Moving Superannuation to Australia

If you have moved to Australia permanently or indefinitely, it is possible to transfer your retirement savings from your KiwiSaver to your Australian superannuation fund, as long as the Australian superannuation fund is an Australian Prudential Regulation Authority (“APRA”). These funds will be treated differently to superannuation you earn while working in Australia and will only become available once you have reached retirement age in New Zealand, which is currently 65.

If you are transferring your retirement savings from your KiwiSaver and it exceeds a certain limit, you may have to pay “excess contributions tax”, as it is treated as a “non-concessional contribution” for Australian taxation purposes. This limit may vary depending on your age.

If you return to New Zealand after residing in Australia and having monies deposited into an Australian superannuation fund, it is possible to transfer your retirement savings from an Australian superannuation fund into a KiwiSaver account. Once these monies have been transferred to your KiwiSaver account, they will be treated differently to superannuation earned in New Zealand and will only become available once you have reached retirement age in Australia, which is currently 60. If you are transferring Australian superannuation into a KiwiSaver account, they will not be taxed.

Need to know more? WA Super have the answers on transferring your super between New Zealand and Australia.

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