Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:8:p20
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 8 (pt 20/41)
Character Range: 682507–685438

requiring an additional application from the member.

Division 6.7 (spouse contributions‑splitting amounts)
 (6) Division 6.7 does not apply to a New Zealand‑sourced amount.

Reduction of amount of benefits
 (7) The application of Part 6 is modified to the extent necessary to ensure that, if the trustee of a complying superannuation fund is required to reduce a member's benefits in the complying superannuation fund by a particular amount, the trustee must:
 (a) first charge the amount to the member's benefits that are not New Zealand‑sourced amounts; and
 (b) if the full amount cannot be charged under paragraph (a)—then charge the remainder to the member's benefits that are New Zealand‑sourced amounts to the extent possible.
Note: In accordance with the Arrangement, the intention is that any decrements to retirement savings balances would first be applied to host country retirement savings before being applied to retirement savings transferred from the source country.

Preserved benefits
 (8) The application of Part 6 is modified to the extent necessary to ensure that a New Zealand‑sourced amount in a complying superannuation fund is treated as preserved benefits in the same way as other amounts in the fund would be treated as preserved benefits.

12A.08  Contribution and benefit accrual standards
 (1) For the purposes of implementing the Arrangement, Part 7 of these Regulations, as affected by subregulations (2) to (7), applies in relation to a request to a complying superannuation fund to receive an amount from a KiwiSaver scheme.
Note: In order to implement the Arrangement, it is appropriate to treat a New Zealand‑sourced amount as an amount that is subject to Australia's contribution and benefit accrual standards, apart from any differences required by the Arrangement.

Additional information
 (2) The application of Part 7 is modified to the extent necessary to ensure that, if a request is made to a complying superannuation fund to receive an amount from a KiwiSaver scheme:
 (a) the trustee of the complying superannuation fund may request the following information (in addition to other information that the trustee may require under Part 7):
 (i) details of any New Zealand sourced amount, returning New Zealand‑sourced amount or Australian‑sourced amount that forms part of the amount to be received;
 (ii) the amount of any tax free component of an Australian‑sourced amount;
 (iii) any amounts that were restricted non‑preserved benefits or unrestricted non‑preserved benefits;
 (iv) any other information the trustee reasonably requires; and
 (b) the KiwiSaver scheme or the member may give the trustee of the complying superannuation fund any details requested under paragraph (a); and
 (c) any information requested under paragraph (a), or provided by the KiwiSaver scheme provider or the member under paragraph (b), is given to the trustee of the complying superannuation fund before