation fund or a KiwiSaver scheme; and .
2: In the list of defined terms in section KJ 2 creditable membership
7: Section KJ 3 replaced
Section KJ 3
KJ 3: Tax credit amount
Tax credit amount
1: The amount of the tax credit for the member credit year is—
a: equal to the total amount of a person's member credit contributions for all of the person's complying superannuation funds and KiwiSaver schemes for the member credit year, if the first formula in subsection (2)
b: equal to the amount calculated using the second formula in subsection (3) subsection (2) First formula
2: For the purposes of subsection (1) Second formula
3: For the purposes of subsection (1)﻿(b) Definition of items in formulas
4: In the formulas,—
a: member credit contributions
b: included days section KJ 2 amount complying superannuation fund KiwiSaver scheme member credit contributions member credit year salary or wages .
8: Payment
1: The heading to section KJ 4(1) Payment to fund provider by direct credit without deduction or set-off
2: In section KJ 4(1) The Commissioner Unless subsection (3)
3: Section KJ 4(2) Timing
2: The Commissioner must pay the amount of tax credit to the fund provider within 30 working days of the provider furnishing a member credit claim form under section 68C(3) or (4) of the Tax Administration Act 1994
4: After section KJ 4(2) Exception: payment to the person or another provider
3: Despite subsection (1) section KJ 1
a: the person, if it would be impracticable to pay it to the person's fund provider because the person has no fund provider or because of the person's death or serious illness schedule 1, clause 12(3) of the KiwiSaver Act 2006
b: a fund provider ( provider B subsection (1) subsection (1)
9: Rules
1: In section KJ 5(3) The fund provider must credit the amount of the tax credit on a pro rata basis The fund provider must use the contribution allocation for a member to credit the amount of tax credit
2: In section KJ 5(6)﻿(a)﻿(i) person person and are held by the fund provider
10: New sections KJ 6 to KJ 12 added
In subpart KJ
KJ 6: Tax credits relating to employers contributing to KiwiSaver schemes and complying superannuation funds
Tax credit
1: An employer who meets the requirements in section KJ 7 Amount of tax credit
2: The amount of the tax credit is calculated under section KJ 8 Rules
3: Section KJ 9 Section KJ 10 Section KJ 11 Section KJ 12 Treatment of private domestic workers
4: For the purposes of this section and sections KJ 7 to KJ 12 paragraph (c) employer section 4 of the KiwiSaver Act 2006 sections KJ 7 to KJ 12 amount complying superannuation fund compulsory employer contribution employee employer KiwiSaver scheme PAYE period private domestic worker
KJ 7: Employer requirements
For the purposes of section KJ 6(1)
a: pays an amount of employer contribution, and the employee is—
i: aged 18 or over; and
ii: is not entitled to withdraw an amount from a fund or scheme under schedule 1, clause 4(3) KiwiSaver Act 2006
b: claims the amount of their entitlement to a tax credit under this subpart for an employee, in an employer monthly schedule or remittance certificate they furnish, unless they meet a requirement in paragraph (c)
c: if paragraph (b)
i: has an amount of compulsory employer contribution unpaid, specified in a notice under section 101I(5) of the KiwiSaver Act 2006
ii: has an amount of short payment under Part 3, subpart 3 of that Act
d: meets 1 of the requirements in section 6(2) of that Act amount compulsory employer contribution employee employer employer contribution employer monthly schedule remittance certificate
KJ 8: Tax credit amount
Tax credit amount
1: For the PAYE period, the amount of the tax credit is equal to the lesser of—
a: the employer contributions for the employee, to the extent to which the employee meets the requirements of section KJ 7(a)
b: the amount calculated using the following formula: $20 × weeks in PAYE period. Definition of item in formula
2: In the formula, weeks in PAYE period section KJ 7(a) amount employee employer employer contribution PAYE period
KJ 9: Using the tax credit
Timing
1: The tax credit arises—
a: on the last day for the payment of tax deductions prescribed in section NC 15 section KJ 7(b)
b: on the last day for the payment of tax prescribed in section NC 16 section KJ 7(b)
c: if section KJ 7(c)
i: receives the notice under section 101I(5) of the KiwiSaver Act 2006
ii: decides that the employer has an amount of short payment under Part 3, subpart 3 of that Act Use
2: The tax credit is used in the following order:
a: first, either—
i: used by the Commissioner to pay the amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
ii: paid by the Commissioner to the fund provider of the complying superannuation fund to meet the amount of compulsory employer contributions unpaid, specified in a notice under section 101I(5) of that Act
b: second, used by the Commissioner to pay employer contributions:
c: third, used by the Commissioner to pay an amount that is payable by the employer to the Commissioner under an Inland Revenue Act for the PAYE period:
d: fourth, used by the Commissioner to pay an amount that is payable by the employer to the Commissioner under an Inland Revenue Act:
e: fifth, treated as tax paid in excess and refundable under section MD 1 Treatment of tax credit used
3: An amount of tax credit used or paid under subsection (2)﻿(a)
a: received by the Commissioner for the PAYE period, for the purposes of calculating an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
b: consequentially reducing a relevant amount of compulsory employer contributions remaining unpaid, for the purposes of section 101K of that Act
c: received by the Commissioner, for the purposes of section 74 of that Act amount Commissioner compulsory employer contribution employer PAYE period tax deduction
KJ 10: Treatment when short payment and unpaid amount of compulsory employer contributions found after tax credit used
When this section applies
1: This section applies, for an employer, if—
a: the Commissioner has used an amount of tax credit, under 1 or both of section KJ 9(2)﻿(c) and (d)
b: after the amount of tax credit has been used by the Commissioner under those paragraphs, there is, for the PAYE period to which the amount of tax credit relates,—
i: an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
ii: compulsory employer contributions unpaid, specified in a notice under section 101I(5) of that Act Liability to pay for credits already used
2: The employer is liable to pay an amount equal to the lesser of—
a: the amount of tax credit used that relates to the PAYE period; and
b: the amounts described in subsections (1)﻿(b)﻿(i) and (ii) Treatment of liability
3: The employer's liability under subsection (2) subsections (1)﻿(b)﻿(i) and (ii) New tax credit granted
4: An amount equal to the employer's liability under this section is treated as a tax credit to be used under section KJ 9(2)﻿(a) amount Commissioner compulsory employer contribution employer PAYE period tax deduction
KJ 11: Employees who opt out
When this section applies
1: This section applies when an employee opts out under the KiwiSaver Act 2006 Treatment of tax credits
2: The amount of tax credit for an employer contribution for the employee's salary or wages is treated as an amount of tax credit paid in excess of that properly payable under this subpart. employee salary or wages
KJ 12: Group of persons 1 employer
For the purposes of sections KJ 6 to KJ 11
a: 2 or more companies, if those companies are a group of companies; and
b: all partners in a partnership; and
c: all persons in whom property has become vested or to whom the control of property has passed in the case of each estate of a deceased person or each trust or each company in liquidation or each assigned estate or each other case where property is vested or controlled in a fiduciary capacity. company employer group of companies .
11: Calculation amounts in relation to current specified superannuation contribution for complying superannuation fund
In section NE 3(6) salary or wages
12: Definitions
1: This section amends section OB 1
2: In the definition of complying fund rules
a: in paragraph (a) 2, schedule 1
b: in paragraph (b) described in described in regulations made under section 229(1) of the KiwiSaver Act 2006
c: after paragraph (cb)
cc: require the trustees, at the member's request, to pay any withdrawal that is allowed under the rules in paragraphs (a) to (c) schedule 1, clause 5 of the KiwiSaver Act 2006 :
d: paragraphs (i) and (j)
i: require, as a minimum, the same contributions to be deducted for an employee as those provided by section 66 or 66A of the KiwiSaver Act 2006
j: prevent a person over the New Zealand superannuation qualification age from joining; and .
e: paragraph (k)
f: in paragraph (l) section 196 sections 101G and 196
3: After the definition of complying superannuation fund compulsory employer contribution KiwiSaver Act 2006
4: After the definition of credit transfer notice creditable membership
a: means, for a person, membership in a KiwiSaver scheme or a complying superannuation fund; and
b: includes, for a person,—
i: the period—
A: beginning on the earlier of the first day of the month in which contributions are first received by the Commissioner for the person or the first day of the month in which KiwiSaver contributions are first deducted for the person; and
B: ending on the day on which securities are first allotted by the KiwiSaver scheme for the person:
ii: the days in the month in which securities are first allotted by the KiwiSaver scheme or complying superannuation fund in relation to the person:
iii: for the period beginning on 1 July 2007 and ending on the day on which securities are first allotted by the KiwiSaver scheme for the person, the days in the month that the KiwiSaver scheme receives a valid application for membership from the person and any remaining days in that period, if the person makes contributions in relation to the KiwiSaver scheme before 1 November 2007 .
5: In the definition of employee's superannuation accumulation paragraph (a)
a: employer contributions: .
6: After the definition of employer employer contribution KiwiSaver Act 2006
7: The definition of member credit contributions member credit contributions
a: superannuation contributions to the person's complying superannuation funds and KiwiSaver scheme to the extent to which the contributions are subject to KiwiSaver scheme rules or complying fund rules, but excluding the following:
i: specified superannuation contributions for the person:
ii: contributions withdrawn under a mortgage diversion facility provided for in regulations made under section 229 of the KiwiSaver Act 2006
iii: any amounts that are accounted for under paragraph (b)
b: amounts that have been received and held in respect of the person by the Commissioner and to which section 73, 74, or 75 of the KiwiSaver Act 2006
i: the person's death:
ii: a refund under section 113 of the KiwiSaver Act 2006 .
