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  • Superannuation

    [202137] Trans-Tasman retirement savings portability

    Registered

    September 2021

    Expected completion of consultation

    July 2022

    Consultation status

    Further consultation is being undertaken on the proposed solution.

    Consultation purpose

    To co-design a streamlined process and associated messaging for the transfer of ATO held unclaimed superannuation money (USM) for New Zealand residents via a KiwiSaver scheme provider.

    Description

    Currently New Zealand residents wishing to access their ATO held USM need to transfer the USM amounts to an Australian APRA fund before transferring it to a KiwiSaver fund in New Zealand.

     

    Once legislation is in effect and system functionality is in place, the streamlined process will allow the ATO to directly transfer USM of New Zealand residents to a KiwiSaver scheme provider, improving the operation of the Trans-Tasman retirement savings portability arrangement between Australia and New Zealand.

    Who we are consulting

    • New Zealand Inland Revenue
    • KiwiSaver scheme providers

     

    Consultation lead

    Kylie Osmond, Superannuation and Employer Obligations
    kylie.osmond@ato.gov.au
    Phone (02) 6216 6506

      Last modified: 03 May 2022QC 54486