Do you have Super in Australia?

With an estimated $A5 billion ‘lost’ Australian superannuation belonging to Kiwis, the proposal by the New Zealand and Australian governments to allow the transfer of retirement savings between countries is a welcome one. When in force, this exciting change will allow Australians or returning Kiwis who move to New Zealand to bring their superannuation with them – as long as they invest it in KiwiSaver. 

To be eligible, funds need to be from an Australian complying superannuation fund, which is regulated by the Australian Prudential Regulation Authority (“Super Scheme”).

In addition, those KiwiSaver investors who emigrate to Australia, will be able to move their KiwiSaver funds to a Super Scheme in Australia.

So, when do the rules change?

The new rules will apply once Australia enacts the legislation. We’ll keep you up to date on progress.

Why transfer to KiwiSaver?

You may have a couple, or even several, Super Scheme accounts, which can make it hard to keep track of your savings. Having everything in one place, and in New Zealand dollars for that matter, will make managing your finances much simpler. And you could also save on administration fees by consolidating your superannuation into KiwiSaver.

However, there are significant tax considerations to take into account, so it’s important you talk to an independent tax adviser if you are unsure about what’s right for you and your situation.

Tracking your Super

If you think you have a Super Scheme in Australia but need a hand locating it, the following tools may help:

Australian Tax Office website   
Searching for Lost Super form 

Want to know more?

If you’re interested in finding out more and would like to be sent information as soon as developments arise, please email us or call us on 0800 737 575.