Important - Overseas Pension Transfers

The Inland Revenue has radically changed the way it treats the transfer of overseas pension funds for tax purposes and any lump sum transfers bringing funds to New Zealand.  There has been a lot of media coverage to raise awareness of these recent changes.  So if you have already brought over your pension fund or are thinking about bringing it over, read on. This doesn’t apply if you are in retirement and receiving regular payments.

If you brought over your pension between 2000 and 2014 and have not prepared a tax return or taken professional tax advice, you need to address matters urgently as the filing deadline of 31 March 2016 is nearly upon us.  There are some complex issues and calculations to consider what tax is due but the IRD has given an easy to calculate and low risk concession.

For residents who still have pension funds overseas and are thinking of transferring them to New Zealand, there are a mixture of tax, financial and foreign legislative issues to consider that mean you need to take advice from a range of experts.

Whatever your situation or your past or future actions, ignoring it is not a good course of action!  If you would like to find out more or have any questions, please contact Philippa on 09 238 5939 or 0800 2 ENGINE.