Foreign Superannuation Fund 2 Flashcards
For the formula method “__________________” is the total amount of “distributed gain” calculated under this formula for previous foreign superannuation withdrawals received in the assessable period before this particular lump sum.
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Other gains
For the formula method “Other gains” is the __________________ “distributed gain” calculated under this formula for previous foreign superannuation withdrawals received in the assessable period before this particular lump sum.
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total amount of
For the formula method “Other gains” is the total amount of “________________” calculated under this formula for previous foreign superannuation withdrawals received in the assessable period before this particular lump sum.
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distributed gain
For the formula method “Other gains” is the _______________________ calculated under this formula for previous foreign superannuation withdrawals received in the assessable period before this particular lump sum.
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total amount of “distributed gain”
For the formula method “Other gains” is the total amount of “distributed gain” ______________________ for previous foreign superannuation withdrawals received in the assessable period before this particular lump sum.
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calculated under this formula
For the formula method “Other gains” is the total amount of “distributed gain” calculated under this formula for ____________________________ received in the assessable period before this particular lump sum.
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previous foreign superannuation withdrawals
For the formula method “Other gains” is the total amount of “distributed gain” calculated under this formula for previous foreign superannuation withdrawals ____________________before this particular lump sum.
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received in the assessable period
For the formula method “Other gains” is the total amount of “distributed gain” calculated under this formula for previous foreign superannuation withdrawals received in the assessable period _________________________.
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before this particular lump sum.
For the formula method “Other gains” is the total amount of “distributed gain” calculated under this formula for ____________________________________________ before this particular lump sum.
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previous foreign superannuation withdrawals received in the assessable period
For the formula method “Other gains” is the total amount of “distributed gain” calculated under this formula for __________________________________________________________.
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previous foreign superannuation withdrawals received in the assessable period before this particular lump sum.
If this is the ____________ for the person in relation to that foreign superannuation interest, then “other gains” is equal to zero. This is because no other lump sums have been received during the person’s assessable period before the time the current lump sum (for which the person is using
the formula method) was distributed.
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first lump sum
If this is the first lump sum for the person in relation to that foreign superannuation interest, then “____________” is equal to zero. This is because no other lump sums have been received during the person’s assessable period before the time the current lump sum (for which the person is using the formula method) was distributed.
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other gains
If this is the first lump sum for the person in relation to that foreign superannuation interest, then “other gains” is equal to ______. This is because no other lump sums have been received during the person’s assessable period before the time the current lump sum (for which the person is using the formula method) was distributed.
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zero
If, for example, a person is calculating the assessable withdrawal amount in relation to a third lump sum that the person has received from their foreign superannuation scheme, the “_____________” term consists of what they previously calculated for “distributed gain” in respect of the
first and second lump sums.
other gains
If, for example, a person is calculating the assessable withdrawal amount in relation to a third lump sum that the person has received from their foreign superannuation scheme, the “other gains” term consists of what they previously calculated for “_______________” in respect of the
first and second lump sums.
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distributed gain
If, for example, a person is calculating the assessable withdrawal amount in relation to a third lump sum that the person has received from their foreign superannuation scheme, the “other gains” term consists of what they previously calculated for “distributed gain” in respect of the
___________________________.
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first and second lump sums
For the formula method, the “______________” term acts as a wash-up calculation to
ensure that a person is not over- or under-taxed in relation to their foreign superannuation interest.
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other gains
For the formula method, the “other gains” term acts as a ______________ calculation to
ensure that a person is not over- or under-taxed in relation to their foreign superannuation interest.
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wash-up
For the formula method, the “other gains” term acts as a wash-up calculation to
ensure that a person is not ________________ in relation to their foreign superannuation interest.
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over- or under-taxed
For the formula method, the “other gains” term acts as a wash-up calculation to
ensure that a person is not over- or under-taxed in relation to their ___________________.