8: The definition of PAYE period PAYE period
a: for the purposes of subpart KJ section NC 16
b: is defined in section NC 15(8) .
9: In the definition of salary or wages paragraph (d)
d: for the purposes of sections NE 3 and NE 3B salary or wages section 4 of the KiwiSaver Act 2006 .
10: In the definition of superannuation scheme paragraph (a)﻿(ib) KiwiSaver-related amendments to Tax Administration Act 1994
13: Tax Administration Act 1994
Sections 14 to 25 Tax Administration Act 1994 2007-07-01 s 18(1) and (2) of the Tax Administration Act 1994 2008-04-01 ss 14, 16, 17, 18(3), 19, 22 of the Tax Administration Act 1994 2009-04-01 ss 13, 20, 21, 23–25 of the Tax Administration Act 1994
14: Interpretation
In section 3(1) tax
a: the following is inserted after paragraph (a)﻿(iii)﻿(CB)
CC: an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
CD: an amount of compulsory employer contributions unpaid, specified in a notice under section 101I(5) of the KiwiSaver Act 2006 :
b: the following is inserted after paragraph (a)﻿(vii)
viii: an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006 :
c: the following is inserted after paragraph (d)﻿(iii)﻿(C)
CB: an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
CC: an amount of compulsory employer contributions unpaid, specified in a notice under section 101I(5) of the KiwiSaver Act 2006 :
d: the following is inserted after paragraph (d)﻿(viii)
viiib: an amount of short payment under Part 3, subpart 3 KiwiSaver Act 2006
15: Interpretation
In section 3(1) civil penalty paragraph (e) or 216
16: Construction of certain provisions
After section 4A(3)﻿(bb)
bc: amounts of compulsory employer contributions that must be paid under Part 3, subpart 3A of the KiwiSaver Act 2006 section 101I(5) of that Act .
17: Keeping of business records
In section 22(2)﻿(1) and the occasion of making it , the occasion of making it, and any related tax credit under section MK 1(2) of the Income Tax Act 2007
18: Tax credit relating to KiwiSaver and complying superannuation fund members: member credit form
1: In section 68C(3)﻿(a) and tax file number and (if known) tax file number
2: Section 68C(4)
4: The fund provider may claim an amount of a tax credit under section KJ 1 of the Income Tax Act 2004 subsections (2)﻿(b) and (c) subsection (3) subsection (3)
3: In section 68C(4) subsection (2) section KJ 1 of the Income Tax Act 2004 section MK 1(1) of the Income Tax Act 2007
19: Persons excluded
After section 120B(b)
bb: an employer in relation to amounts of compulsory employer contributions that must be paid under Part 3, subpart 3A of the KiwiSaver Act 2006 section 101I(5) of that Act .
20: Challenging civil penalties
In section 138L(2)﻿(ab) or 216
21: Knowledge offences
In section 143A(5)﻿(g), tax. tax:
h: amounts of compulsory employer contributions that must be paid under Part 3, subpart 3A of the KiwiSaver Act 2006 section 101I(5) of that Act
22: Deduction of tax from payments due to defaulters
In section 157(10) income tax paragraph (g)
h: an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
i: an amount of compulsory employer contributions unpaid, specified in a notice under section 101I(5) of the KiwiSaver Act 2006
23: Remission for reasonable cause
In section 183A(1)﻿(h) or 216
24: Remission in circumstances of qualifying event
In section 183ABA(3A) or 216
25: Remission consistent with collection of highest net revenue over time
In section 183D(1)﻿(bc) or 216 Amendments to KiwiSaver Act 2006
26: KiwiSaver Act 2006
Sections 27 to 103 KiwiSaver Act 2006 2007-07-01 ss 27(4), (8)﻿(d), (11), and (13)﻿(a), 28, 34(1), 35, 36(1), 37, 38(1), 40, 42, 43, 44, 46, 47, 48, 49, 51, 52, 53, 54, 59, 63(1), 73, 74, 90, 92(1), 95, 96, 98(1) and (3), and 102(8) of the KiwiSaver Act 2006 2007-10-01 s 78 of the KiwiSaver Act 2006 2007-12-19 ss 27(8)﻿(a)–(c), 31, 32, 39, 41, 45, 55, 56(1), 58, 64, 67, 68, 70, 71(2)–(4), 72, 77, 83, 88, 89, 92(2), 93(4), 97, 98(2) and (4), 99, 100, 101, 102(1), (2), (4)–(7) of the KiwiSaver Act 2006 2008-04-01 ss 27(1), (2), (3), (5), (6), (7), (9), (10), (12), (13)﻿(b), and (14), 29, 30, 33, 34(2), 36(2), 38(2), 50, 57, 60, 61, 62, 63(2), and (3), 65, 69, 71(1), 75, 76, 78(2), 79–82, 84, 85, 86, 87, 93(1), (2), (3) and (5), 94, 102(3) and (9), 103 of the KiwiSaver Act 2006 2009-04-01 ss 56(2), 66, 91, 92(3), and 94 of the KiwiSaver Act 2006
27: Interpretation
1: Subsections (2) to (13) section 4(1)
2: The definition of deduction rate deduction rate section 66 or 66A .
3: After the definition of default KiwiSaver scheme defined benefit scheme member defined benefit contributions
a: the defined benefit contributions are employer's superannuation contributions made to, or amounts credited from within, a registered superannuation scheme (the contributions scheme
i: the contributions scheme was registered before 17 May 2007, or the contributions scheme is one (a succeeding scheme section 9BAA Superannuation Schemes Act 1989 prior scheme
ii: the employer provided access to eligible employees to the contributions scheme or a prior scheme for the contributions scheme before 17 May 2007; and
iii: the employee—
A: is employed by the employer before 1 April 2008, and the employer makes or has agreed with the employee before 1 April 2008 to make defined benefit contributions to the contributions scheme or a prior scheme for the contributions scheme; or
B: is covered by a collective agreement that is in force before 17 May 2007 and expires after 1 April 2008 under which the employer is required to make defined benefit contributions to the contributions scheme or a prior scheme for the contributions scheme; or
C: has had defined benefit contributions paid or credited to the contributions scheme or a prior scheme for the contributions scheme by a previous employer, and those contributions met the requirements of this definition; and
b: the defined benefit contributions are made in respect of a retirement benefit for the employee that is calculated by reference to their salary or wages; and
c: the employer is required to make the defined benefit contribution by statute, trust deed, or under an employment contract (including a collective agreement) .
4: The definition of employer employer
a: in relation to a person ( person A person B
b: for the purposes of subparts 1 and 3 of Part 3 section NC 16 of the Income Tax Act 2004
c: for the purposes of subpart 3A of Part 3 section NC 16 of the Income Tax Act 2004 subpart 3A of Part 3 .
5: In the definition of employer subsection (4)
a: in paragraph (b), section NC 16 of the Income Tax Act 2004 section RA 8, RA 10, or RD 4(2) of the Income Tax Act 2007
b: in paragraph (c), section NC 16 of the Income Tax Act 2004 section RA 8, RA 10, or RD 4(2) of the Income Tax Act 2007
6: After the definition of employer employer contribution
a: means an employer's superannuation contribution made by an employer for an employee's KiwiSaver scheme or complying superannuation fund; and
b: includes a compulsory employer contribution under subpart 3A of Part 3
c: does not include—
i: an amount that does not count as a contribution under section 68(2)
ii: for the purposes of section 99 .
7: After the definition of employer's chosen KiwiSaver scheme employer's superannuation contribution section YA 1 of the Income Tax Act 2007
8: In the definition of independent trustee
a: in paragraph (a)﻿(i) , administration manager, or investment manager
b: paragraph (a)﻿(ii) and (iii)
ii: is not a related company of a corporate trustee that is an investment manager, promoter, or another trustee of the scheme; and :
c: in paragraph (a)﻿(viii) does not have a director to whom any of subparagraphs (i) to (vii) has no director that would fail to meet any of the requirements described in subparagraphs (i) to (vii)
d: in paragraph (b) does not have a director to whom any of paragraph (a)﻿(i) to (vii) has a director that would meet any of the requirements described in paragraph (a)﻿(i) to (vii)
9: In the definition of KiwiSaver scheme section 137 section 137 section 161
10: The definition of PAYE period PAYE period paragraph (a) section MK 10 of the Income Tax Act 2007 .
11: After the definition of personal representative private domestic worker section OB 1 of the Income Tax Act 2004 .
12: The definition of private domestic worker subsection (11) private domestic worker section YA 1 of the Income Tax Act 2007 .
13: In the definition of salary or wages
a: paragraph (a)
a: it excludes—
i: salary or wages described in subparagraphs (iv), (v), (ix), or (xi) of paragraph (b)
ii: payments that are income under section CF (1)﻿(b) to (e), (g), or (h) of that Act :
b: paragraph (a) paragraph (b)
a: it excludes—
i: salary or wages described in sections RD 5(4), (6)﻿(b), and (6)﻿(c) and RD 68 of the Income Tax Act 2007
ii: payments that are income under section CF (1)﻿(b) to (e), (g), or (h) of that Act
iii: expenditure on account of an employee and allowances calculated by reference to reasonable actual costs, if the expenditure or allowances are for accommodation overseas or other costs of living overseas; and
iv: for the purposes of contributions to complying superannuation funds, bonuses, commissions, and other amounts not included in an employee's gross base salary or wages by the relevant complying superannuation fund; and
v: for the purposes of subpart 3A of Part 3 of this Act
A: salary or wages described in section RD 5(1)﻿(b)﻿(iii) and (7) of the Income Tax Act 2007
B: payments of weekly compensation, as defined in the Injury Prevention, Rehabilitation, and Compensation Act 2001 salary or wages
b: it includes extra pay (as defined in section YA 1 of the Income Tax Act 2007
i: otherwise excluded under paragraph (a)
ii: the amount is a redundancy payment section YA 1 of the Income Tax Act 2007 .
