Did you spend time working in Australia from 1992? If so then it’s likely you will have some Australian superannuation. The good news is that with trans-tasman portability, you can now bring these savings home and add them to your KiwiSaver account.
There are a number of reasons why you might consider doing this. By having all your savings with the Summer KiwiSaver scheme, you’ll be able to easily keep track, and paying one set of fees helps to keep things simple.
If you have permanently emigrated to New Zealand you can transfer your approved Australian complying superannuation fund savings to the Summer KiwiSaver scheme. Simply download our transfer form and return to us, or contact us and we can help you.
We will write to your Australian superannuation scheme and ask them if they are willing to transfer your money to the Summer KiwiSaver scheme.
It can take time for the confirmation to be received so we will keep you informed of progress along the way.
Once we receive confirmation of their approval, your money in the Australian superannuation scheme will be transferred and converted to New Zealand dollars before it is added to your KiwiSaver account.
Transfers from Australian complying superannuation come with some restrictions. For example they can’t be used for a first home, or subsequently be withdrawn or transferred because you’ve emigrated to a third country.
Make sure you talk to us so we can discuss your situation. You may also wish to speak with your tax adviser to discuss any penalties and restrictions that may apply.
These restrictions are set by law; they affect when you can withdraw the funds and where funds can be transferred after leaving the original scheme.
The ability to make this type of transfer into the Summer KiwiSaver scheme is at our discretion and may change in the future.
If you have permanently emigrated to Australia and wish to leave the Summer KiwiSaver scheme, you can transfer your savings to an approved Australian complying superannuation fund that has confirmed to us that it is willing to accept the transfer.
Under Australian law if your balance is over AU$150,000 (if you’re 65 or over) or AU$450,000 (if you’re under 65), it isn’t possible to transfer.
It is estimated that New Zealanders have around $5 billion dollars worth of “lost” superannuation savings in Australia. If you think you are one of them, let’s see if we can assist you to track it down.
If you know your tax file number, visit the Australian Tax Office Superseeker and complete the details. A search will return a list of possible lost superannuation savings accounts, or tell you if there are no records.
If you are not sure of your tax file number then complete this form on the Australian Government Taxation Office website.