You will also need to check with your KiwiSaver fund to see if they will charge any fees for transferring funds on your behalf.

The Australian and New Zealand governments agreed the Trans-Tasman Retirement Savings Portability Scheme to allow someone who has retirement savings in both Australia and New Zealand to consolidate their savings into one account in the country where they currently live.

Employers need to check if new employees are eligible to be automatically enrolled, enrol them if they are, and make KiwiSaver deductions and contributions. Coronavirus: updates and support for members, Coronavirus: updates and support for employers, Your Member and Employer Services Coordinators, Privacy Policy and Information Collection Statement. However, any contributions you make to your KiwiSaver account while living in Australia will not be eligible for member tax credits in New Zealand. Copyright © NZRelo™ 2020. it can only be transferred to, and held in, a complying super fund (such as First Super) that is regulated by the Australian Prudential Regulation Authority (APRA), it cannot be transferred to a self-managed super fund, it cannot be transferred to a third country. Transfers are not eligible personal contributions for the purpose of receiving the super co-contribution for low-income earners. Under current rules, if your total Australian super balance is above $1.6 million, you won’t be able to transfer your KiwiSaver balance to Australia. There are no limits to how much you can transfer from an Australian super fund to a New Zealand KiwiSaver scheme. LEAVING KIWISAVER IN NEW ZEALAND. Transfers are not eligible personal contributions for the purpose of receiving the super co-contribution for low-income earners.

If I transfer my KiwiSaver savings to my First Super Account, can I use that money to access the First Home Super Saver Scheme (FHSS)? If you move back permanently to New Zealand, you can transfer your retirement savings back to New Zealand too.

If you exceed the cap, you will be liable for excess contributions tax. All Rights Reserved. We do not charge a fee for accepting your KiwiSaver into your First Super account. If you don’t have one yet, you can apply for one from the Australian Taxation Office website. Once your KiwiSaver scheme savings are transferred to your Australian super fund, they are generally subject to Australia’s superannuation rules. First Super does not charge a fee for accepting your KiwiSaver savings into your First Super account. First Super isn’t able to make this decision or provide any advice as to whether or not you can access the FHSS Scheme with money transferred from a KiwiSaver scheme. So they will be subject to the non-concessional contributions cap. 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). To be eligible to make a first home withdrawal form your KiwiSaver Account, you must have not made a withdrawal; from KiwiSaver for this purpose before, and: You need to have been a member of a KiwiSaver scheme or a complying superannuation fund for at least 3 years (note, the 3 years is the membership period and not the savings period), and However, any contributions you make to your KiwiSaver account while living in Australia will not be eligible for member tax credits in New Zealand. SuperEasy KiwiSaver Superannuation Scheme First or Second-chance Home Withdrawal Application. We can accept both your KiwiSaver scheme transfer to your First Super account AND your Super Guarantee Contributions from your Australian employer. The most common conditions of release for paying benefits are that the member: To access the New Zealand-sourced component of your super account, you will need to reach the New Zealand age of retirement (currently 65). Content was accurate at the date of issue in July 2020, but may subsequently change. Are you a First Super member or employer? Are you a First Super member or employer? You can start the joining process here or contact our Member Services Team for help. the KiwiSaver portion of the account must remain with First Super and can be accessed only when the member reaches New Zealand’s retirement age (currently age 65). Under current rules, if your total Australian super balance is above $1.6 million, you won’t be able to transfer your KiwiSaver balance to Australia. TRANSFERS TO A KIWISAVER SCHEME.

KiwiSaver HomeStart grant. Ultimately, the decision about whether your KiwiSaver savings are eligible for the FHSS Scheme rests with the ATO. the KiwiSaver portion of the account must remain with First Super and can be accessed only when the member reaches New Zealand’s retirement age (currently age 65). First Super will treat your contributions as non-concessional (personal) contributions. First Super will treat your contributions as non-concessional (personal) contributions. More details and a transfer checklist are included in our KiwiSaver Transfers fact sheet.

