You will need a New Zealand Inland Revenue Department (IRD) number to transfer your retirement savings in an Australian superannuation fund to a KiwiSaver scheme.
To transfer funds from your Australian super fund to a KiwiSaver scheme, you must:
- have permanently emigrated to New Zealand – you need to sign a statutory declaration stating this is the case, and provide proof of residence at an address in New Zealand*
- request the whole balance of your super savings be transferred to a KiwiSaver scheme
- have a KiwiSaver scheme ready to receive the transferred funds and ensured the KiwiSaver scheme is going to accept your Australian transfer.
*You can use a statutory declaration, declared and witnessed in New Zealand, to prove you have permanently emigrated to New Zealand.
RULES FOR TRANSFERS TO NEW ZEALAND
Once your Australian super fund savings are transferred to your KiwiSaver scheme, they are generally subject to New Zealand’s retirement savings rules.
Some rules apply only to money transferred from an Australian super fund to a KiwiSaver scheme, for example, it:
- can only be transferred from complying super funds regulated by APRA
- can’t be used to purchase your first home
- can’t be moved to a third country
- can be accessed when the member reaches 60 years old and satisfies the Australian definition of retirement.
For more details on transfers into and out of KiwiSaver schemes, check the New Zealand Government’s KiwiSaver website or contact your KiwiSaver scheme directly.
ACCESSING YOUR RETIREMENT SAVINGS IN NEW ZEALAND
Retirement savings you transfer to New Zealand from Australia are held in your KiwiSaver scheme account in two parts:
- the Australian-sourced component
- the New Zealand-sourced component
To access the Australian-sourced component, generally you will need to be 60 years old and satisfy the Australian definition of retirement. (See Accessing Super for details of preservation ages and the ways in which you can access your super in Australia.)
To access the New Zealand-sourced component, you will need to reach the New Zealand age of retirement (currently 65 years old).
INCOME TAX
A transfer from a participating Australian super fund to a New Zealand KiwiSaver scheme is not taxed. You can also withdraw funds tax-free from your KiwiSaver scheme once you are legally allowed to access them.
AUSTRALIA TO NEW ZEALAND TRANSFER LIMITS
There are no limits on how much you can transfer from an Australian super fund to a KiwiSaver scheme. However, you must transfer the whole balance of your Australian fund.
MOVING BACK TO YOUR ORIGINAL COUNTRY
If you move back to your original country, you can transfer your savings back too.
If you’re moving back to Australia, you need to provide a statement to your Australian super fund showing which components of your savings (Australian or New Zealand) were previously counted toward the Australian non-concessional contributions cap.
The statement also needs to show the different components (such as tax-free and taxable) of your retirement savings, so they retain that status when transferred back to Australia.
If you don’t provide this statement, all your savings will be counted towards the non-concessional contributions cap and you may have to pay excess contributions tax. Also, all the components of your Australian-sourced savings will become taxable and you may be liable for additional tax.
TRANSFER CHECKLIST
For First Super to roll out your account balance to a KiwiSaver scheme, we need all of the following to complete your request:
After we receive all of the above documents and information, we can go ahead with processing your request.
If you roll out to another Australian super fund that accepts KiwiSaver savings or to a New Zealand KiwiSaver scheme, First Super charges an exit fee of $75.00.
TRANSFER CHECKLIST
For First Super to roll out your account balance to a KiwiSaver scheme, we need all of the following to complete your request:
After we receive all of the above documents and information, we can go ahead with processing your request.
If you roll out to another Australian super fund that accepts KiwiSaver savings or to a New Zealand KiwiSaver scheme, First Super charges an exit fee of $75.00.
This is a sponsored advertising promotion by First Super Pty Limited (ABN 42 053 498 472, AFSL 223988) as trustee of First Super (ABN 56 286 625 181).
This document contains general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and read the Product Disclosure Statement before making any investment decisions. To obtain a copy of the PDS or Target Market Determination please contact First Super on 1300 360 988 or visit our website www.firstsuper.com.au.
