I’ve moved to the Sunshine Coast – how do I transfer my Kiwisaver to an Australian Super fund?

Let’s face it, the Sunshine Coast has a much nicer climate than NZ, so a frequent query is ‘how do I transfer my Kiwisaver to Australia?’.  If you have surplus funds after purchasing a property on the Sunshine Coast your primary investment vehicle should be superannuation.  Once you’re over 60 and you retire in Australia you can draw down a pension from your Australian superannuation fund.  This will generally result in tax-free income, tax-free capital gains, and tax-free withdrawals.  However, transferring your New Zealand KiwiSaver funds to an Australian superannuation fund can be a complex process, as the two systems are separate, and not all transfers are allowed. There are circumstances in which this transfer may be possible. Here’s a general guide to how it can be done.  By Mike Beal, your Sunshine Coast Financial Planner.

1. Check Eligibility: First, ensure that you meet the eligibility criteria for transferring your NZ KiwiSaver to an Australian superannuation fund on the Sunshine Coast. Typically, you must meet the following conditions:
   • You must be an Australian or New Zealand citizen or have Australian permanent residency.
   • You should be at least age 60, or over age 65, or meet other specified criteria.
   • You can’t have been a New Zealand resident for at least the last 12 months.
2. Contact Your KiwiSaver Provider: Get in touch with your KiwiSaver provider and inquire about the specific process for transferring your KiwiSaver funds to Australia. They will provide you with the necessary forms and guidance.
3. Choose an Australian Superannuation Fund: You need to have an Australian superannuation fund where you want to transfer your KiwiSaver funds. Research and select a fund that suits your needs. Ensure it accepts transfers from New Zealand KiwiSaver accounts.  This is where Mike Beal Financial Planning can assist – there’s a huge range of super funds in Australia and we can help you find one that suits you best.
4. Complete the Required Forms: Your KiwiSaver provider will provide you with the necessary forms to initiate the transfer. These forms might include a “Trans-Tasman Retirement Savings Portability Request” form or similar documents. Fill out these forms accurately.
5. Provide Identification and Documentation: You will likely need to provide various documents, including identification (e.g., passport, birth certificate), tax file number (TFN) declaration, and other information. Ensure that all documentation is valid and up to date.
6. Submit the Forms: Send the completed forms and supporting documents to your KiwiSaver provider. They will initiate the transfer process.
7. Wait for the Transfer: The transfer process may take some time, and it’s subject to the rules and regulations of both New Zealand and Australia. Be patient and wait for the transfer to be completed.
8. Confirm the Transfer: Once the transfer is completed, you should receive confirmation from both your KiwiSaver provider and your Australian superannuation fund. Ensure you keep records of these confirmations.
9. Tax Implications: Understand that there may be tax implications associated with transferring funds across borders. You may want to consult a tax professional in both New Zealand and Australia to ensure you are aware of any tax obligations.

It’s crucial to keep in mind that not all KiwiSaver funds can be transferred to Australian superannuation funds, and eligibility criteria can change. Therefore, it’s essential to consult with both your KiwiSaver provider and the chosen Australian superannuation fund to ensure you meet all requirements and complete the transfer successfully.

If you’d like to discuss your options further please email your local financial advisor on the Sunshine Coast, Mike Beal: mike@mikebealfp.com.au