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KiwiSaver Scheme

Rules for super providers who accept New Zealand-sourced amounts when reporting USM.

Last updated 1 March 2022

The law

Treasury Laws Amendment (2021 Measures No. 5) Act 2021 was enacted to improve the operation of the Trans-Tasman retirement savings portability arrangement between Australia and New Zealand by allowing the ATO to directly transfer unclaimed superannuation money (USM) of New Zealand (NZ) residents via the KiwiSaver Provider (KSP).

Reporting New Zealand-sourced amounts

When reporting USM, or trustee voluntary payments (TVP) to us, the New Zealand-sourced amounts must be reported separately from the Australian sourced amount. This is only required for Australian super providers who receive New Zealand-sourced amounts and have identified the New Zealand component when reporting USM.

The New Zealand-sourced amount does not include any returning Australian-sourced amount which is generally an amount that was previously received by a participating KiwiSaver scheme from an Australian super provider and was originally accrued in an Australian complying super fund.

Super providers who accept New Zealand-sourced amounts will report the Zealand-sourced amounts via the Unclaimed superannuation money statement paper form (NAT 71864).