trans-Tasman tagged posts

Australian Superannuation Portability Allowed

August 25, 2008 International FinanceNew Zealand Finance  No comments

The New Zealand and Australian government have reached a consensus to allow the transfer of superannuation funds belonging to New Zealanders that are held by the Australian government.

The Australian government estimates that the currently hold $13 billion AUD in unclaimed superannuation funds, estimates put up to 30% of this as possibly belonging to New Zealanders who no longer reside in Australia. By current regulation there is no way to access these trans-Tasman funds until their owner is 60 years old.

The scheme allows for reciprocal action of Australian residents wishing to transfer their New Zealand superannuation funds to Australia. Under the scheme proposed by Trade Minister Phil Goff, the portability of superannuation will begin in 2009.

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Free-trade Talks with ASEAN

August 25, 2008 International FinanceNew Zealand Finance  No comments

It is expected that next week, the Association of South-East Asian Nations (ASEAN) will hold talks with New Zealand and Australian ambassadors, possibly about a the feasibility of free-trade agreements.

It is expected that ASEAN will continue current talks this week in order to finalize a free-trade agreement between ASEAN and India. Pending the results of the discussion, next week could be used for talks with the ASEAN ambassadors of New Zealand and Australia. Predominantly the subject will be ensuring that the ASEAN-India free-trade agreement can be signed in December.

With the rising concern of ASEAN about the importance regional trading pacts in the face of continually rising powers like India and China, the possibility of talks about a free trade agreement between New Zealand and ASEA...

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Imputation and Franking Credit Recognition

August 15, 2008 International TaxationNew Zealand Taxation  No comments

According to information provided by the New Zealand Parliament, the New Zealand and Australian governments are working on mutual recognition of Imputation and Franking Credit. Under the current tax regulations, investors have to pay tax on any dividends earned in New Zealand or Australia.

If the proposed recognition were to be adapted, investors and shareholders will be able to choose in which country they pay the tax on their dividends.

The issue of double taxation on dividends has been raised for many years, and if the proposed regulation were to be approved it would help the processes of further integration of the New Zealand and Australian economies

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