Trans-Tasman Retirement Savings Portability scheme
The Trans-Tasman Retirement Savings Portability scheme allows you to transfer your retirement savings between Australia and New Zealand when you move from one country to the other.
The transfer is voluntary for both:
- members
- Australian super funds and New Zealand KiwiSaver schemeExternal Link providers.
Check with your Australian super fund or New Zealand KiwiSaver scheme provider to confirm they are participating in the scheme. Only complying super funds that are regulated by the Australian Prudential Regulation AuthorityExternal Link (APRA) and New Zealand KiwiSaver scheme providers can participate in these transfers.
If you have permanently emigrated to New Zealand or are a New Zealand citizen, you may be eligible to transfer any ATO-held unclaimed super money we are holding for you to a New Zealand KiwiSaver scheme.
Transfers to Australia
If you move permanently or indefinitely to Australia, you may transfer your retirement savings from a KiwiSaver scheme to a participating Australian super fund.
Check with your KiwiSaver scheme provider and your Australian super fund to see if they will charge any fees for transferring or accepting funds on your behalf.
You'll need an Australian tax file number (TFN) to transfer your retirement savings to an Australian super fund.
Information you may need from your KiwiSaver scheme provider
When transferring super savings from your KiwiSaver scheme to an Australian super fund, your fund may request details of any:
- Australian-sourced or New Zealand-sourced amounts that form part of the transfer
- tax-free component of an Australian-sourced amount
- amount not previously counted towards the non-concessional contributions cap
- restricted non-preserved or unrestricted non-preserved amounts.
Ask your KiwiSaver scheme provider to provide these details. The Australian super fund will only accept the transferred amount when they have this information.
Conditions on transfers to an Australian super fund
Transfer limits and excess contributions tax
Transfers from a New Zealand KiwiSaver scheme to a complying Australian super fund must be the whole balance of the account – partial transfers are not allowed.
If your balance is more than the transfer limit, you will be unable to transfer your savings.
New Zealand-sourced retirement savings transferred to Australia are treated as non-concessional (or personal) contributions and are subject to the non-concessional contributions cap. Contributions over this cap are subject to excess contributions tax.
Your total superannuation balance also impacts how much you can contribute.
Transfer only to an APRA fund
Money transferred from a KiwiSaver scheme:
- can only be transferred to, and held in, a complying super fund regulated by APRA
- cannot be transferred to a self-managed super fund.
How transfers are treated
A transfer from a New Zealand KiwiSaver scheme to a participating Australian super fund is not taxed. Withdrawals from your Australian super account are tax-free once you meet a condition of release.
Any savings you transfer to an Australian super fund are:
- not deductible as a personal contribution
- not eligible personal contributions for the purpose of receiving the super co-contribution
- not eligible for a spouse contribution tax offset.
Accessing your retirement savings
Retirement savings you transfer to Australia from New Zealand are held in your super fund in two parts:
- the New Zealand-sourced component
- the Australian-sourced component.
To access the Australian-sourced component, generally you will need to be 60 or older and satisfy the Australian definition of retirement.
To access the New Zealand-sourced component, you will need to reach the New Zealand age of retirement (currently 65).
Transfers to New Zealand
If you move permanently to New Zealand, you may be able to transfer your Australian retirement savings that are:
- held in a participating Australian super fund – to a New Zealand KiwiSaver scheme
- ATO-held unclaimed superannuation money – to a KiwiSaver scheme, or directly to a New Zealand financial institution in some circumstances.
Transfer from an Australian super fund
To transfer retirement savings from your Australian super fund to a KiwiSaver scheme, you must:
- hold your retirement savings in a complying APRA-regulated superannuation fund
- have permanently emigrated to New Zealand – you need to sign a statutory declaration stating this is the case, and provide proof of residence at an address in New Zealand
- transfer the whole balance of your super savings to a KiwiSaver scheme
- ensure the KiwiSaver scheme is ready to receive and accept your Australian transfer.
Check with your Australian super fund and KiwiSaver scheme provider to see if they will charge any fees for transferring or accepting funds on your behalf.