14: Section 4(2)
2: References in a provision to a period after the Commissioner receives the first contribution
28: Meaning of provider
In section 5(1) provider of a scheme provider of a KiwiSaver scheme or a complying superannuation fund
29: Application
1: In section 6(1)﻿(a) personally present living
2: In section 6(2)﻿(b) 2007). 2007); or
c: the employer does not meet the requirements in subsections (a) and (b)
30: Outline
After section 8(5)
6: This Act also contains some of the rules that apply to complying superannuation funds. However, other rules about those funds are contained in the Income Tax Act 2007 Superannuation Schemes Act 1989
31: Who automatic enrolment rules apply to
In section 10 who who is not a secondee and
32: Meaning of new employment
1: In the heading to section 11 new employment new employment and secondee
2: In section 11(1)﻿(c) employment. employment; and
d: does not include employment, at the end of a secondment, by the employer from which a secondee was seconded.
3: After section 11(2)
2B: Secondee employer B
33: Temporary employment
1: In section 12(1)﻿(b) or less. or less; or
c: the employment is described in section 28(1)﻿(a)﻿(ii) of the Holidays Act 2003
2: Section 12(2)﻿(b)
b: in the case of employment which was temporary under subsection (1)﻿(b)
34: How to opt out
1: The following is added to section 17
6: For the purposes of sections 17 to 20 section OB 1 of the Income Tax Act 2004 subpart NBA of that Act
2: Section 17(6), as inserted by subsection (1)
6: For the purposes of sections 17 to 20 section YA 1 of the Income Tax Act 2007 sections RP 2 and RP 6 to RP 16 of that Act
35: Extension of opt-out period
1: In section 18(1)﻿(b)﻿(iv) accepted. accepted; or
v: a mistake described in section 59A(b)
2: In section 18(2) opt-out notice opt-out notice, if it is received by the Commissioner or the employer
36: New section 23A inserted
1: After section 23
23A: PAYE intermediaries
For the purposes of sections 22 and 23 section OB 1 of the Income Tax Act 2004 subpart NBA of that Act
2: Section 23A, as inserted by subsection (1)
23A: PAYE intermediaries
For the purposes of sections 22 and 23 section YA 1 of the Income Tax Act 2007 sections RP 2 and RP 6 to RP 16 of that Act
37: Eligibility of employers who have schemes established under master trusts
In section 28(b) scheme. scheme; and
c: anything else that the Government Actuary decides is relevant to evidencing compliance with the rules in section 25
38: How to opt in
1: After section 34(4)
5: For the purposes of sections 34 to 37 section OB 1 of the Income Tax Act 2004 subpart NBA of that Act
2: Section 34(5), as inserted by subsection (1)
5: For the purposes of sections 34 to 37 section YA 1 of the Income Tax Act 2007 sections RP 2 and RP 6 to RP 16 of that Act
39: Effect of opting in by employees
In section 36(1)
a: in the words before paragraph (a) opts in opts in under section 34(1)﻿(a) or (b)
b: in paragraph (a)
i: in the words before subparagraph (i) becomes is
ii: in the words before subparagraph (i) automatic
iii: in subparagraph (i) the employer to whom the opting in relates the employee's employer
c: after subsection (1)
1B: If an employee to whom subsection (1)﻿(a)﻿(i) subsection (1)﻿(a)﻿(i) subpart 1 of Part 3
40: Commissioner must supply information pack
1: In section 40(1) must supply must initially supply
2: In section 40(2) on request on any reasonable request
41: Employer may choose scheme for employees
1: In section 46(2) new
2: In section 46(3)﻿(b) would apply, apply, or would apply
42: Effect of employer choice of KiwiSaver scheme
Sections 48(1) and (2)
1: This section applies when—
a: an employer's choice of KiwiSaver scheme is effective under section 47
b: an employee of the employer has not directly contracted to be a member of a KiwiSaver scheme with the provider of a scheme; and
c: the employee is an employee—
i: to whom the automatic enrolment rules apply; or
ii: who opted in under section 34(1)﻿(b)
d: more than 3 months have passed since the Commissioner received the first contribution in respect of the employee; and
e: there is no relevant dispute under section 212 or 213 Part 2 or 3
2: On the first day that this section applies, the employee is treated as having—
a: offered to be a member of the employer's chosen KiwiSaver scheme; and
b: subscribed for securities in that scheme.
43: Commissioner provisionally allocates certain people to default KiwiSaver schemes and sends investment statement
1: Section 50(1)
1: This section applies, in respect of a person who is an employee of an employer and their employment with that employer, when the Commissioner has received from the employer,—
a: notice under section 23
b: notice under section 34(3) section 34(1)﻿(b)
2: In section 50(3) As soon as practicable, the Commissioner must, in respect of the person's employment with the employer,—
44: Completion of allocation to default KiwiSaver scheme if person does not choose KiwiSaver scheme
1: In section 51(4)﻿(a) 3 months as soon as practicable after 3 months
2: In section 51(5) Part 1 or 2 Part 2 or 3
45: Notification of transfers and requirement to transfer funds and information
Sections 56(3)﻿(c)﻿(iv) and (v)
iv: as to whether the Crown contribution under section 226
46: Involuntary transfer
In section 57(3) section 44 section 44 section 44(b)
47: New subpart 4 of Part 2 added
After subpart 3 of Part 2
4: Initial and confirmed back-dated validation of invalid membership
59A: When this subpart applies
This subpart applies when, because of a mistake,—
a: this Act has been applied to a person to whom, as a matter of law, this Act does not apply because the person fails to meet the requirements of section 6
b: the automatic enrolment rules have been applied to a person to whom, as a matter of law, those rules do not apply because the person fails to meet the requirements for the rules to apply:
c: the rule allowing opt-in, in section 33 section 33(a)
59B: Initial back-dated validation
1: As soon as practicable after anyone discovers the mistake, they must notify the Commissioner or the relevant KiwiSaver scheme provider.
2: The person described in section 59A section 6 section 33(a)
a: starting on the earliest day on which this Act applies, the automatic enrolment rules, or the rule allowing opt-in were applied to the person because of the mistake described in section 59A
b: ending on the earlier of—
i: 3 months after the mistake is discovered by the person's KiwiSaver scheme provider:
ii: 3 months after the mistake is notified to the provider by the Commissioner or another person:
iii: the day the provider pays the member's accumulation for the person to the Commissioner.
59C: Confirmed back-dated validation
1: This section applies if, during the period of initial back-dated validation under section 59B section 59A
a: is a person to whom this Act has been applied because of a mistake described in section 59A(a) section 6 section 6
b: is a person to whom the automatic enrolment rules were applied because of the mistake described in section 59A(b)
i: they meet the requirements of section 6 section 6
ii: they are less than the New Zealand superannuation qualification age; and
iii: they do not opt out.
2: The person is treated as a person in relation to whom no mistake described in section 59A section 6
3: The Commissioner must notify the provider that this section applies.
4: The relevant provider does not pay the member's accumulation for the person to the Commissioner.
59D: What happens when initial back-dated validation ends, with no confirmed back-dated validation?
1: This section applies when the period of initial back-dated validation under section 59B section 59C
2: The relevant provider must immediately—
a: provide the Commissioner with a notice stating, for the relevant person:
i: the amount of contributions received directly by the provider (not via the Commissioner) and when they were received; and
ii: the amounts paid out by the provider under a mortgage diversion facility, and when they were paid out; and
iii: the amounts paid out by the provider to the person as permitted withdrawals, when they were paid out, the types of permitted withdrawals, and the amount of Crown contributions included in the permitted withdrawals; and
b: pay the member's accumulation for the person to the Commissioner, if the provider has not already done so.
3: The Commissioner must pay, in accordance with subsection (4)
a: the contributions received by the provider (whether directly or via the Commissioner), less the total of—
i: the amounts paid out by the provider under a mortgage diversion facility:
ii: the amounts paid out by the provider to the person as permitted withdrawals, excluding the amount of Crown contributions included in the permitted withdrawals:
iii: Crown contributions:
b: the contributions held in respect of the person in the holding account described in section 72 section 84
c: the total amount of interest that the Commissioner would be liable for under section 84 paragraphs (a) and (b) paragraph (a)﻿(i) to (iii) interest period section 87
i: beginning on the day the Commissioner received the contribution or the provider received the contribution (if the contribution was not via the Commissioner):
ii: ending with the day that the Commissioner pays the refund amount under this section.
4: The refund amount must be paid to the person, their employer, the Crown, and any other person making a contribution in respect of the person, in proportion to the Commissioner's best estimate of what they contributed, taking into account amounts described in paragraph (a)﻿(i) and (ii)
5: When the Commissioner has paid the refund amount, the amount of member's accumulation for the person previously paid to the Commissioner (the accumulation money section 72 section 84 holding account money
a: the accumulation money and the holding account money are public money, and are not trust money for the purposes of sections 66 to 68 of the Public Finance Act 1989
b: Subpart 2 of Part 3
48: When this subpart does not apply
In section 62(c) is made is made and the payment is not salary and wages for a private domestic worker.
