Section MB 5 — Income Tax Act 2007: Treatment of distributions from superannuation schemes

MB 5 Treatment of distributions from superannuation schemes When this section applies (1) This section applies when— (a) a person receives a distribution from a superannuation scheme in an income year; and (b) an employer of the person has made contributions to the superannuation scheme in— (i) the income year in which the distribution was received; or (ii) the 2 income years immediately before that income year; and (c) the person continues to work for the employer for 1 month or more after the date of the distribution. When this section does not apply (2) This section does not apply to a person who receives a distribution from a superannuation scheme— (a) as a result of and on or after the person's retirement from employment with an employer who was a contributor to the scheme: (b) if the superannuation scheme is a KiwiSaver scheme or a complying superannuation fund. Assessable income (3) For the purposes of calculating family scheme income, the distribution referred to in subsection (1) is assessable income of the person derived in the tax year or years that corresponds to the income year or years in which the contributions were made. The amount does not include an amount attributable to a contribution by the person as a member of the superannuation scheme. Defined in this Act: assessable income , complying superannuation fund , corresponding income year , employer , employment , family scheme income , income year , KiwiSaver scheme , superannuation scheme , tax year , Compare: 2004 No 35 s KD 1(1)(h) Section MB 5(2): replaced (with effect on 1 April 2008), on 2 November 2012, by section 122(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section MB 5 list of defined terms complying superannuation fund : inserted (with effect on 1 April 2008), on 2 November 2012, by section 122(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section MB 5 list of defined terms KiwiSaver scheme : inserted (with effect on 1 April 2008), on 2 November 2012, by section 122(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).