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International Tax > Foreign Superannuation Fund 2 > Flashcards

Foreign Superannuation Fund 2 Flashcards

1
Q

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.

Vol 26 No 4

A

Other gains

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2
Q

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.

Vol 26 No 4

A

total amount of

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3
Q

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.

Vol 26 No 4

A

distributed gain

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4
Q

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.

Vol 26 No 4

A

total amount of “distributed gain”

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5
Q

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.

Vol 26 No 4

A

calculated under this formula

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6
Q

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.

Vol 26 No 4

A

previous foreign superannuation withdrawals

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7
Q

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.

Vol 26 No 4

A

received in the assessable period

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8
Q

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 _________________________.

Vol 26 No 4

A

before this particular lump sum.

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9
Q

For the formula method “Other gains” is the total amount of “distributed gain” calculated under this formula for ____________________________________________ before this particular lump sum.

Vol 26 No 4

A

previous foreign superannuation withdrawals received in the assessable period

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10
Q

For the formula method “Other gains” is the total amount of “distributed gain” calculated under this formula for __________________________________________________________.

Vol 26 No 4

A

previous foreign superannuation withdrawals received in the assessable period before this particular lump sum.

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11
Q

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.
Vol 26 No 4

A

first lump sum

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12
Q

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.
Vol 26 No 4

A

other gains

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13
Q

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.
Vol 26 No 4

A

zero

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14
Q

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.

A

other gains

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15
Q

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.
Vol 26 No 4

A

distributed gain

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16
Q

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
___________________________.
Vol 26 No 4

A

first and second lump sums

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17
Q

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.

Vol 26 No 4

A

other gains

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18
Q

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.

Vol 26 No 4

A

wash-up

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19
Q

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.

Vol 26 No 4

A

over- or under-taxed

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20
Q

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 ___________________.

Vol 26 No 4

A

foreign superannuation interest

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21
Q

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

A

unrelated to retirement

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22
Q

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

A

Individual Retirement Account

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23
Q

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

A

IRA

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24
Q

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

A

Individual Retirement Account (IRA)

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25
Q

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

A

exclusive benefit of the individual or the individual’s beneficiaries

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26
Q

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

A

Without penalty

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27
Q

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.

A

higher education expenses

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28
Q

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.

A

first home purchases

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29
Q

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.

A

foreign superannuation schemes

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30
Q

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.

A

Medical expenses

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31
Q

What is an IRA for United States Superannuation Fund purposes?

A

Individual Retirement Account.

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32
Q

How does the United States discourage the use of an IRA for purpose unrelated to retirement?

A

A 10% penalty tax is imposed on any withdrawals made from the account before retirement.

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33
Q

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

A

bare trustee

34
Q

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

A

YB 21

35
Q

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

A

deemed to be held

36
Q

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

A

by the individual personally

37
Q

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

A

tax the individual

38
Q

What is the title of section YB 21?

A

Transparency of Nominees

39
Q

What is the Angora Cat problem in Patent Law?

A

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/

40
Q

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

A

bare trust

41
Q

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

A

the only duty of the trustee

42
Q

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

a person has deposited money with an investment custodian, who then deposits that money on behalf of that person

43
Q

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

A

to act on the directions of the trust’s beneficiaries

44
Q

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

A

to act on the directions of the trust’s beneficiaries

45
Q

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

a person has deposited money with an investment custodian

46
Q

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

A

who then deposits that money on behalf of that person

47
Q

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

A

calculated gains fraction

48
Q

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 / __________________

Vol26 No 4

A

predistribution

49
Q

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

Vol26 No 4

A

+

50
Q

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

Vol26 No 4

A

=

51
Q

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

Vol26 No 4

A

Withdrawals

52
Q

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

Vol26 No 4

A

–

53
Q

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

A

value

54
Q

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

A

contributions

55
Q

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

A

/

56
Q

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

A

calculated gains fraction

57
Q

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

A

negative result

58
Q

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.

A

zero

59
Q

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

A

CF 3(12).

60
Q

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

A

Losses

61
Q

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

A

other income

62
Q

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

A

distributed gain

63
Q

________________ are made up of many different galaxies. Some hundreds, some thousands, some hundreds of thousands.

https://www.ouruniverseforkids.com/super-clusters/

A

Super clusters

64
Q

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/

A

Observable Universe

65
Q

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/

A

10 million

66
Q

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.

Vol 26 No 1

A

different

67
Q

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.

Vol 26 No 1

A

spouse

68
Q

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.

Vol 26 No 1

A

main home of an owner

69
Q

The terms in the “calculated gains fraction” formula are defined in new section _________.

Vol 26 No 4

A

CF 3(15)

70
Q

The terms in the “____________________” formula are defined in new section CF 3(15).

Vol 26 No 4

A

calculated gains fraction

71
Q

“_______________” is the value of the person’s interest in the scheme immediately before they made their foreign superannuation withdrawal.

Vol 26 No 4

A

Predistribution

72
Q

“__________________” 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.

Vol 26 No 4

A

Withdrawals

73
Q

“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.

Vol 26 No 4

A

before

74
Q

“_________” 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.

Vol 26 No 4

A

Value

75
Q

“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.

Vol 26 No 4

A

opening value of the person’s interest

76
Q

“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.

A

end of their four-year exemption period

77
Q

“____________________” 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.

A

Contributions

78
Q

“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.

A

recognised contributions

79
Q

“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.

A

certain conditions

80
Q

“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.

A

gains

International Tax (6 decks)

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