Trans-Tasman super portability
The Trans-Tasman super portability arrangement helps Australian and New Zealand (NZ) citizens – who emigrate between the 2 countries and intend to stay indefinitely or permanently – to take their retirement savings with them when they move across the Tasman.
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 NZ. The law allows the ATO to directly transfer unclaimed super money (USM) of NZ residents to the KiwiSaver providerExternal Link (KSP).
Reporting NZ-sourced amounts
When reporting USM or trustee voluntary payments (TVP) to us, the NZ-sourced amounts must be reported separately from the Australian sourced amount. This is only required for Australian super providers who receive NZ-sourced amounts and have identified the NZ component when reporting USM.
The NZ-sourced amount doesn't include any returning Australian-sourced amount. This is generally an amount that was previously received by a participating KiwiSaverExternal Link scheme from an Australian super provider and was originally accrued in an Australian complying super fund.
When reporting any accounts with NZ-sourced amounts, these need to be reported by completing the Unclaimed super money statement paper form (NAT 71864). If not reported separately, members may not receive their full entitlements.
Conditions of release
Generally, rollovers to other super funds don’t require the member to satisfy a condition of release, subject to the governing rules of your fund. For information on the Kiwi Saver scheme, see Trans-Tasman retirement savings transfers.
Defined benefits
Australian sourced retirement savings from an Australian untaxed source, or a defined benefit interest in an Australian defined benefit scheme, can't be transferred to a NZ KiwiSaver scheme.
Payment statement
Use this statement to provide information about the member's super interest to be transferred from a complying Australian Prudential Regulation Authority (APRA)-regulated super fund to a KiwiSaver scheme under the Trans-Tasman portability arrangement.
If you're a complying Australian super fund (other than a defined benefit fund, unfunded public sector scheme or self-managed super fund), complete the KiwiSaver scheme payment statement (NAT 74638) when you pay a member’s super benefits to a KiwiSaver scheme in NZ. You must pay the full super interest held by the member (other than defined benefit amounts).
You don't have to use this form – you can use a similar paper form that collects the same information.
A completed statement provides information about the member's super benefits, including the interest to be transferred from a complying APRA-regulated super fund to a KiwiSaverExternal Link scheme under the Trans-Tasman portability arrangement.
Completing the statement
The Australian super fund must complete all sections in the payment statement.
Section A: Receiving KiwiSaver scheme details
You can't make payment to a KiwiSaver scheme without this information.
3a KiwiSaver registration number
The KiwiSaver registration number can be confirmed by checking the NZ Financial Markets Authority website at KiwiSaver for scheme providersExternal Link.
Section B: Member details
Provide the member details for the super interest you're paying to the KiwiSaver scheme.
Section C: Payment details
Record amounts in Australian dollars.
10 Source component
Australian sourced amount
You need to include the Australian-sourced amounts at labels A and B.
You must identify any restricted non-preserved amount and unrestricted non-preserved amount held by the member on this statement.
If the member later returns to Australia, any returning non-preserved Australian amounts that are not identified here will be treated as preserved benefits.
Returning NZ sourced amount
Where applicable, you'll need to include any returning NZ sourced amount at label C.
The sum of components A + B + C must be equal to the total payment at label 11. The amount of the total payment must be equal to the amount being paid to the KiwiSaver scheme.
Section D: Australian super fund
As the payer of a super interest to a KiwiSaver scheme, provide your fund details.
Section E: Declaration
Complete the declaration that applies to you. Print your full name, and sign and date the declaration.
Record keeping
You're required to keep a copy of this statement in your records for 5 years.
You must send a copy of the completed statement to the member. Your member should:
- keep their copy of this completed statement indefinitely for their records
- provide copies of their super records, including this statement, to their chosen APRA-regulated fund in the event they decide to return to Australia in the future and bring their super savings with them.
Where to send the completed statement
Don't send the completed statement to us. You must:
- send this statement to the receiving KiwiSaver scheme in section A within 7 days of paying the benefit amount
- provide a copy of this statement to the member identified in section B within 30 days of paying the benefits to their KiwiSaver scheme
- keep a copy in your records for 5 years.
If you don't send the statement to the KiwiSaver scheme or to your member within the required number of days, we may charge you an administrative penalty. Penalties range from 1 to 25 penalty units depending on the size of your fund and how long the statement is overdue.