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foreign superannuation interest
Sometimes savings in an individual’s retirement scheme
can be used for purposes ____________________. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
Individual Retirement Account (IRA). An IRA is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
higher education expenses, first home purchases or medical
expenses, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
TIB Vol 20 No 4
unrelated to retirement
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
____________________ (IRA). An IRA is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
higher education expenses, first home purchases or medical
expenses, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
TIB Vol 20 No 4
Individual Retirement Account
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
Individual Retirement Account (_______). An _______ is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
________s for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
higher education expenses, first home purchases or medical
expenses, no penalty tax is imposed.
Nevertheless, ________s are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
TIB Vol 20 No 4
IRA
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
___________________________. An IRA is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
higher education expenses, first home purchases or medical
expenses, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
TIB Vol 20 No 4
Individual Retirement Account (IRA)
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
Individual Retirement Account (IRA). An IRA is a savings
account set up for the _____________________________________. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
higher education expenses, first home purchases or medical
expenses, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
TIB Vol 20 No 4
exclusive benefit of the individual or the individual’s beneficiaries
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
Individual Retirement Account (IRA). An IRA is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made ____________ – for example, when withdrawals are made to meet higher education expenses, first home purchases or medical
expenses, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
TIB Vol 20 No 4
Without penalty
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
Individual Retirement Account (IRA). An IRA is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
_____________________, first home purchases or medical
expenses, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
higher education expenses
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
Individual Retirement Account (IRA). An IRA is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
higher education expenses, ______________________ or medical
expenses, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
first home purchases
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
Individual Retirement Account (IRA). An IRA is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
higher education expenses, first home purchases or medical
expenses, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “__________________” for New Zealand tax purposes.
foreign superannuation schemes
Sometimes savings in an individual’s retirement scheme
can be used for purposes unrelated to retirement. For
example, in the United States, individuals are able to
establish a retirement savings account known as an
Individual Retirement Account (IRA). An IRA is a savings
account set up for the exclusive benefit of the individual or the individual’s beneficiaries. To discourage the use of
IRAs for purposes other than retirement, a 10% penalty
tax is imposed on any withdrawals made from the account
before retirement. Some withdrawals can be made without
penalty – for example, when withdrawals are made to meet
higher education expenses, first home purchases or ______________, no penalty tax is imposed.
Nevertheless, IRAs are established mainly for the purpose
of providing retirement benefits and therefore on the face
of it, such accounts are likely to be “foreign superannuation
schemes” for New Zealand tax purposes.
Medical expenses
What is an IRA for United States Superannuation Fund purposes?
Individual Retirement Account.
How does the United States discourage the use of an IRA for purpose unrelated to retirement?
A 10% penalty tax is imposed on any withdrawals made from the account before retirement.
Where a retirement scheme is merely a “_________________” or
similar arrangement for an individual, the scheme is unlikely
to meet the definition for being a foreign superannuation
scheme. If retirement savings are held by a bare trustee,
section YB 21 provides that the underlying savings are
deemed to be held by the individual personally. In those
circumstances, New Zealand would generally tax the
individual as if the individual is holding the underlying
investments of the “scheme” directly.
TIB Vol 20 No 4
bare trustee
Where a retirement scheme is merely a “bare trustee” or
similar arrangement for an individual, the scheme is unlikely
to meet the definition for being a foreign superannuation
scheme. If retirement savings are held by a bare trustee,
section _________ provides that the underlying savings are
deemed to be held by the individual personally. In those
circumstances, New Zealand would generally tax the
individual as if the individual is holding the underlying
investments of the “scheme” directly.
TIB Vol 20 No 4
YB 21
Where a retirement scheme is merely a “bare trustee” or
similar arrangement for an individual, the scheme is unlikely
to meet the definition for being a foreign superannuation
scheme. If retirement savings are held by a bare trustee,
section YB 21 provides that the underlying savings are
________________ by the individual personally. In those
circumstances, New Zealand would generally tax the
individual as if the individual is holding the underlying
investments of the “scheme” directly.
TIB Vol 20 No 4
deemed to be held
Where a retirement scheme is merely a “bare trustee” or
similar arrangement for an individual, the scheme is unlikely
to meet the definition for being a foreign superannuation
scheme. If retirement savings are held by a bare trustee,
section YB 21 provides that the underlying savings are
deemed to be held ___________________. In those
circumstances, New Zealand would generally tax the
individual as if the individual is holding the underlying
investments of the “scheme” directly.