49: New section 63A inserted
After section 63
63A: How subpart applies to private domestic workers
For the purposes of this subpart, a private domestic worker who is an employer under paragraph (b) employer
50: Section 66 replaced
Section 66
66: Obligation to make deductions: general rule
The employer must make deductions of contributions from each payment of the employee's gross salary or wages of an amount equal to the contribution rate, unless section 66A
66A: Obligation to make deductions: transitional rule
1: This section applies to a payment of the employee's gross salary or wages that is for a pay period in the period starting on 1 April 2008 and finishing on 31 March 2012 if—
a: the employer and the employee agree that they will use the transitional rates in Schedule 4
b: the employer contribution for the payment of salary or wages is equal to or greater than the relevant transitional rate for the employer, given in Schedule 4
c: the employer contribution vests in the employee, as provided by the trust deed of the KiwiSaver scheme, immediately after it is made.
2: The employer must make deductions of contributions from the payment of gross salary or wages equal to the relevant transitional rate for the employee, given by Schedule 4
51: Deductions entered in and paid out of holding account
In section 73(3) KiwiSaver scheme KiwiSaver scheme, without further authority than this section
52: Initial contributions stay in holding account for 3 months
1: Section 75(1)
1: This section applies to all contributions received by the Commissioner in respect of a person in the 3-month period starting on the earlier of—
a: the day on which the Commissioner receives the first contribution in respect of the person:
b: the day on which the Commissioner is given notice or otherwise knows that the person is a member of a KiwiSaver scheme.
2: In section 75(3) 3 months 3 months (without further authority than this section where those contributions meet the requirements of section 73(1)
53: Small amounts of contributions may be held until big enough to be on-paid
In section 77(3) KiwiSaver scheme KiwiSaver scheme (without further authority than this section where that amount meets the requirements of section 73(1)
54: Refund by Commissioner of amounts paid in excess of required amount of deduction or if employee opts out
In section 80(1) the person from whose a person in relation to whom a contribution was made, or from whose
55: Refund by provider of amounts paid in excess of required amount of contribution
In section 81(1) the Commissioner the amount the Commissioner no more than the amount
56: Interest on money in holding account
1: In section 84(2) Section 69 of the Public Finance Act 1989 Sections 68(2) and 69 of the Public Finance Act 1989
2: After section 84(2)
3: Despite subsection (1)
57: Deductions treated as received on 15th of month for interest purposes
1: In the heading to section 85 Deductions treated as received on 15th of month Time when contributions treated as received
2: After section 85(2)
3: Every amount of employer contribution is treated, for the purpose of the payment of interest, as received by the Commissioner on the first day of the month in which the Commissioner receives the amount of employer contribution.
58: Interest rate
In section 86
2: The interest rate calculated using the formula is expressed as a percentage, rounded to 2 decimal places, with numbers at the midpoint or greater being rounded up and other numbers being rounded down.
59: New section 92A inserted
After section 92
92A: How subpart applies to private domestic workers
For the purposes of this subpart, a private domestic worker who is an employer under paragraph (b) employer
60: Section 93 replaced
Section 93
93: Employer contributions paid via Commissioner
1: An employer must pay all amounts of employer contributions to the Commissioner.
2: The payment of an amount of employer contribution must be accompanied by a PAYE payment form.
3: If the employer is not a private domestic worker, the contribution must be paid to the Commissioner within the time prescribed in section RA 15 of the Income Tax Act 2007
4: If the employer is a private domestic worker, the contribution must be paid to the Commissioner within the time prescribed in sections RA 8, RA 10, and RD 4(2) of that Act
5: The employer must include details of employer contributions paid in respect of each employee on the employer monthly schedule for the payments of salary or wages to which the contribution relates.
6: For the purposes of the Tax Administration Act 1994
61: Short payments by employers if not enough money remitted to Commissioner to cover all of employees' deductions and employer contributions
In section 98(3)﻿(d) subpart 1. subpart 1; and
e: employer contributions that are not compulsory employer contributions.
62: New section 98A inserted
After section 98
98A: Quantifying short payments for the purposes of Income Tax Act 2007 and Tax Administration Act 1994
For the purposes of the Income Tax Act 2007 Tax Administration Act 1994
a: the amount of employer contribution that is treated as received by the Commissioner under section 98(2) of this Act
b: the amount, for the PAYE period, of employer contribution shown on either or both of a PAYE payment form and an employer monthly schedule in accordance with this subpart.
63: Short payments if not enough employer contribution remitted to cover all employees
1: In section 99(2)
2: For the purposes of this subpart, the amount of employer contribution (gross of any specified superannuation contribution withholding tax payable under the SSCWT rules) that the Commissioner is treated as receiving for any 1 employee is given by the following formula: .
2: In section 99(2) subsection (1)
2: For the purposes of this subpart, the amount of employer contribution (gross of any ESCT) that the Commissioner is treated as receiving for any 1 employee is given by the following formula: .
3: The following is added to section 99
4: For the purposes of this section, employer contribution does not include compulsory employer contribution to the extent of the employer's entitlement to a tax credit under section MK1(2)of the Income Tax Act 2007
64: Refunds of employer contribution by provider
1: In section 101(1)
a: may must
b: that this Act requires the Commissioner to on-pay to the provider of the employer contribution that this Act requires
2: Section 101(2)
65: New subpart 3A of Part 3 inserted
After subpart 3 of Part 3
3A: Compulsory employer contributions to KiwiSaver schemes and complying superannuation funds
101A: General
1: An employer must pay, in accordance with sections 101E and 101F compulsory employer contribution section 101D section 101C
2: Section 101B
3: Section 101G
4: The rest of this subpart provides rules relating to compulsory employer contributions to complying superannuation funds. Also, subpart 3
5: For the purposes of this subpart, a private domestic worker who is an employer under paragraph (c) employer
101B: Compulsory contributions must be paid on top of gross salary or wages except to extent that parties otherwise agree after 13 December 2007
1: The purpose of this section is to ensure that, for contractual arrangements of parties to an employment relationship (as defined in section 4(2) of the Employment Relations Act 2000 section 101D(3)
2: The contractual arrangements of parties to an employment relationship must not have the effect of defeating the purpose of this section described in subsection (1)
3: A contractual term or condition has no effect to the extent to which it is contrary to the purpose of this section described in subsection (1)
4: However, on and after 13 December 2007,—
a: parties to an employment relationship are free to agree contractual terms and conditions that ignore the purpose of this section described in subsection (1)
b: to the extent of such agreement described in subparagraph (a), subsections (1) to (3)
5: For the avoidance of doubt, the duty of good faith described in section 4 of the Employment Relations Act 2000
6: In this section, compulsory contributions section 101D(5)﻿(a)
101C: Employee's requirements
For the purposes of section 101A(1)
a: is paid salary or wages from which the employer deducts or is required to deduct an amount for the employee's KiwiSaver scheme or complying superannuation fund; and
b: is aged 18 or over; and
c: is not entitled to withdraw an amount from a fund or scheme under clause 4(3)
d: is not a defined benefit scheme member.
101D: Compulsory employer contribution amount: general rule
1: The amount of a compulsory employer contribution is a positive amount calculated using the following formula: (payment of gross salary or wages × CEC rate) − other contributions − hybrid schemes amount.
2: The items in the formula are defined in subsections (3) to (6)
3: Payment of gross salary or wages
4: CEC rate
a: 1%, if the payment of gross salary or wages is made for a pay period that is in the year starting on 1 April 2008:
b: 2%, if the payment of gross salary or wages is made for a pay period that is in the year starting on 1 April 2009:
c: 3%, if the payment of gross salary or wages is made for a pay period that is in the year starting on 1 April 2010:
d: 4%, if the payment of gross salary or wages is made for a pay period that is in a year starting on or after 1 April 2011.
5: Other contributions
a: employer contributions made in the absence of this section:
b: employer's superannuation contributions made to, or amounts credited from within, (collectively, the contributions contributions scheme
i: the contributions scheme was registered before 17 May 2007, or the contributions scheme is one (a succeeding scheme section 9BAA of the Superannuation Schemes Act 1989 prior scheme
ii: the employer provided access to eligible employees to the contributions scheme or a prior scheme for the contributions scheme before 17 May 2007; and
iii: the employee is—
A: employed by the employer before 1 April 2008, and the employer makes or has agreed with the employee before 1 April 2008 to make or credit the contributions to the contributions scheme or a prior scheme for the contributions scheme; or
B: covered by a collective agreement that is in force before 17 May 2007 and expires after 1 April 2008 under which the employer is required to make or credit the contributions to the contributions scheme or a prior scheme for the contributions scheme; and
iv: the contributions scheme provides that the contributions vest completely in the employee in a period starting on or after the employee first becomes a member of the contributions scheme and ending no more than 5 years later:
c: employer's superannuation contributions or superannuation subsidies in relation to an employee—
i: whose employment is as a member of Parliament, a judicial officer, or a sworn member of the police:
ii: who is in a class of employees prescribed in regulations made under section 230A
6: Hybrid schemes amount subsection (7) subsection (5)﻿(b)﻿(i) to (iii)
a: which do not have an amount of other contributions for the period to which the payment of gross salary or wages relates; and
b: for which relevant retirement benefits are calculated by adding to the employee's total contributions a percentage of those contributions.
7: For the purposes of subsection (6) member's contribution × vesting percentage.
8: In the formula,—
a: member's contribution
b: vesting percentage
101E: Payment: allocation between schemes and funds
1: If the employer and employee agree to an allocation of compulsory employer contributions between an employee's KiwiSaver scheme and complying superannuation funds, the contribution allocation agreed is used for allocating payments.
