KiwiSaver Transfers to First Super

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.

First Super is one of the few Australian super funds that can accept a transfer of KiwiSaver scheme savings.

First Super does not charge a fee for accepting your KiwiSaver savings into your First Super account.

HOW TO TRANSFER YOUR KIWISAVER SAVINGS TO FIRST SUPER

To transfer your KiwiSaver scheme savings across to First Super, you need to meet all of the following:

  • Be or become a First Super member*
  • Have an Australian Tax File Number (TFN)
  • 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)**
  • Send the ‘Trans-Tasman Portability Approval’ form to First Super for our processing.

*If you’re not a First Super member already, you will need to join to get your member number before starting the transfer. You can start the joining process here or contact our Member Services Team for help.

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

WHEN THE TRANSFER IS COMPLETED

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:

  • that we received the roll-in and the date we received the funds
  • the total funds received from your KiwiSaver account.

RULES FOR KIWISAVER TRANSFERS TO AUSTRALIA

You will need an Australian tax file number (TFN) to transfer your retirement savings to an Australian super fund. If you don’t have one yet, you can apply for one from the Australian Taxation Office website.

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. First Super is a complying super fund.

You must transfer the entire balance of your KiwiSaver account when you transfer to an Australian fund. 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.

Limits to how much you can transfer

The limit on how much you can transfer from a KiwiSaver scheme to an Australian super fund depends on your non-concessional contributions cap. 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. There are limits on this if you have more than $1.4 million in super.

First Super will treat your contributions as non-concessional (personal) contributions. So they will be subject to the non-concessional contributions cap. If you exceed the cap, you will be liable for excess contributions tax.

Rules for the transferred funds

Once your KiwiSaver scheme savings are transferred to your Australian super fund, they are generally subject to Australia’s superannuation rules.

Some rules apply only to the money transferred from a KiwiSaver scheme and held in an Australian super fund, for example:

  • 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
  • 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).

ACCESSING YOUR RETIREMENT SAVINGS

Retirement savings you transfer to Australia from New Zealand are held in your super account in two parts:

  • the New Zealand-sourced component
  • the Australian-sourced component

To access the Australian-sourced component, you will need to meet one of the ‘conditions of release’, generally reaching your preservation age.

The most common conditions of release for paying benefits are that the member:

  • 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).

To access the New Zealand-sourced component of your super account, you will need to reach the New Zealand age of retirement (currently 65).

FAQ'S

The limit on how much you can transfer from a KiwiSaver scheme to an Australian super fund depends on your non-concessional contributions cap. 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. There are limits on this if you have more than $1.4 million in super.

First Super will treat your contributions as non-concessional (personal) contributions. So they will be subject to the non-concessional contributions cap. If you exceed the cap, you will be liable for excess contributions tax.

A transfer from a New Zealand KiwiSaver scheme to a participating Australian super fund is not taxed. You can also withdraw the funds tax-free from your super account once you’re legally allowed to access them.

Any savings you transfer to an Australian super fund are not tax deductible as a personal contribution.

Transfers are not eligible personal contributions for the purpose of receiving the super co-contribution for low-income earners.

Transfers are also not eligible for a spouse contribution tax offset.

Certain KiwiSaver and other foreign fund transfer amounts are eligible contributions for calculating your maximum FHSS release amounts. For more information see the Australian Taxation Office’s (ATO) Guidance Note 2018/1 First home super saver scheme.

Ultimately, the decision about whether your KiwiSaver savings are eligible for the FHSS Scheme rests with the ATO. 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.

If you have moved to Australia, you can leave your New Zealand retirement savings in your KiwiSaver scheme. Transferring your KiwiSaver account to an Australian super fund is totally up to you. However, any contributions you make to your KiwiSaver account while living in Australia will not be eligible for member tax credits in New Zealand.

Find out more about leaving your KiwiSaver in New Zealand and the impact it can have here.

You can access the New Zealand part of your savings when you reach New Zealand’s retirement age, currently age 65. 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.

If you move back permanently to New Zealand, you can transfer your retirement savings back to New Zealand too. There are no limits to how much you can transfer from an Australian super fund to a New Zealand KiwiSaver scheme. However, again, you must transfer the whole balance of your Australian super fund account

FAQ'S

The limit on how much you can transfer from a KiwiSaver scheme to an Australian super fund depends on your non-concessional contributions cap. 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. There are limits on this if you have more than $1.4 million in super.

First Super will treat your contributions as non-concessional (personal) contributions. So they will be subject to the non-concessional contributions cap. If you exceed the cap, you will be liable for excess contributions tax.

A transfer from a New Zealand KiwiSaver scheme to a participating Australian super fund is not taxed. You can also withdraw the funds tax-free from your super account once you’re legally allowed to access them.

Any savings you transfer to an Australian super fund are not tax deductible as a personal contribution.

Transfers are not eligible personal contributions for the purpose of receiving the super co-contribution for low-income earners.

Transfers are also not eligible for a spouse contribution tax offset.

Certain KiwiSaver and other foreign fund transfer amounts are eligible contributions for calculating your maximum FHSS release amounts. For more information see the Australian Taxation Office’s (ATO) Guidance Note 2018/1 First home super saver scheme.

Ultimately, the decision about whether your KiwiSaver savings are eligible for the FHSS Scheme rests with the ATO. 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.

If you have moved to Australia, you can leave your New Zealand retirement savings in your KiwiSaver scheme. Transferring your KiwiSaver account to an Australian super fund is totally up to you. However, any contributions you make to your KiwiSaver account while living in Australia will not be eligible for member tax credits in New Zealand.

Find out more about leaving your KiwiSaver in New Zealand and the impact it can have here.

You can access the New Zealand part of your savings when you reach New Zealand’s retirement age, currently age 65. 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.

If you move back permanently to New Zealand, you can transfer your retirement savings back to New Zealand too. There are no limits to how much you can transfer from an Australian super fund to a New Zealand KiwiSaver scheme. However, again, you must transfer the whole balance of your Australian super fund account

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 publication may contain general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consult the Product Disclosure Statement (PDS) firstsuper.com.au/pds before making any investment decision. 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. Past returns are not a reliable indicator of future returns. Content was accurate at the date of issue in July 2020, but may subsequently change. Please contact First Super on 1300 360 988 for updated information or to obtain a copy of the PDS. No commissions or fees are paid to NZ Relo as part of this promotion, apart from advertising costs.

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending
Copyright © NZRelo™ 2020. All Rights Reserved.
Loading

To save this website, tap the button and select Add To Home Screen.

× Tap this message to dismiss.

Forgot your details?