TIB Vol 20 No 4
by the individual personally
Where a retirement scheme is merely a “bare trustee” or
similar arrangement for an individual, the scheme is unlikely
to meet the definition for being a foreign superannuation
scheme. If retirement savings are held by a bare trustee,
section YB 21 provides that the underlying savings are
deemed to be held by the individual personally. In those
circumstances, New Zealand would generally _____________ as if the individual is holding the underlying investments of the “scheme” directly.
TIB Vol 20 No 4
tax the individual
What is the title of section YB 21?
Transparency of Nominees
What is the Angora Cat problem in Patent Law?
Para 438 in the decision of MezhProm Bank v Pugachev refers to a phenomenon in patent law known as the Angora cat problem first identified by Professor Franzosi, an eminent academic expert in the field:
“Professor Mario Franzosi likens a patentee to an Angora cat. When validity is challenged, the patentee says his patent is very small: the cat with its fur smoothed down, cuddly and sleepy. But when the patentee goes on the attack, the fur bristles, the cat is twice the size with teeth bared and eyes ablaze.”
https://mattersoftrust.co.nz/2017/10/16/the-curious-story-of-the-angora-cat/
What is a ____________?
A _______________ is a trust where the only duty of the trustee is to act on the directions of the trust’s beneficiaries.
It is intended to cover situations where a person has deposited money with an investment custodian, who then deposits that money on behalf of that person.
https://treasury.govt.nz/publications/information-release/part-3-questions-and-answers-what-information-do-trusts-and-trustees-need-know-retail-deposit
bare trust
A bare trust is a trust where ___________________________ is to act on the directions of the trust’s beneficiaries.
It is intended to cover situations where a person has deposited money with an investment custodian, who then deposits that money on behalf of that person.
https://treasury.govt.nz/publications/information-release/part-3-questions-and-answers-what-information-do-trusts-and-trustees-need-know-retail-deposit
the only duty of the trustee
A bare trust is a trust where the only duty of the trustee is to act on the directions of the trust’s beneficiaries.
It is intended to cover situations where _____________________________________________________.
https://treasury.govt.nz/publications/information-release/part-3-questions-and-answers-what-information-do-trusts-and-trustees-need-know-retail-deposit
a person has deposited money with an investment custodian, who then deposits that money on behalf of that person
A bare trust is a trust where the only duty of the trustee is ______________________________.
It is intended to cover situations where a person has deposited money with an investment custodian, who then deposits that money on behalf of that person.
https://treasury.govt.nz/publications/information-release/part-3-questions-and-answers-what-information-do-trusts-and-trustees-need-know-retail-deposit
to act on the directions of the trust’s beneficiaries
It is intended to cover situations where a person has deposited money with an investment custodian, who then deposits that money on behalf of that person.
https://treasury.govt.nz/publications/information-release/part-3-questions-and-answers-what-information-do-trusts-and-trustees-need-know-retail-deposit
to act on the directions of the trust’s beneficiaries
It is intended to cover situations where ______________________________________, who then deposits that money on behalf of that person.
https://treasury.govt.nz/publications/information-release/part-3-questions-and-answers-what-information-do-trusts-and-trustees-need-know-retail-deposit
a person has deposited money with an investment custodian
It is intended to cover situations where a person has deposited money with an investment custodian, ___________________________________.