2: If the employer and employee cannot agree what allocation of the amount of compulsory employer contribution is for an employee's KiwiSaver scheme or complying superannuation funds, the amount is—
a: first, for the employee's KiwiSaver scheme, up to the maximum required to meet an employer's compulsory employer contribution obligations:
b: second, for the employee's complying superannuation funds, pro-rata, to the extent to which an amount remains after applying paragraph (a)
101F: Payment rules: employers
1: If an amount of employer contribution for a payment of salary or wages is for the employee's KiwiSaver scheme, the amount must be paid by the employer to the Commissioner. The amount is subject to the rules provided in subpart 3
2: If an amount of compulsory employer contribution for a payment of salary or wages is for the employee's complying superannuation fund, the amount must be paid by the employer to the fund's provider no later than 1 month after the payment of salary or wages.
101G: Rules: providers
1: A provider must use the contribution allocation for a member to credit the amount of compulsory employer contribution they receive across the investment products to which a member has subscribed or has been allocated.
2: The contribution vests in the member immediately after it is paid to the provider, despite any provision to the contrary.
3: If a member of a KiwiSaver scheme or complying superannuation fund will be entitled within 2 months to withdraw an amount from the fund or scheme under clause 4(3) Complying superannuation funds
101H: Failure to pay: provider notice
1: This section applies if the provider of a complying superannuation fund knows that an employer has failed to pay to the provider an amount of compulsory employer contribution in accordance with this subpart.
2: The provider must, as soon as practicable, give a notice to the employer, requesting the payment of the amount of compulsory employer contribution. The provider must send to the Government Actuary a copy of the notice.
3: If the employer does not pay the amount of compulsory employer contribution to the provider within 1 month of this section first applying for the amount, and the total of the amounts of compulsory employer contributions unpaid is more than $500, then the provider must immediately give a notice to the Government Actuary.
4: A notice under subsection (3)
a: the name of the employer; and
b: the amounts of compulsory employer contributions unpaid; and
c: the employer's name, address, and tax file number (if known); and
d: specify the relevant employees to whom the failure to pay relates, their tax file numbers, and addresses; and
e: the pay periods and relevant amounts for the employees to whom the failure to pay relates; and
f: other information required by the Government Actuary.
5: If the employer pays an amount of compulsory employer contribution remedying a failure to pay that was notified to the Government Actuary under subsection (3)
66: New sections 101I to 101K inserted
After section 101H, the following is inserted:
101I: Failure to pay: Government Actuary's duties
1: If the Government Actuary receives a notice under section 101H(3)
2: The Government Actuary may use any power (with necessary modifications for complying superannuation funds) that the Government Actuary has in respect of KiwiSaver schemes in the performance of the duty to decide imposed by subsection (1)
3: As soon as practicable, the Government Actuary must give a notice to the employer showing the information described in subsection (4)
4: A notice under subsection (3)
a: require the payment of the amount (the liable amount) that the Government Actuary has decided, under subsection (1)
b: specify the relevant calendar months and related amounts; and
c: specify that the employer must pay the liable amount within 28 days after the notice is given; and
d: specify the employer's name, address and tax file number (if known); and
e: specify the relevant employees to whom the failure to pay relates, their tax file numbers, and addresses; and
f: specify the pay periods and relevant amounts for the employees to whom the failure to pay relates; and
g: inform the employer that failure to comply with the notice will result in the Commissioner receiving notice of the failure to comply; and
h: show other information required by the Commissioner.
5: If the employer does not pay the liable amount in the period specified in subsection (4)﻿(c) subsection (1) section 186
a: give to the Commissioner a notice showing the information described in subsection (6)
b: send to the provider a copy of the notice.
6: A notice under subsection (5)
a: state that the employer has failed to comply with notices under section 101H(3) and subsection (3)
b: show the information described in subsection (4)
c: specify the extent to which an amount of compulsory employer contributions remains unpaid for the liable amount; and
d: specify the relevant employees to whom the unpaid amounts relate, their tax file numbers, and addresses; and
e: specify the pay periods and relevant amounts for the employees to whom the unpaid amounts relate.
7: If the Government Actuary makes a decision, upon an employer's objection to the Government Actuary's decision under subsection (1) section 101H(3) subsection (5)
101J: Failure to pay: Commissioner
1: If the Commissioner receives a notice under section 101I(5) section 101I(5)
2: The Commissioner must send the employer a notice of the amount due and payable, and the due date, specified in subsection (1)
101K: Recovered amounts
An amount of compulsory employer contribution for an employee's complying superannuation fund that is received by the Government Actuary or the Commissioner by virtue of this subpart must be paid by them to the relevant provider. The relevant amount of compulsory employer contributions remaining unpaid for the relevant liable amount is consequentially reduced.
67: Who may apply for contributions holiday
In section 102(b)﻿(ii) scheme. scheme; or
iii: the date that the person is first a member of a complying superannuation fund.
68: Refund of initial contributions
Section 113(5) and (6)
5: The Commissioner must refund the contributions to which the application relates, if the Commissioner is reasonably satisfied that—
a: the person and the application meet the requirements of this section; and
b: reasonable alternative sources of funding have been explored and have been exhausted.
6: However, the Commissioner—
a: must not refund under this section any employer contributions that were made under section 93
b: may direct that, despite subsection (5)
69: New section 117A inserted
After section 117
117A: Restrictions on transactions
1: This section applies to a KiwiSaver scheme if the scheme has less than 20 members, treating all interests in the scheme held by persons associated under the 1988 version provisions of the Income Tax Act 2007
2: A transaction between a scheme's provider, and a person associated (under the 1988 version provisions of the Income Tax Act 2007
3: Despite subsection (2)
a: the KiwiSaver scheme must not have more than 5% of its assets in investments related to or managed by—
i: a provider (other than in their capacity of provider):
ii: a member:
iii: a person associated (under the 1988 version provisions of the Income Tax Act 2007
b: the provider must not lend money or provide financial assistance to—
i: a member:
ii: a person associated (under the 1988 version provisions of the Income Tax Act 2007
70: Further modifications to application of
sections 8 to 11 of Superannuation Schemes Act 1989 In section 121(3)﻿(a) registered superannuation scheme KiwiSaver scheme
71: Requirement for annual report
1: In section 123(4)﻿(b) in force. in force; and
c: if there has been an increase in a fee referred to in clause 2 section 228(p) section 127
2: In section 123(5)﻿(a) KiwSaver KiwiSaver
3: In section 123(5)﻿(e) report. report:
f: the total amount of each type of contribution received by the provider for the year, and the number of members credited with each type:
g: the total amount of members' accumulations at the end of the year, and the number of members with accumulations:
h: the total amounts of fee subsidies credited to members for the year, and the number of members credited.
4: After section 123(5)
6: The trustees must send to the Government Actuary a copy of the completed report within 28 days after its completion, and, if only abridged accounts are contained in the report, a copy of the annual accounts.
72: New section 125A added
After section 125
125A: Requirement for annual personalised statement of contributions and accumulations for members
The trustee of a KiwiSaver scheme or a complying superannuation fund must provide annually to each person who is a member of the provider's scheme or fund during the relevant year a statement showing the following for that person:
a: the amount of each type of contribution received by the provider for the year; and
b: the member's accumulation at the end of the year.
73: Terms relating to members' tax credits implied into trust deed
In section 128A
a: in subsection (1) The terms relevant to Terms necessary for giving effect to the law relating to
b: in subsection (2)
i: the words before subparagraph (a) The terms—
ii: in subparagraph (a) applies apply
iii: in subparagraph (b) is are
74: New section 128B inserted
Before the heading above section 129
128B: Terms relating to back-dated validation implied into trust deed
1: Terms necessary for giving effect to the law relating to back-dated validation of invalid membership under subpart 4 of Part 2
2: The terms—
a: apply despite anything to the contrary in a trust deed of a scheme; and
b: are enforceable by a trustee, and by a member, of the scheme.
75: New section 128C inserted
Before the heading above section 129
128C: Terms relating to lump sum payments by complying superannuation funds
1: Terms necessary for giving effect to paragraph (cc) complying fund rules section YA 1 of the Income Tax Act 2007
2: The terms—
a: apply despite anything to the contrary in a trust deed of a fund; and
b: are enforceable by a trustee, and by a member, of the fund.
76: New section 128D inserted
Before the heading above section 129
128D: Terms relating to compulsory employer contributions implied into trust deed
1: Terms necessary for giving effect to the law relating to compulsory employer contributions are implied into a trust deed that establishes—
a: a KiwiSaver scheme in relation to the KiwiSaver scheme:
b: a complying superannuation fund in relation to the complying superannuation fund.
2: The terms—
a: apply despite anything to the contrary in a trust deed of a scheme or fund; and
b: are enforceable by a trustee, and by a member, of the scheme or fund.
77: Amendment of trust deed governing KiwiSaver scheme
1: In the heading to section 129 or participation agreement trust deed
2: In section 129(1) trust deed of the scheme trust deed of the scheme, or to a participation agreement related to the trust deed,
3: Section 129(4)
78: Effect of registration of KiwiSaver scheme under
section 150
1: In section 153(d) the Income Tax Act 2004 Tax Administration Act 1994 provisions of the Income Tax Act 2004 Tax Administration Act 1994
2: In section 153(d) subsection (1) of the Income Tax Act 2004 of the Income Tax Act 2004 Income Tax Act 2007
79: Purpose of register
After section 158(a)
ab: to enable a member of the public to—
i: determine whether a fund is approved as a complying superannuation fund under the Superannuation Schemes Act 1989
ii: know how to contact the trustees of the fund; and .