You'll need a New Zealand Inland Revenue DepartmentExternal Link (IRD) number to transfer your retirement savings to a KiwiSaver scheme.
Transfer of ATO-held unclaimed super money
New Zealand permanent residents and citizens who have worked in Australia and received superannuation contributions may be able to have any ATO-held unclaimed super money (USM) transferred to their KiwiSaver scheme or New Zealand financial institution.
When an Australian super fund can no longer locate you, or your account is deemed an inactive low balance account, they are required to transfer the funds to us. Money transferred to us in these circumstances is known as ATO-held USM.
You may be able to have your ATO-held USM transferred if all of these conditions are met:
- you have permanently emigrated to New Zealand and have worked in Australia and received superannuation
- you're a New Zealand citizen who has worked in Australia and received superannuation
- your unclaimed superannuation money is held by the ATO
- you can provide enough information for us to be satisfied that the money being held belongs to you.
Tax may be payable on direct payments.
You'll need to check that your KiwiSaver scheme is participating in the Trans-Tasman Retirement Savings Portability scheme and will accept payments of ATO-held USM.
To apply, complete the application form and provide sufficient information to demonstrate that the money being held belongs to you.
There is no need to contact us to check the progress of your application. Your KiwiSaver scheme provider will notify you that the transfer is accepted on your member statement.
For more information, see Searching for lost super.
Transfer of ATO-held USM to a New Zealand financial institution
You may apply to have your ATO-held USM transferred directly to your New Zealand financial institution if:
- you're 65 years or older, or
- the amount is less than $200.
Tax may be payable in Australia.
Conditions on transfers to a KiwiSaver scheme
Transfer rules
Australian retirement savings transferred to a KiwiSaver scheme:
- can only be transferred from a complying super fund that is regulated by APRA
- can't be used to purchase your first home
- can't be moved to a third country.
There are no limits on how much you can transfer from an Australian super fund to a KiwiSaver scheme. However, you must transfer the whole balance of your Australian fund.
How transfers are treated
A transfer from a participating Australian super fund to a New Zealand KiwiSaver scheme is not taxed. Withdrawals from your KiwiSaver scheme are tax-free once you are legally allowed to access them.
Accessing your retirement savings
Australian retirement savings transferred to New Zealand are held in your KiwiSaver scheme in two parts:
- the Australian-sourced component
- the New Zealand-sourced component.
To access the Australian-sourced component, generally you will need to be 60 or older and satisfy the Australian definition of retirement.
To access the New Zealand-sourced component, you will need to reach the New Zealand age of retirement (currently 65 years old).
Moving back to your original country
If you move back to your original country, you can transfer your savings back.
If you move back to Australia, you will need to provide a statement to your Australian super fund showing the:
- components of your savings (Australian or New Zealand) that were previously counted toward your Australian non-concessional contributions cap
- different components (such as tax-free and taxable) of your retirement savings, so they retain that status when transferred back to Australia.
If you don't provide this statement, all your savings will be counted towards the non-concessional contributions cap and you may have to pay excess contributions tax. Furthermore, all the components of your Australian-sourced savings will become taxable and you may be liable for additional tax.
Example
Silpa is 35 years old. She is an Australian citizen currently living in New Zealand.
During her working life in Australia, Silpa accumulated $20,000 in her Australian complying super fund. She does not intend to return to Australia and transfers her Australian super benefits to her KiwiSaver scheme in New Zealand.
Silpa’s Australian fund provides her and the receiving KiwiSaver scheme with a statement about the transferred benefits, including information about her contributions (concessional or non-concessional) and components (taxable or non-taxable).
After 15 years in New Zealand, Silpa decides to return to Australia and transfers all her accumulated savings to an Australian complying super fund.
Silpa provides the receiving Australian fund with a statement from her previous Australian fund confirming $10,000 of her Australian-sourced savings were counted towards the non-concessional contributions cap. This amount is not counted against the cap again. The taxable and non-taxable components of her Australian-sourced savings also retain their status.
Silpa’s New Zealand-sourced savings, and the balance of her Australian-sourced savings, are subject to the non-concessional contributions cap as they were not previously counted against them.
End of example