Changes to the Income Tax Act exempting New Zealand Superannuation to 31 December 2012.
On 8 October 2014 the Cook Islands Parliament passed an amendment to the Income Tax Act 1997 which retrospectively exempts New Zealand Superannuation as assessable for income tax purposes up until 31 December 2012.
People in the Cook Islands who have been in receipt of the New Zealand Superannuation are now able to have their tax returns reassessed. In situations where monies are owed to those individuals by the Crown, it can either be refunded or credited to meet future or outstanding tax obligations.
The Revenue Management Division have written to its current list of people in the Cook Islands who are receipt of New Zealand Superannuationto be engaged in this process.
People in receipt of New Zealand Superannuation are still required to include their superannuation income received in 2013 in their 2013 tax return. If a person is unable to pay their tax by the due date of 3 November 2014 then they should contact the Revenue Management Division at MFEM and enter into an arrangement.
If you have any questions please contact us on 29365.