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Foreign Retirement Funds

Do you know the ATO takes a very narrow view on KiwiSaver, US 401(k), 403(b) funds, Canadian retirement savings plan and UK individual pension plans, Japanese pension? 

If you have an interest in those foreign retirement funds, you might be subject to very harsh tax treatment. It is also unfortunate that the new Foreign Accumulation Fund rule is still not passed as the final legislation, with an effective date from 1 July 2010.

We strongly recommend that you seek professional advice as to the tax treatment of the investment in foreign retirement funds. 

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