https://treasury.govt.nz/publications/information-release/part-3-questions-and-answers-what-information-do-trusts-and-trustees-need-know-retail-deposit
who then deposits that money on behalf of that person
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
_______________ = predistribution + withdrawals – value – contributions / predistribution
calculated gains fraction
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
calculated gains fraction = _________________ + withdrawals – value – contributions / __________________
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predistribution
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
calculated gains fraction = predistribution ___ withdrawals – value – contributions / predistribution
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+
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
calculated gains fraction ____ predistribution + withdrawals – value – contributions / predistribution
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=
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
calculated gains fraction = predistribution + ________________ – value – contributions / predistribution
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Withdrawals
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
calculated gains fraction = predistribution + withdrawals ___ value ___ contributions / predistribution
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–
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
calculated gains fraction = predistribution + withdrawals – ________ – contributions / predistribution
value
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
calculated gains fraction = predistribution + withdrawals – value – ________________ / predistribution
contributions
The “calculated gains fraction” is the greater of zero and the
result given by the formula in section CF 3(14) as follows:
calculated gains fraction = predistribution + withdrawals – value – contributions ___ predistribution
/
Where the formula for the “calculated gains fraction”
provides a negative result, the person must enter zero for
the “________________” term in the formula for the
“distributed gain” in section CF 3(12). The result is that
losses cannot be offset against other income in the person’s
income tax return.
TIB Vol 26 No 4
calculated gains fraction
Where the formula for the “calculated gains fraction”
provides a ____________, the person must enter zero for
the “calculated gains fraction” term in the formula for the
“distributed gain” in section CF 3(12). The result is that
losses cannot be offset against other income in the person’s
income tax return.
TIB Vol 26 No 4
negative result
Where the formula for the “calculated gains fraction”
provides a negative result, the person must enter __________ for
the “calculated gains fraction” term in the formula for the
“distributed gain” in section CF 3(12). The result is that
losses cannot be offset against other income in the person’s
income tax return.
zero
Where the formula for the “calculated gains fraction”
provides a negative result, the person must enter zero for
the “calculated gains fraction” term in the formula for the
“distributed gain” in section ____________. The result is that
losses cannot be offset against other income in the person’s
income tax return.
TIB Vol 26 No 4
CF 3(12).
Where the formula for the “calculated gains fraction”
provides a negative result, the person must enter zero for
the “calculated gains fraction” term in the formula for the
“distributed gain” in section CF 3(12). The result is that
_______________ cannot be offset against other income in the person’s
income tax return.
TIB Vol 26 No 4
Losses
Where the formula for the “calculated gains fraction”
provides a negative result, the person must enter zero for
the “calculated gains fraction” term in the formula for the
“distributed gain” in section CF 3(12). The result is that
losses cannot be offset against _______________ in the person’s
income tax return.
TIB Vol 26 No 4
other income
Where the formula for the “calculated gains fraction”
provides a negative result, the person must enter zero for
the “calculated gains fraction” term in the formula for the
“_______________” in section CF 3(12). The result is that
losses cannot be offset against other income in the person’s
income tax return.
TIB Vol 26 No 4
distributed gain
________________ are made up of many different galaxies. Some hundreds, some thousands, some hundreds of thousands.
https://www.ouruniverseforkids.com/super-clusters/
Super clusters
From what we can see in the ‘__________________’ we know of around a massive 10 million or so Super Clusters. These are great big clusters of galaxies that are as far as 100 million light – years away.
https://www.ouruniverseforkids.com/super-clusters/
Observable Universe
From what we can see in the ‘Observable Universe’ we know of around a massive ______________ or so Super Clusters. These are great big clusters of galaxies that are as far as 100 million light – years away.
https://www.ouruniverseforkids.com/super-clusters/
10 million
Different owners can have __________ main homes Co-owners of property can have different main homes. For example, a person living in one city may have a different main home from their spouse living in another city. The bright-line test will only apply to the extent the property is not the main home of an owner on disposal.
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different
Different owners can have different main homes Co-owners of property can have different main homes. For example, a person living in one city may have a different main home from their ______________ living in another city. The bright-line test will only apply to the extent the property is not the main home of an owner on disposal.
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spouse
Different owners can have different main homes Co-owners of property can have different main homes. For example, a person living in one city may have a different main home from their spouse living in another city. The bright-line test will only apply to the extent the property is not the _________________ on disposal.
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main home of an owner
The terms in the “calculated gains fraction” formula are defined in new section _________.
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CF 3(15)
The terms in the “____________________” formula are defined in new section CF 3(15).