80: Additional contents of register
1: After section 161(1)
1B: The register must contain the following information and documents for each complying superannuation fund:
a: the name of the fund; and
b: the date on which approval of the fund under section 35 of the Superannuation Schemes Act 1989
c: the names of the trustees of the fund and an address for service for the trustees; and
d: the date upon which the financial year of the fund ends; and
e: each notice of change sent or delivered under section 37 of the Superannuation Schemes Act 1989
2: After section 161(2)
2B: The information contained on the register under this section must be kept in separate subparts of the register.
81: Government Actuary may refuse access to or suspend operation of register, or omit or remove, or restrict public access to, information and documents in register
Section 162(2)
2: The Government Actuary may omit or remove from the register any of the information or documents that relate to a KiwiSaver scheme or complying superannuation fund if—
a: the scheme or fund is removed from the register; or
b: the Government Actuary considers, in the public interest, that the information or documents should not form part of the register.
82: Amendments to register
Section 163(a) and (b)
a: to keep the register accurate and up-to-date; or .
83: Duty to notify changes to Government Actuary
Section 164(2)
2: This section does not apply if the change has been notified in an annual report sent or delivered under section 123 section 165(d)
84: Powers of Government Actuary in event of scheme operating in contravention of this Act, etc
Section 169(3)
85: Objections and appeals against decisions of Government Actuary
In section 186(5) High Court High Court, unless the objection related to a decision under section 101I
86: New sections 189B and 189C inserted
After section 189
189B: Duty to give notice to Government Actuary about fee increases
Any person referred to in clause 2
189C: Powers of High Court in relation to unreasonable fees
1: If the High Court is satisfied, on the application of a member or the Government Actuary, that any of the persons referred to in clause 2
2: The High Court may make any other order it thinks fit for the purpose of giving effect to an order under subsection (1)
3: An application for an order may be made within 1 year of the day that the fee is imposed or debited.
4: In determining whether a fee is unreasonable for the purposes of this section, the High Court—
a: must have regard to any prescribed matter; and
b: may, to the extent it thinks fit, have regard to any guidelines published by the Government Actuary under section 127
c: may have regard to any other matter it thinks fit.
87: New section 205A inserted
After section 205
205A: Investment statements must contain responsible investment statement
1: Every investment statement relating to a KiwiSaver scheme or a complying superannuation fund must contain a statement in the following form if it is a scheme that takes responsible investment, including environmental, social, and governance considerations, into account in the investment policies and procedures of the scheme: Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the scheme as at the date of this investment statement. You can obtain an explanation of the extent to which responsible investment is taken into account in those policies and procedures— [if the issuer has a website specify website address from the issuer, free of charge, upon request.
2: Every investment statement relating to a KiwiSaver scheme or a complying superannuation fund must contain a statement in the following form if it is a scheme that does not take responsible investment, including environmental, social, and governance considerations, into account in the investment policies and procedures of the scheme: Responsible investment, including environmental, social, and governance considerations, is not taken into account in the investment policies and procedures of the scheme as at the date of this investment statement.
3: The statements required by this section must be included at the end of the Who is involved in providing it for me?
4: For the purposes of the Securities Act 1978 Securities Regulations 1983
88: Factual description of, or transmission of information about, KiwiSaver scheme not investment advice
In section 206 paragraph (a) investment advice investment advice and is not an investment broker or a broker,
89: Certain sections of
Securities Act 1978 In section 210(2)﻿(b)﻿(ii) member's interest member's accumulation
90: Duty of Commissioner under
section 50 section 210
1: In section 211(1)﻿(b) member's interest member's accumulation
2: In section 211(2) member's interest member's accumulation
91: Application of
sections 215 and 216
1: In the heading to section 214 sections 215 and 216 section 215
2: In section 214(1)
a: Sections 215 and 216 Section 215
b: or withhold contributions
3: Section 214(2)
92: Penalty for employer to fail to provide information
1: Section 215(2)﻿(a)
a: nil if the Commissioner has not given notice to the employer, within the preceding 12 months, that—
i: a penalty may be imposed on the employer if the employer does not provide information as required by Part 2 or 3
ii: the employer has been liable under subsection (1) .
2: In section 215(3) to which any employer monthly schedule relates
3: In section 215(4) and section 216
93: Penalty for employer to fail to make deductions or to incorrectly make deductions
1: In the heading to section 216 to make deductions or to incorrectly make deductions or incorrectly make deductions, or to short pay compulsory employer contributions
2: In section 216(1)﻿(b) this Act. this Act; or
c: has an amount (a short paid amount subpart 3 of Part 3
3: In section 216(2)﻿(a) this Act this Act or if they have short paid amounts
4: In section 216(3) to which any employer monthly schedule relates
5: In section 216(4) in which the failure or incorrect deduction occurred in which the failure to deduct, incorrect deduction, or short paid amount occurred.
94: Section 216 repealed
Section 216
95: Consent to electronic transactions
In section 219
2: This section does not apply to the Commissioner of Inland Revenue or any employee or officer of the Inland Revenue Department.
96: Refunds made by direct credit to bank account
1: In section 221(1) A refund A refund by the Commissioner
2: In section 221(2) a refund the refund
3: In section 221(3) a refund the refund
97: Fee subsidies
In section 225(2) or of section 226
98: Crown contribution
1: Section 226(1)
1: The Crown must pay a contribution to the first KiwiSaver scheme of which a person ( A
1A: The contribution must be paid as soon as practicable after the date provided by subsection (1B) or (1C)
1B: Unless subsection (1C) subsection (1A)
a: the date on which the Commissioner receives the first contribution in respect of a person, if the person is one to whom subpart 1 of Part 3
b: the date that the Commissioner is given notice or otherwise knows that the person is a member of the KiwiSaver scheme: .
2: After section 226(1B)
1C: If A has transferred to their first KiwiSaver scheme from a complying superannuation fund, and A was a member of the complying superannuation fund for more than 3 months before transferring, the date for the purposes of subsection (1A) is the day on which the Commissioner is given notice that the person has transferred.
3: In section 226(2) The provider must credit the contribution on a pro rata basis The provider must use the contribution allocation for A to credit the contribution
4: After section 226(2)
2B: The contribution must vest in A immediately after it is paid to the provider, despite any provision to the contrary.
99: Regulations relating to mortgage diversion facility
1: In section 229(1) a mortgage diversion facility that allows contributions to be withdrawn from KiwiSaver schemes and applied towards the payment of amounts secured by mortgages mortgage diversion facilities that allow contributions in respect of a person to be withdrawn from the person's KiwiSaver scheme and complying superannuation funds to pay amounts secured by certain mortgages relating to that person
2: In section 229(2) the mortgage diversion facility that is provided for in the regulations any mortgage diversion facility provided for in regulations
3: In section 229(2)﻿(b) KiwiSaver KiwiSaver and complying superannuation fund
4: Section 229(2)﻿(c)﻿(ii)
ii: the date that the relevant KiwiSaver scheme provider or complying superannuation fund provider received the first contribution in respect of that person's membership to the relevant scheme or fund: .
5: In section 229(2)﻿(e) made available made available, but only to the extent to which the mortgage continues to be over the person's principal residence
6: In section 229(2)﻿(f) are retained automatically in the person's KiwSaver account are not diverted from the person's KiwiSaver scheme and complying superannuation funds
7: Section 229(2)﻿(i)
i: the amount diverted from a person's KiwiSaver scheme and complying superannuation funds is a fixed dollar amount, and is capped at not more than the total of—
i: half of the total contributions deducted for or contributed by the person, received by their KiwiSaver scheme provider; and
ii: half of the person's contributions to their complying superannuation funds, but limited to 4% of their annual gross base salary or wages for each complying superannuation fund: .
100: New section 230A inserted
After section 230
230A: Regulations relating to compulsory employer contributions
1: The Governor-General may, by Order in Council made on the recommendation of the Minister of Finance, make regulations prescribing a class of employees, for the purposes of the calculation of compulsory employer contributions, under section 101D(5)﻿(c)﻿(ii)
2: The Minister of Finance may make a recommendation under subsection (1)
101: New section 234
After section 233
234: Protection from non-compliance: Taxation (KiwiSaver) Act 2007
If, as a result of amendments provided by the Taxation (KiwiSaver) Act 2007, there is non-compliance with an Act before 1 February 2008, the non-compliance is ignored unless it continues on or after 1 February 2008. .
102: Schedule 1
1: Clause 2(2) to (5)
2: In clause 4(3) equal to that not more than the
3: In clause 8(8) employer vested contributions employer vested contributions that are not compulsory employer contributions
4: In clause 12(2) member's accumulation
5: In clause 12(3)﻿(a) being unable being totally and permanently unable
6: In clause 13(1) the trustees
7: After clause 13(1)
1B: The application for a withdrawal under clause 10
8: In clause 14(2) accumulation accumulation less the amount of Crown contribution arising from a tax credit under section KJ 1 of the Income Tax Act 2004
9: In clause 14(2) subsection (8) section KJ 1 of the Income Tax Act 2004 section MK 1 of the Income Tax Act 2007
103: New schedule 4—Transitional contribution rates
The following is added to the KiwiSaver Act 2006
4: s 66A Transitional rates for employers and employees
Years in which pay period for payment of the employee's gross salary or wages falls Rate for employer (%) Rate for employee (%) 2 years starting on 1 April 2008 2 2 1 year starting on 1 April 2010 3 3 1 year starting on 1 April 2011 4 4 Superannuation Schemes Act 1989
104: Superannuation Schemes Act 1989
Sections 105 to 111 Superannuation Schemes Act 1989 2007-04-01 s 108 of the Superannuation Schemes Act 1989 2007-07-01 s 109 of the Superannuation Schemes Act 1989 2007-12-19 ss 105–107, 110(1), 111(1) of the Superannuation Schemes Act 1989 2008-04-01 s 110(2) of the Superannuation Schemes Act 1989 2009-04-01 s 111(2) of the Superannuation Schemes Act 1989
105: Interpretation
Section 2(1) participation agreement section 4(1) of the KiwiSaver Act 2006 .
