In today’s global economy, more organisations are finding themselves investing and conducting business in an international marketplace. Government regulations however continue to make crossing borders difficult. Despite the many proposals and changes designed to lessen the regulatory disparities between jurisdictions, differing laws remain a significant hurdle in many commercial areas.
These differences are particularly evident in the world of superannuation and pension plans. This is mainly due to the different approaches to these matters that exist globally.
The Australian and New Zealand governments have announced a proposal to enable the transfer of superannuation (from Australia) and KiwiSaver (from New Zealand) between the jurisdictions. The proposal is relatively restricted in its current draft form. The changes however represent a significant step in allowing more freedom of investment choice and management for people in these jurisdictions.
The proposed effective date of the changes is 1 July 2013.
Should you have any queries in relation to the above please contact Murray Howlett of our Taxation Services Division on (07) 3023 1300.