Superannuation – moving from Australia to New Zealand

superannuation when you move to nz

transferring super to nzSuper Transfers to New Zealand

If you’re planning to move permanently or indefinitely to New Zealand, you may transfer your retirement savings from a participating Australian super fund to a New Zealand KiwiSaver scheme.

You may only transfer retirement savings between a complying APRA-regulated superannuation fund and a KiwiSaver scheme.

Check with your fund and KiwiSaver scheme to see if they will charge any fees for transferring or accepting funds on your behalf.

You will need a New Zealand Inland Revenue Department (IRD) number to transfer you retirement savings to a KiwiSaver scheme.

You can use a statutory declaration, declared and witnessed in New Zealand, to prove you have permanently emigrated to New Zealand.

Transferring savings from your Australian super 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
  • contact your Australian super fund and 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.

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.

retirment savingsAccessing your retirement savings

Retirement savings you transfer to New Zealand from Australia are held in your KiwiSaver 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.

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. It’s also tax free to withdraw funds from your KiwiSaver scheme once you are legally allowed to access them.

Limits to how much you can transfer

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

Contact us if you require further assistance on 08 62672200.

Liz Gibbs

 

 

 

 

 

Liz Gibbs

SMSF MANAGER

Superannuation – moving from Australia to New Zealand
4 (80%) 1 vote

4 thoughts on “Superannuation – moving from Australia to New Zealand

  1. Hi there I am just wondering what’s the process of me transferring from my Australian super to kiwi saver ? I know my superannuation fund I just don’t know my login and other details .

    • Hi Christian,
      Thanks for your comment.
      The best thing to do in this instance is to contact your superannuation fund directly.
      They will ask you some questions to verify your identity, after which they should be able to provide you with the information you need to access your account.

      thanks.

  2. Hi I am 46 and have roughly 100k in my Australian super. I am thinking of moving to NZ permanently. Am I able to buy and run my own business in NZ with my Self managed Superfund? Thanks.

    • Hi Tracy,

      Thanks for your enquiry on transferring Superannuation to New Zealand. Unfortunately we would not be able to answer your question without issuing a statement of advice.

      However, there would be several issues that would likely need to be addressed.

      For example if your superannuation is in an Australian SMSF and you moved permanently to New Zealand the non residency issue would be relevant.

      And if the superannuation is transferred to New Zealand it would need to be transferred to Kiwi Superannuation and would be subject to their investment rules.

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