Super 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.

Accessing 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

SMSF MANAGER