Section MB 6 — Income Tax Act 2007: Treatment of distributions from retirement savings schemes

MB 6 Treatment of distributions from retirement savings schemes When this section applies (1) This section applies when— (a) a person receives a distribution of a retirement scheme contribution from a retirement savings scheme in an income year; and (b) RSCT has been withheld from the contribution; and (c) at the time of the distribution, the person is— (i) not eligible for New Zealand superannuation; and (ii) eligible for a distribution of a retirement scheme contribution from a retirement scheme contributor. Assessable income (2) For the purposes of calculating family scheme income, the distribution is assessable income of the person derived in the income year in which the distribution is made. Defined in this Act: assessable income , family scheme income , income year , New Zealand superannuation , retirement savings scheme , retirement scheme contribution , retirement scheme contributor , RSCT Compare: 2004 No 35 s KD 1(1)(hb) Section MB 6: added, on 1 April 2008, by section 457 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).