Section MK 8 — Income Tax Act 2007: Treatment of tax credits on permanent emigration

MK 8 Treatment of tax credits on permanent emigration When this section applies (1) This section applies in the case of a permanent emigration from New Zealand when a person for whom a tax credit has been paid asks their fund provider after their emigration to withdraw or transfer from their KiwiSaver scheme or complying superannuation fund under schedule 1, clause 14 of the KiwiSaver Act 2006 or an equivalent provision. Payment to Commissioner (2) The fund provider must pay to the Commissioner as soon as practicable the lesser of— (a) the amount of the tax credit paid for the person and held by the provider: (b) the amount of member’s accumulation, as defined in the KiwiSaver Act 2006 for the person for a KiwiSaver scheme: (c) the amount of employee’s superannuation accumulation for the person for a complying superannuation fund. Recovery (3) If the fund provider does not pay the amount under subsection (2) as soon as practicable, they are treated as having an amount of tax credit paid in excess of that properly payable. Defined in this Act: amount , Commissioner , complying superannuation fund , employee’s superannuation accumulation , fund provider , KiwiSaver scheme , New Zealand , pay , tax credit , Compare: 2004 No 35 ss KJ 3 , OB 1 “ member credit year ” Section MK 8(2)(a): amended, on 1 April 2008, by section 131 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).