The Australian --- Page: 11 : 23 May 2007 Original article by Gillian Bullock
ABIX Summary
The superannuation taxation regime has changed in Australia. From 1 July 2007, those aged 60 and over will be able to take their super free of tax. Many New Zealanders (NZ) work in Australia for long periods, accumulate super then want to return to NZ to retire. They will have to consider their tax liability when they take their super back to NZ. A New Zealander living in Australia must reach his or her preservation age in order to take the super. If the person has not been resident in NZ for more than 10 years, he or she can take a once-only window of opportunity. In this period, he or she can receive foreign distributions without being taxed in NZ. This period will be for 48 months following full resumption of residency in NZ.
