Transfering Savings from Kiwi Saver Account to AustralianSuper Advice Needed?

LSHINYSHINY on 13/11/2024 - 15:43

Hi, I'm an Australian citizen who has worked in New Zealand for a while. I have a Kiwi Saver account, and I would like to transfer the funds to my Australian Super account. I've looked at the ATO website, and my Fund is APRA-regulated. I've spoken to my Aussie fund; they said to speak to the ATO. I half know what to do; I just can't find any paperwork or forms to submit to get the ball rolling. if anyone knows what to do or knows this process. please point me in the right direction.

Cheers

Shiny

Financial Bank Account Savings Account

Comments

  • derpdeder on 13/11/2024 - 16:12

    There are about 5 Australian superannuation funds that accept KiwiSaver rollovers under the Trans-Tasman Retirement Savings Portability scheme. Australian super providers are not obliged to accept them and most do not.

    • star-ggg on 13/11/2024 - 16:13
      +3

      If that's the case, OP can transfer into one of those 5 funds then transfer from that fund into AusSuper.

      • derpdeder on 13/11/2024 - 16:36
        +1

        Nah, does not work. The KiwiSaver component is permanently identified as KiwiSaver origin and not blended with your Australian balance.

        The broad options for the OP are:
        1. Transfer to First Super or one of the other niche funds that accept it and leave it there until retirement.
        2. Buy their first house in NZ with it and withdraw it, up to $50k. There is no stamp duty there. The withdrawal does not have to go back into KiwiSaver on sale.
        3. Move to a third country "permanently" for 12 months and withdraw balance as cash.
        4. Incur a hardship and withdraw it.

        • star-ggg on 13/11/2024 - 16:38

          thanks for the clarification, it won't let me downvote myself for giving misinformation

          • derpdeder on 13/11/2024 - 16:45
            +2

            @star-ggg: Your comment was the first thing I tried to do, that is why I know of the other solutions. The whole scheme is set up to benefit KiwiSaver funds, not Australian funds. I got mine out eventually with option #3.

  • sneijder on 13/11/2024 - 16:17

    As far as i know, if you want to take the super out as First Home Buyer there is only 1 fund can both accept Kiwisaver and also does FHSS
    That is First Super.

    Go to their website and check it out. No need to go through ATO. They might tax your kiwisaver, though.

  • Frizzlerz on 13/11/2024 - 16:19
    +3

    I opened a super account with First super to do the transfer, they were really helpful with the process.

    They provided a prefilled "Kiwisaver acceptance letter" on their header that had the Firstsuper fund details

    My Kiwisaver had a form called "Trans-Tasman portability approval form" that I downloaded from their website

    First super pre-filled the Trans-Tasman portability approval form with all their details

    I then had to go to a justice of the peace to get all the forms documents signed

    Sent all the documents to my Kiwisaver and the money was transfered

    • SHINYSHINY on 13/11/2024 - 18:25
      +1

      Thanks mate, Just what was looking for.

      For anybody else following this thead:

      Australian superannuation funds that accept KiwiSaver rollovers under the Trans-Tasman Retirement Savings Portability scheme:

      Brighter Super

      Clearview WealthFoundations

      First Super

      TelstraSuper

      Verve Super

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