Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 12/79)
Character Range: 4860714–4863772

section 295‑200 (Transfers from foreign superannuation funds) and Subdivision 305‑B (Superannuation benefits from foreign superannuation funds) do not apply to the contribution.

Australian‑sourced amount and returning New Zealand‑sourced amount not non‑concessional
 (3) For the purposes of Subdivision 292‑C (Excess non‑concessional contributions tax), disregard so much of the contribution as you or the *KiwiSaver scheme provider informs, in accordance with the regulations mentioned in section 312‑5, the trustee of the *complying superannuation fund is:
 (a) an *Australian‑sourced amount; or
 (b) a *returning New Zealand‑sourced amount.
Note: The effect of subsection (3) is that the amounts mentioned in paragraphs (3)(a) and (b) are not included in your non‑concessional contributions. The rest of the contribution is included in your non‑concessional contributions: see subsection 292‑90(2).

Assessable income and capital gains
 (4) The contribution is not assessable income of yours and is not *exempt income of yours.
 (5) Section 118‑305 (capital gain or capital loss disregarded) applies in relation to the amount transferred as if the *KiwiSaver scheme were a *superannuation fund.

Tax free and taxable components of superannuation interest
 (6) Section 307‑220 (Contributions segment) only applies to so much (if any) of the contribution as you or the *KiwiSaver scheme provider inform, in accordance with the regulations mentioned in section 312‑5, the trustee of the *complying superannuation fund is:
 (a) a *New Zealand‑sourced amount; or
 (b) the *tax free component of an *Australian‑sourced amount.
Note: So much of the value of an interest in the fund as consists of the amounts mentioned in paragraphs (6)(a) and (b) is included in the contributions segment and tax free component of the interest. So much of the value of that interest as consists of the rest of the contribution is not included in the contributions segment of the interest and is included in the taxable component of the interest. (The value of the interest may also consist of amounts other than the contribution.)

Subdivision 312‑C—Superannuation benefits paid to KiwiSaver scheme providers

Table of sections
312‑15 Superannuation benefits paid from complying superannuation funds to KiwiSaver schemes
312‑20 Superannuation benefits paid by Commissioner to KiwiSaver schemes

312‑15  Superannuation benefits paid from complying superannuation funds to KiwiSaver schemes
  A *superannuation benefit paid to a *KiwiSaver scheme provider by the trustee of a *complying superannuation fund in respect of you is not assessable income of yours and is not *exempt income of yours.

312‑20  Superannuation benefits paid by Commissioner to KiwiSaver schemes
  An *unclaimed money payment that you are taken to receive under section 307‑15 because it is paid to a KiwiSaver scheme provider by the Commissioner in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999 is not assessable income and is not *exempt income.

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