KiwiSaver Transfers
If you’ve lived in New Zealand and moved to Australia, it’s likely you’ve left a KiwiSaver account behind.
Did you know you can transfer your KiwiSaver over to Australia and have all your retirement savings in one account?
The Trans-Tasman Retirement Savings Portability scheme allows you to transfer your retirement savings between New Zealand and Australian when you move from one country to another.
There are many benefits of transferring your KiwiSaver over to Australia, which we explain below.
Why transfer your KiwiSaver to Australia?
1. Save on admin fees and taxes
Moving your KiwiSaver balances to your Australian super funds can be a savvy option. The New Zealand Inland Revenue’s tax on KiwiSaver investment earnings is 28% after residents leave the country. Transfer your KiwiSaver to a KiwiSaver accepting fund in Australia such as First Super, and it will be taxed at a flat rate of 15%.
By having all your retirement savings together in one account means you’ll only pay one set of administration fees.
Over time, these savings add up.
2. Compound interest
Having all your retirement savings together in one place means more potential to compound the interest on your retirement savings than if you keep your money in separate accounts. This is the process of earning interest on interest.
3. Use your KiwiSaver to purchase your first home in Australia
You can use your KiwiSaver to buy your first home in Australia through the First Home Super Saver scheme, as long as you meet the criteria set out by the ATO.
Even if you already own a home in New Zealand, you can still apply for the FHSS scheme.
Before You Transfer
Before you transfer your KiwiSaver to Australia it is important you are aware of the rules around KiwiSaver.
Which super fund can you transfer your KiwiSaver to?
NZRelo has partnered with First Super, an APRA regulated industry super fund.
First Super makes it simple for you to transfer your KiwiSaver to Australia. They have successfully helped thousands of New Zealanders transfer their KiwiSaver to Australia and will be here for you through every step of the process. They are known for their personalised service as well as their strong long-term investment performance.
Be aware – there are only a handful of Australian funds that accept KiwiSaver transfers.
About First Super
- First Super has a track record of strong, long-term returns. For the 10 years to 30 June 2024, the average return was 7.56%2.
- They’re award winning – Money magazine has chosen First Super’s Growth investment option as the Best Balanced Super Product for 2024, due to the consistency of it’s performance over 1, 3, 5 and 10 years.
- They’re an Industry SuperFund regulated by APRA. This means profits go straight back to members, not shareholders.
- They pride themselves on their member service, with dedicated local coordinators3 and Financial Advisers providing in-person service at your workplace or home, over the phone or online.
- Their Financial Advisers4 offer a range of financial advice to all their members, from Retirement Health Checks at no extra cost to comprehensive personal advice for an additional fee.
- They offer competitive fees to cover costs and services, so members’ retirement savings don’t get eaten away.
- They provide a dedicated Member Services contact centre and live chat to answer any questions you have on KiwiSaver transfers or using your KiwiSaver to purchase your first home in Australia.
For more details about joining First Super or help on KiwiSaver Transfers, speak to First Super’s Member Services Team today 1300 360 988. Or use the Live Chat on the NZRelo website.
This article was produced by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988), as Trustee of First Super (ABN 56 286 625 181). It may contain general advice which has been prepared without taking into account your objectives, financial situation or needs. You should read and consider the PDS and TMD before making a decision to invest in First Super. To obtain a copy of the PDS or Target Market Determination, please contact First Super on 1300 360 988 or visit firstsuper.com.au/pds.
1Before 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.
2Past returns are not an indicator of future returns.
3First Super Member and Employer Services Coordinators can provide factual information and general advice only.
4First Super Financial Planners are authorised representatives of Industry Fund Services Limited (ABN 54 007 016 195, AFSL 232514).
