On 11 October 2012, Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 was introduced into the House of Representatives.
The following is extracted from the Explanatory Memorandum:
On 16 July 2009, the Australian Treasurer and the New Zealand Minister of Finance signed an Arrangement between the Government of Australia and the Government of New Zealand on Trans-Tasman Retirement Savings Portability (the Arrangement). The Arrangement establishes a scheme to enable Australians and New Zealanders to transfer their retirement savings when they move between Australia and New Zealand, while preserving the integrity of the retirement savings systems of both countries.
Schedule 1 to the Bill amends the ITAA 1997 and other Acts to introduce the Arrangement.
The amendments commence on the day the Arrangement between the Government of Australia and the Government of New Zealand comes into force for Australia.
In media release No 2012/065, issued 11 October 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, commented on the introduction of the Bill. He said that the legislation is scheduled to commence on 1 July 2013.