The FSC Workplace Savings community welcome changes to the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill for small defined benefit schemes.
Submissions on the Bill have succeeded in rolling back the proposed investment income tax increase to 39% from the current 33% for legacy defined benefit schemes which have fewer than 20 members and therefore no longer qualify as widely held superannuation funds for tax purposes..
The community also welcome the acceptance of the submission that the current 33% investment income tax rate for the relevant schemes should reduce to 28%. That reduced investment income tax rate will take effect on effective 1 April 2024.
Feel free to contact us for more information, or to join the FSC Regulation or Taxation Committees (open to staff in FSC members only).
Click on the image to access FSC's Consolidation of Small Defined Benefit Schemes report.
![db schemes report](https://blog.fsc.org.nz/hs-fs/hubfs/Member-only%20content/Guidelines/db%20schemes%20report.png?width=1234&height=871&name=db%20schemes%20report.png)