It is important that you seek taxation advice on the implications of transferring any retirement savings funds to an i-Select SMS. i-Select can facilitate specialist taxation advice if required – particularly in NZ and in the UK area – through i-Select Tax Ltd. This would be a separate engagement with i-Select Tax.
A New Zealand SMS will be a taxpayer in its own right and has a basic rate of tax of 33%. If the Trustee invests in Portfolio Investment Entitles (PIEs) then the rate of tax may be reduced to 28%.
An International SMS schemes is set up as a New Zealand Foreign Trust and is not liable to New Zealand tax on foreign income. If the Trustee does not invest in New Zealand assets, it will have no New Zealand tax liability.
These rules can be complex, but we can guide you through them.
If you want us to refer you to a financial adviser to assist you with your pension and possibly other investment decision-making, contact us and we will make a recommendation.
If you have decided that the i-Select PIE Superannuation Scheme is for you, contact us and we will get in touch with you to commence the process.contact