106: When Government Actuary may approve transfers without consent of members and beneficiaries
1: In section 9BAA(1) all the members all or any of the members
2: After section 9BAA(1)
1B: This section applies despite anything to the contrary in a scheme's trust deed.
3: After section 9BAA(4)
4B: For a transfer that the Government Actuary has approved,—
a: each relevant member of the old scheme is treated as offering to be a member of the new scheme on the terms and conditions for that new scheme; and
b: the trustee of the new scheme is treated as accepting the member's offer.
107: New section 9D inserted
After section 9C
9D: Implied term as to reduction of scheme insurance upon transfer out of complying superannuation fund
1: This section applies to a registered superannuation scheme ( scheme A
a: scheme A provides or facilitates the provision of insurance (the scheme insurance person
b: the benefit of the scheme insurance is calculated by reference to contributions for the person held by a complying superannuation fund (the contributions
c: an amount of contributions is transferred out of the complying superannuation fund to a complying superannuation fund or KiwiSaver scheme (other than scheme A).
2: A term is implied into the trust deed of scheme A. That term must have the effect of allowing the benefit of the person's scheme insurance to be reduced in proportion to the amount of contributions transferred out of the complying superannuation fund to a complying superannuation fund or KiwiSaver scheme (other than scheme A).
108: Complying superannuation funds
1: Section 34(2)
2: The application must be accompanied by all information necessary to satisfy the Government Actuary of the matters referred to in section 35
2: After section 34(2)
3: The application must include a copy of any participation agreements that have been ratified by employers of employees in the scheme as applicable to the registered scheme.
109: Dealing with applications for complying superannuation funds
1: In section 35(1)﻿(a) evidence contain
2: Section 35(1)﻿(e)
e: any relevant participation agreement is—
i: an agreement entered into on or before 1 July 2007:
ii: an agreement (the successor participation agreement prior agreement
3: After section 35(4)
5: For the purposes of subsection (1)﻿(e)
a: participation agreement
b: a participation agreement ( agreement A
i: agreement A succeeds and replaces the other participation agreement due to the merger or acquisition of a party to the other participation agreement; or
ii: all relevant members of a scheme covered by agreement A transfer by virtue of section 9BAA Superannuation Schemes Act 1989
110: New sections 37 to 41 inserted
1: After section 36
41: Transitional provision relating to lodging of participation agreements
The trustees of every scheme that has been approved as a complying superannuation fund before the date of commencement of this section must send to the Government Actuary, within 28 days after that commencement date, a copy of any participation agreements that have been ratified by employers of employees in the scheme as applicable to the complying superannuation fund.
2: After section 36
37: Duty to notify changes about complying superannuation funds to Government Actuary
1: The trustees of a complying superannuation fund must give notice to the Government Actuary of any changes to—
a: any of the information referred to in section 161(1B) of the KiwiSaver Act 2006
b: any information required to be contained in the register under section 161(2) of that Act
2: This section does not apply if the change has been notified in an annual report sent or delivered under section 14 of this Act 2006 No 40 s 164
38: Form of notice under section 37
1: A notice under section 37
a: be in the prescribed form (if any); and
b: contain, or be accompanied by, any other prescribed information or documentation; and
c: specify the effective date of the change; and
d: be given to the Government Actuary within 3 months of the later of—
i: the effective date of the change; or
ii: the trustees of the complying superannuation fund first becoming aware of the change.
2: References in this section to a prescribed form, or to prescribed information or documentation, are references—
a: to matters prescribed under section 30(b)
b: if the matter is not prescribed under that section, to the equivalent matter prescribed under section 228(b) of the KiwiSaver Act 2006 section 164 of that Act 2006 No 40 s 165
39: Duty to give notice to Government Actuary about fee increases
Any person referred to in clause 2
40: Powers of High Court in relation to unreasonable fees
1: If the High Court is satisfied, on the application of a member or the Government Actuary, that any of the persons referred to in section 39
2: The High Court may make any other order it thinks fit for the purpose of giving effect to an order under subsection (1)
3: An application for an order may be made within 1 year of the day that the fee is imposed or debited.
4: In determining whether a fee is unreasonable for the purposes of this section, the High Court—
a: must have regard to any prescribed matter under the KiwiSaver Act 2006
b: may, to the extent it thinks fit, have regard to any guidelines published by the Government Actuary under section 127 of that Act
c: may have regard to any other matter it thinks fit.
5: This section does not limit section 20 of this Act clause 2
111: Schedule 2—Matters to be specified in annual report
1: In schedule 2, clause 1(o) for the purposes of the Income Tax Act 2004
2: In schedule 2, clause 1(o)﻿(iii) rules. rules; and
iv: if there has been an increase in a fee referred to in clause 2 section 228(p) of the KiwiSaver Act 2006 section 127 of that Act KiwiSaver Regulations 2006
112: KiwiSaver Regulations 2006
Sections 113 to 118 KiwiSaver Regulations 2006 2007-12-19 ss 113–118 of the KiwiSaver Regulations 2006
113: Regulation 6 replaced
Regulation 6
6: Purpose of annual return regulations
Regulations 8 and 9 section 125 of the Act
114: Regulation 7 revoked
Regulation 7
115: Fee subsidy
In regulation 20(4) The provider must credit each instalment of the fee subsidy on a pro rata basis The provider must use the contribution allocation for the member to credit each instalment of the fee subsidy
116: Mortgage diversion facility
1: In regulation 21 KiwiSaver schemes KiwiSaver schemes and complying superannuation funds
2: In regulation 21
2: For the purposes of regulations 22 to 29
117: What scheme provider must do to participate in mortgage diversion facility
In regulation 27(b) (which requires the amount to be capped at no more than half of the person's contribution rate and to be a fixed dollar amount)
118: New heading and regulations 30 and 31 added
After regulation 29 Qualifying person for withdrawal for purpose of purchase of first home
30: Qualifying person
For the purposes of clause 8(3)﻿(c)﻿(ii) of schedule 1 of the KiwiSaver Act 2006 regulation 31
31: Notice
For the purposes of regulation 30
a: is in the name of the person:
b: is signed by the Minister of Housing or a delegate:
c: states that the Minister of Housing or delegate is satisfied that the income, assets, and liabilities of the person represent a financial position that would be expected of a person that has never held an estate in land (whether alone or as a joint tenant or tenant in common). Holidays Act 2003 2007-05-17 ss 119–121 of the Holidays Act 2003
119: Meaning of ordinary weekly pay
In section 8(1)﻿(c)﻿(iv) of the Holidays Act 2003 employee. employee:
v: any payment of any employer contribution to a superannuation scheme for the benefit of the employee.
120: Meaning of relevant daily pay
In section 9(1)﻿(b)﻿(iii) of the Holidays Act 2003 employee. employee; but
c: excludes any payment of any employer contribution to a superannuation scheme for the benefit of the employee.
121: Meaning of gross earnings
In section 14(c)﻿(ii) of the Holidays Act 2003 employment. employment:
iii: any payment of any employer contribution to a superannuation scheme for the benefit of the employee. KiwiSaver-related amendments to Income Tax Act 2007
122: Income Tax Act 2007
Sections 123 to 137 Income Tax Act 2007 2007-11-01 Income Tax Act 2007 2008-04-01 Income Tax Act 2007
123: New section CS 10B inserted
After section CS 10
CS 10B: Exclusion of permitted withdrawals from KiwiSaver schemes and complying superannuation funds
Section CS 1 complying superannuation fund KiwiSaver scheme permitted withdrawal 2004 No 35 s CS 10B
124: Contributions to employees' superannuation schemes
1: After section DC 7(1) Exclusion
1B: The employer is denied a deduction for a contribution, to the extent of the amount of a tax credit under section MK 9
2: In section DC 7 tax credit
125: What this subpart does
Section MK 1
MK 1: Tax credits for superannuation contributions
Tax credits for members paid to fund providers
1: A fund provider of a person's KiwiSaver scheme or a complying superannuation fund has a tax credit equal to an amount calculated under section MK 4 Section MK 2 Tax credits for employers
2: An employer who makes an employer contribution on behalf of an employee to a KiwiSaver scheme or a complying superannuation fund for a payment period has a tax credit for the period equal to an amount calculated under section MK 10 section MK 9 Calculations: fund providers
3: A tax credit referred to in subsection (1) Calculations: employers
4: A tax credit referred to in subsection (2) amount complying superannuation fund employee employer employer contribution fund provider KiwiSaver scheme member credit contribution pay tax credit tax year 2004 No 35 ss KJ 1, KJ 6, OB 1 member credit year
126: New cross heading
Before section MK 2 Tax credits for fund providers
127: Eligibility requirements
1: In section MK 2(1) Requirements for person
1: For the purposes of section MK 1(1) .
2: In section MK 2(1), paragraph (b)
b: they must have a creditable membership of a complying superannuation fund or a KiwiSaver scheme; and .