If you move back permanently to New Zealand, you can transfer your retirement savings back to New Zealand too. Once First Super receives your Trans-Tasman Portability Approval Form and the transfer of your KiwiSaver is completed, we will send you a letter to confirm: You will need an Australian tax file number (TFN) to transfer your retirement savings to an Australian super fund. Ultimately, the decision about whether your KiwiSaver savings are eligible for the FHSS Scheme rests with the ATO. A transfer from a New Zealand KiwiSaver scheme to a participating Australian super fund is not taxed. KIWISAVER TRANSFERS TO FIRST SUPER. More details and a transfer checklist are included in our KiwiSaver Transfers fact sheet. However, again, you must transfer the whole balance of your Australian super fund account. Any investment earnings on these KiwiSaver funds, plus the contributions made while in Australia, will be subject to all Australian rules regarding access to your super savings. Coronavirus: updates and support for members, Coronavirus: updates and support for employers, Your Member and Employer Services Coordinators, Privacy Policy and Information Collection Statement, that we received the roll-in and the date we received the funds. Before making a decision to combine your superannuation, you should consider any costs, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser. KiwiSaver is a voluntary savings scheme to help set you up for your retirement. You can also withdraw the funds tax-free from your super account once you’re legally allowed to access them. If you have moved to Australia, you can leave your New Zealand retirement savings in your KiwiSaver scheme. There are limits on this if you have more than $1.4 million in super. What happens if I leave my savings in my KiwiSaver Scheme?

has reached their preservation age and retires, has reached their preservation age and begins a transition-to-retirement income stream, finishes employment on or after the age of 60. is 65 years of age (even if they haven’t retired). the total funds received from your KiwiSaver. First Super is a complying super fund. Send the ‘Trans-Tasman Portability Approval’ form to First Super for our processing. You may only transfer retirement savings between a complying super fund regulated by the Australian Prudential Regulation Authority (APRA) and a New Zealand KiwiSaver scheme. the total funds received from your KiwiSaver account. If you have moved to Australia, you can leave your New Zealand retirement savings in your KiwiSaver scheme. We can accept both your KiwiSaver scheme transfer to your First Super account AND your Super Guarantee Contributions from your Australian employer. Any savings you transfer to an Australian super fund are not tax deductible as a personal contribution. Once your KiwiSaver scheme savings are transferred to your Australian super fund, they are generally subject to Australia’s superannuation rules. This is currently $100,000 for the 2018/19 year, or $300,000 if you are under age 65 by triggering the bring-forward rule. You may only transfer retirement savings between a complying super fund regulated by the Australian Prudential Regulation Authority (APRA) and a New Zealand KiwiSaver scheme.

The most common conditions of release for paying benefits are that the member: To access the New Zealand-sourced component of your super account, you will need to reach the New Zealand age of retirement (currently 65). First Super is a complying super fund. Once First Super receives your ‘Trans-Tasman Portability Approval’ form and the transfer of your KiwiSaver scheme savings is completed, we will send you a letter to confirm: You will need an Australian tax file number (TFN) to transfer your retirement savings to an Australian super fund. Certain KiwiSaver and other foreign fund transfer amounts are eligible contributions for calculating your maximum FHSS release amounts. Any investment earnings on these KiwiSaver funds, plus the contributions made while in Australia, will be subject to all Australian rules regarding access to your super savings. To transfer your KiwiSaver to First Super, you must: *If you’re not a First Super member already, you will need to join to get your member number before starting the transfer. If you would like to discuss a KiwiSaver transfer, or have any other questions about your super, please call our Member Services Team on 1300 360 988, or email us. You will need an Australian tax file number (TFN) to transfer your retirement savings to an Australian super fund. This is currently $100,000 for the 2018/19 year, or $300,000 if you are under age 65 by triggering the bring-forward rule. If I transfer my KiwiSaver savings to an Australian super fund, when can I access them? CHILD CARE & EARLY LEARNING IN AUSTRALIA (6), MARRIAGE & RELATIONSHIPS IN AUSTRALIA (7), TRANSPORTING YOUR BELONGINGS TO AUSTRALIA (3), Have left New Zealand and permanently reside (live) in Australia, Transfer the full balance of your KiwiSaver scheme account, Contact your KiwiSaver fund to obtain a ‘Trans-Tasman Portability Approval’ form and check on any other of its requirements for transferring to an Australian complying super fund (your First Super account)**.