KIWISAVER TRANSFERS

Making transferring your Super between New Zealand and Australia easy

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1300 99 85 42

If you’re planning to permanently emigrate to Australia, you may be able to transfer your retirement savings from a KiwiSaver scheme to a participating Australian super fund – like WA Super.

WA Super is one of a few Australian super funds that accept KiwiSaver transfers as part of the Trans-Tasman Portability scheme.

Note: Transfers are only available to people living and working in Australia on a permanent basis.

To transfer your KiwiSaver Scheme savings over to WA Super you need to:

  • Be a WA Super member;
  • Have an Australian Tax File Number (TFN);
  • Have left New Zealand and permanently reside in Australia;
  • Be transferring the whole balance of your KiwiSaver scheme and not partial amounts; and
  • Obtain from your New Zealand KiwiSaver fund their transfer form and fulfil any of their requirements.

There are rules that apply to money transferred from a KiwiSaver scheme, and they include:

  • Money can only be transferred to and held in a complying super fund regulated by the Australian Prudential Regulation Authority (APRA).
  • You cannot roll your KiwiSaver Component to another super fund in Australia unless they are a super fund who can also receive KiwiSaver transfers directly. This is because it is not compulsory for a super fund to accept KiwiSaver transfers.
  • You cannot roll your KiwiSaver Component to a Self-Managed Super Fund (SMSF) or to another country.
  • The KiwiSaver component cannot be accessed until you reach the New Zealand retirement age (currently age 65).
  • Any amounts transferred count towards your non-concessional (after tax) contribution cap.
  • If you are age 65 or over you must meet the work test (that is, you have worked 40 hours or more in any consecutive 30 day period during current financial year) before WA Super can receive KiwiSaver funds from New Zealand.
  • Should you permanently return to New Zealand the option to transfer the funds back to New Zealand is also available.
  • Whilst there is no limit as to how much you can transfer from a KiwiSaver Scheme to your WA Super account, you can only transfer the whole amount of your KiwiSaver account balance, so you need to be aware of your non-concessional contribution cap limit.
  • If your KiwiSaver scheme balance is above your non-concessional contribution cap limit, you will not be able to go ahead with the transfer and WA Super must return the whole amount to your KiwiSaver Scheme. A person under 65 can contribute up to three times the current non-concessional cap to utilise the ‘bring forward rule’ under certain circumstances.
  • More information about the non-concessional cap can be found here.

Kiwisaver scheme savings transferred to WA Super from New Zealand is held in WA Super in two components, the:

  • New Zealand-sourced component – to access this you will need to reach the New Zealand age of retirement (currently 65).
  • Australian-sourced component – to access this you will need to meet a condition of release.

More information on conditions of release can be found here.

If you transfer an amount into WA Super from a Kiwisaver scheme, the Kiwisaver amount can be used for an eligible FHSSS contribution, except if the amounts transferred from a Kiwisaver scheme are Australian-sourced amounts or returning New Zealand-source amounts (that is, amounts that have previously been reported by an Australian superannuation fund).

Applications to withdrawal the money as an FHSSS amount are made to the Australian Taxation Office (ATO). For more information check out First Home Super Saver Scheme section.

Employer contributions to WA Super

If you join WA Super, not only can you transfer your KiwiSaver funds to them, WA Super can also accept superannuation contributions from employers Australia wide.

Consolidating your Australian superannuation accounts

If you’re a member of more than one Australian super fund, you may wish to consolidate your other  funds into your WA Super account by using WA Super’s Find and Combine online tool. By doing so, you may reduce paying multiple fees. Please be advised that your other fund may charge an exit fee and any insurance you have through your other fund will cease when you close that account.

Find out more

Give WA Super’s friendly Member Services Team a call on (08) 9480 3500 or 1300 99 85 42 (country callers) or visit the ATOs website for more information about the KiwiSavers schemes and any tax issues to be aware of.

This is a paid promotion by WA Local Government Superannuation Plan Pty Ltd, as Trustee of the WA Local Government Superannuation Plan (WA Super). Other than payment for advertising, no commissions or other fees are payable to NZRelo. Information provided here will change from time to time, is general in nature and not tailored to your personal and financial situation. You should consider if the information is appropriate to you. Before making a decision about WA Super, you should read the Product Disclosure Statement available at www.wasuper.com.au or by contacting the Fund on (08) 9480 3500. All applications must be made and received in Australia. WA Super is the trading name of WA Local Government Superannuation Plan ABN 18 159 499 614 and its Trustee is WA Local Government Superannuation Plan Pty Ltd ABN 64 066 797 162, AFSL 269006.

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