3: In section MK 2 creditable membership
128: Payment of tax credits
1: Section MK 3(1) When this section applies
1: This section applies when a member credit contribution is made to a KiwiSaver scheme or a complying superannuation fund.
2: In section MK 3(2) Subsection (5) section MK 4
3: In section MK 3(3) Subsection (5) the Commissioner.
4: Section MK 3(4) Payment
4: The Commissioner must pay the amount of the tax credit to the fund provider within 30 working days of the provider filing a claim form under section 68C(3) or (4) of the Tax Administration Act 1994 Exception: payment to person or another provider
5: Despite subsections (2) and (3)
a: to the person, if it would be impossible or impractical to pay it to the person's fund provider because either the person has no fund provider, or because the person has died or has suffered a serious illness as defined in schedule 1, clause 12(3) of the KiwiSaver Act 2006
b: to a fund provider ( provider B subsections (2) and (3)
5: In section MK 3
a: employer contribution member credit contribution
b: superannuation contribution
129: Amount of tax credit
Section MK 4
MK 4: Amount of tax credit
What this section does
1: This section sets out how to calculate the amount of a tax credit paid to a fund provider under section MK 3(2) section MK 1(3) Amount of credit for year
2: The amount of the tax credit is an amount equal to a person's total member credit contributions for the year for all of their complying superannuation funds and KiwiSaver schemes up to a maximum amount of $1042.86. Part-year equivalents: amount of tax credit
3: Despite subsection (2) section MK 2
a: for a person whose member credit contributions for the year are equal to or less than the part-year maximum amount calculated under subsection (4)
b: for a person whose member credit contributions for the year are greater than the part-year maximum amount calculated under subsection (4) Part-year equivalents: maximum amount
4: The part-year maximum amount referred to in subsection (3) Definition of item in formula
5: In the formula, days section MK 2 Parts of years
6: In subsection (3) days amount employee employer contribution first payment period fund provider member credit contribution salary or wages second payment period tax credit 2004 No 35 ss KJ 3, OB 1 member credit year
130: Credit given by fund providers
In section MK 6 The amount must be credited The provider must use the contribution allocation for a member to credit the amount of the tax credit
131: Treatment of tax credits on permanent emigration
In section MK 8(2)﻿(a) for the person paid for the person and held by the provider
132: New sections MK 9 to MK 16 inserted
After section MK 8 Tax credits for employers
MK 9: Eligibility requirements
What is required
1: For the purposes of section MK 1(2)
a: pay an amount of employer contribution in relation to an employee who—
i: is aged 18 or over; and
ii: is not entitled to withdraw an amount from a fund or scheme under schedule 1, clause 4(3) KiwiSaver Act 2006
b: provide details of the amount of the tax credit relating to the employee in an employer monthly schedule or PAYE payment form; and
c: meet 1 of the requirements of section 6(2) of the KiwiSaver Act 2006 When details not required
2: Subsection (1)﻿(b)
a: an unpaid amount of compulsory employer contribution referred to in a notice under section 101I(5) of the KiwiSaver Act 2006
b: an amount of short payment under Part 3, subpart 3 of that Act amount compulsory employer contribution employee employer employer contribution employer monthly schedule PAYE payment form tax credit 2004 No 35 s KJ 7
MK 10: Amount of credit
Amount of contributions or calculation
1: For a payment period, the amount of a tax credit under section MK 1(2)
a: the amount of the employer contributions for the employee for the period; and
b: the amount calculated using the formula— $20 × weeks in payment period. Definition of item in formula
2: In the formula, weeks in payment period section MK 9(1)﻿(a) Meaning of payment period
3: In this section and in sections MK 11 to MK 13 payment period amount employee employer contribution first payment period salary or wages second payment period 2004 No 35 s KJ 8
MK 11: When tax credits arise
A tax credit referred to in section MK 10
a: for an employer who provides details of the amount of the credit under section MK 9(1)﻿(b)
i: on the end date for the payment period under section RA 15(3)﻿(a)
ii: on the date referred to in section RA 10(3)
b: for an employer to whom section MK 9(2)
i: receives the notice referred to in section 101I(5) of the KiwiSaver Act 2006
ii: determines that the employer has an amount of short payment under Part 3, subpart 3 of that Act Defined in this Act: amount, Commissioner, employer, notice, private domestic worker, tax credit 2004 No 35 s KJ 9(1)
MK 12: Using tax credits
Commissioner's use of credits
1: The Commissioner must use a tax credit referred to in section MK 10
a: first, to pay—
i: an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
ii: to the fund provider of the complying superannuation fund, an amount equal to an unpaid amount of a compulsory employer contribution referred to in a notice under section 101I(5) of that Act
b: second, to pay an employer contribution:
c: third, to pay an amount payable for the payment period by the employer to the Commissioner under an Inland Revenue Act:
d: fourth, to pay an amount that is payable by the employer to the Commissioner under an Inland Revenue Act:
e: fifth, to treat a tax credit as overpaid tax refundable under section RM 2 Treatment of tax credit used
2: An amount of tax credit used or paid under subsection (1)﻿(a)
a: received by the Commissioner for a payment period, for the purposes of calculating an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
b: consequentially reducing a relevant amount of a compulsory employer contribution remaining unpaid, for the purposes of section 101K of that Act
c: received by the Commissioner for the purposes of section 74 of that Act amount Commissioner complying superannuation fund compulsory employer contribution employer fund provider Inland Revenue Acts tax tax credit 2004 No 35 s KJ 9(2), (3)
MK 13: When short payment and unpaid compulsory employer contributions found after tax credit used
When this section applies
1: This section applies when—
a: the Commissioner uses an amount of a tax credit under either or both section MK 12(1)﻿(b) and (c)
b: following that use, for the payment period to which the amount of tax credit relates, there arises—
i: an amount of short payment under Part 3, subpart 3 of the KiwiSaver Act 2006
ii: an unpaid amount of compulsory employer contribution referred to in a notice under section 101I(5) of that Act Employer's liability
2: The employer is liable to pay an amount equal to the lesser of—
a: the amount of the tax credit used:
b: the amount described in subsection (1)﻿(b) Treatment as amount of tax
3: The amount is treated as an amount of tax for the payment period in which notification of the amount described in subsection (1)﻿(b) section MK 12(1)﻿(a) amount Commissioner compulsory employer contribution employer notify tax credit 2004 No 35 s KJ 10
MK 14: Employees opting out
When an employee opts out under the KiwiSaver Act 2006 employee employer contribution salary or wages 2004 No 35 s KJ 11
MK 15: Groups of persons
For the purposes of this subpart, a group of persons described in 1 of the following paragraphs is treated as 1 employer:
a: 2 or more companies, if the companies are a group of companies; and
b: all partners in a partnership; and
c: all persons in whom property has become vested, or to whom the control of property has passed in the case of an estate of a deceased person, or a trust, or a company in liquidation, or an assigned estate, or other case in which property is vested or controlled in a fiduciary capacity. company employer group of companies group of persons 2004 No 35 s KJ 12
MK 16: Private domestic workers
For the purposes of this subpart, a private domestic worker who is an employer under paragraph (c) employer section 4 of the KiwiSaver Act 2006 employee private domestic worker salary or wages 2004 No 35 s KJ 6(4) .
133: Salary or wages
In section RD 5(1)﻿(c)﻿(vi) this Act. this Act; and
d: is defined in section RD 65(13)
134: Complying fund rules
Section RD 66
RD 66: Complying fund rules
The complying fund rules, for a superannuation fund and an employee's superannuation accumulation, means rules that—
a: meet all the requirements set out in schedule 28
b: do not detract from those requirements. complying fund rules employee's superannuation accumulation superannuation fund 2004 No 35 s OB 1 complying fund rules
135: Definitions
1: This section amends section YA 1
2: After the definition of complying trust compulsory employer contribution KiwiSaver Act 2006 .
3: After the definition of credit transfer notice creditable membership
a: means membership of a KiwiSaver scheme or a complying superannuation fund; and
b: includes the following periods:
i: the period beginning on the first day of a month in which a KiwiSaver contribution for the person is first deducted or first received by the Commissioner and ending on the day on which securities are first allotted by the scheme for the person:
ii: the days in the month in which securities are first allotted by the scheme or fund for the person:
iii: for the period beginning on 1 July 2007 and ending on the day on which securities are first allotted by the scheme for the person, and for a person who contributes to the scheme before 1 November 2007, the days in the month on which the scheme receives a valid application for membership from the person and the days remaining in the period .
4: In the definition of employee's superannuation accumulation
a: employer contributions: .
5: After the definition of employer employer contribution KiwiSaver Act 2006 .
6: After the definition of member member credit contribution
a: an amount of a superannuation contribution to the person's KiwiSaver scheme or complying superannuation fund that is subject to the KiwiSaver scheme rules or complying fund rules, as applicable, other than—
i: an employer's superannuation contribution for the person:
ii: a contribution withdrawn under a mortgage diversion facility provided for in regulations made under section 229 of the KiwiSaver Act 2006
iii: an amount accounted for under paragraph (b)
b: an amount received and held for the person by the Commissioner to which section 73, 74, or 75 of the KiwiSaver Act 2006
i: an employer's superannuation contribution for the person:
ii: an amount never paid by the Commissioner to the provider of the person's KiwiSaver scheme unless the amounts are not paid because of the person's death or because of a refund under section 113 of the KiwiSaver Act 2006 .
7: In the definition of superannuation scheme
136: New schedule 28 inserted
The new schedule 28 schedule 27 of the Income Tax Act 2007
137: Schedule 49—Enactments amended
In schedule 49 section 153(d) of the KiwiSaver Act 2006