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New Zealand
Tax changes for superannuation schemes
A joint industry officials Working Group report on the Taxation of Life Insurance and Superannuation Funds Savings (TOLIS) has proposed amendments to the taxation treatment of superannuation. The Working Group proposed that, while keeping the flat tax rate at 33%, lower income earners could be credited with the difference between the 33% tax rate and the employee's marginal rate under the PAYE rules in respect of contributions and by way of a tax credit in respect of investment income. This would remove any potential disadvantage. The Government is considering implementing this recommendation or at least reducing the flat rate on a temporary basis and is releasing a discussion document on the subject, with any changes possibly coming into effect on 1 April 1998.
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