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calculated gains fraction
“_______________” is the value of the person’s interest in the scheme immediately before they made their foreign superannuation withdrawal.
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Predistribution
“__________________” is the total amount of previous foreign
superannuation withdrawals the person has received
from their foreign superannuation scheme made during
their assessable period before the time the current lump
sum (for which the person is currently using the formula
method to calculate their assessable withdrawal amount)
was distributed. This term is zero if the person has received
no other lump sums from the foreign superannuation
scheme. If, for example, the person is calculating the
“calculated gains fraction” in respect of their third lump
sum, “withdrawals” would consist of the value of their first
and second lump sums.
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Withdrawals
“Withdrawals” is the total amount of previous foreign
superannuation withdrawals the person has received
from their foreign superannuation scheme made during
their assessable period _____________ the time the current lump
sum (for which the person is currently using the formula
method to calculate their assessable withdrawal amount)
was distributed. This term is zero if the person has received
no other lump sums from the foreign superannuation
scheme. If, for example, the person is calculating the
“calculated gains fraction” in respect of their third lump
sum, “withdrawals” would consist of the value of their first
and second lump sums.
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before
“_________” is the opening value of the person’s interest in the
scheme at the beginning of their assessable period. If the
person has an exemption period, “value” is the value of
their foreign superannuation interest at the end of their
four-year exemption period, not at the time of migration.
This is to ensure that gains made by the scheme during the
person’s exemption period and the pre-migration value
are not taxed. If a person does not have an exemption
period in relation to their foreign superannuation interest,
“value” is the value of the person’s scheme at the time they
first became a New Zealand tax resident while holding the
interest.
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Value
“Value” is the ____________________________ in the
scheme at the beginning of their assessable period. If the
person has an exemption period, “value” is the value of
their foreign superannuation interest at the end of their
four-year exemption period, not at the time of migration.
This is to ensure that gains made by the scheme during the
person’s exemption period and the pre-migration value
are not taxed. If a person does not have an exemption
period in relation to their foreign superannuation interest,
“value” is the value of the person’s scheme at the time they
first became a New Zealand tax resident while holding the
interest.
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opening value of the person’s interest
“Value” is the opening value of the person’s interest in the
scheme at the beginning of their assessable period. If the
person has an exemption period, “value” is the value of
their foreign superannuation interest at the _________________________, not at the time of migration.
This is to ensure that gains made by the scheme during the
person’s exemption period and the pre-migration value
are not taxed. If a person does not have an exemption
period in relation to their foreign superannuation interest,
“value” is the value of the person’s scheme at the time they
first became a New Zealand tax resident while holding the
interest.
end of their four-year exemption period
“____________________” is the total amount of recognised contributions under section CF 3(19) made to the scheme during the person’s assessable period before the distribution time. This term provides a deduction for contributions made for or on behalf of a person while the person is a New Zealand tax resident, if the contributions satisfy certain conditions. The formula method may otherwise treat some of the New Zealand contributions as gains and would result in over-taxation.
Contributions
“Contributions” is the total amount of _________________ under section CF 3(19) made to the scheme during the person’s assessable period before the distribution time. This term provides a deduction for contributions made for or on behalf of a person while the person is a New Zealand tax resident, if the contributions satisfy certain conditions. The formula method may otherwise treat some of the New Zealand contributions as gains and would result in over-taxation.
recognised contributions
“Contributions” is the total amount of recognised contributions under section CF 3(19) made to the scheme during the person’s assessable period before the distribution time. This term provides a deduction for contributions made for or on behalf of a person while the person is a New Zealand tax resident, if the contributions satisfy ______________. The formula method may otherwise treat some of the New Zealand contributions as gains and would result in over-taxation.
certain conditions
“Contributions” is the total amount of recognised contributions under section CF 3(19) made to the scheme during the person’s assessable period before the distribution time. This term provides a deduction for contributions made for or on behalf of a person while the person is a New Zealand tax resident, if the contributions satisfy certain conditions. The formula method may otherwise treat some of the New Zealand contributions as ________ and would result in over-taxation.
gains
