Why transfer your KiwiSaver to Australia?

Are you planning to move to Aus? Yep. Have you thought of bringing your KiwiSaver to Australia? Nope?

We thought you might say that.

If you’re planning to permanently move to Australia, then you should consider transferring your KiwiSaver to an Australian super fund. Here’s why.

Benefits of transferring your KiwiSaver to Australia

  • Save on Taxes – Leave your KiwiSaver in NZ and your investment returns will be taxed at 28%. If you transfer to a KiwiSaver accepting fund in Australia, like First Super, these will be taxed at 15%.
  • Save on admin fees – Having multiple accounts means paying multiple admin fees. Stop wasting money and have your KiwiSaver and your superannuation all together in one super fund.
  • Compound Interest – Albert Einstein called compound interest one of the eight wonders of the world. “He who understands it, earns it. He who doesn’t, pays it.” Let’s go with Albert Einstein.

    Combing all your retirement savings together in one place means you’ll receive more compound interest than if they are left in separate accounts. We all want more money for our retirement!
  • Use your KiwiSaver to purchase your first home in Australia –Yes, that’s right! You can use some of your KiwiSaver as a deposit to purchase your first home in Australia under the Australian Government’s First Home Super Saver scheme (FHSSS)1.

    These are all great benefits of transferring your KiwiSaver over to Australia. However, before you transfer your KiwiSaver across the ditch, you need to be aware of some important rules.
The rules (simplified)
  • KiwiSaver accepting fund – You can only transfer your KiwiSaver to a KiwiSaver accepting fund like First Super. There are literally just a handful of superannuation funds in Australia which accept KiwiSaver transfers.
  • Can I transfer to an SMSF? – Unfortunately, you cannot transfer your KiwiSaver to an Australian SMSF. The Australian government doesn’t allow it.
  • You can transfer your KiwiSaver to another super fund…. but – For whatever reason you may want to transfer your KiwiSaver to another superannuation fund once your KiwiSaver is in Australia.

    You can do this BUT it must be with another KiwiSaver accepting fund. The big Australian super funds do not accept KiwiSaver transfers. Remember there are only a handful of super funds which accept KiwiSavers.
  • You can transfer back to New Zealand – Good news! If you ever decide to move back to New Zealand, you can transfer both your KiwiSaver and superannuation back to New Zealand.
  • Use your KiwiSaver to purchase your first home in Australia – More good news! You can use up to AUD $15,000 of your KiwiSaver to purchase your first home in Australia under the Australian Government’s First Home Super Saver scheme (FHSSS). Read more about KiwiSaver and FHSSS1.

Transfer Your KiwiSaver With First Super

First Super has helped many New Zealanders transfer their KiwiSaver across to Australia so they can enjoy:

  • Consistent, strong investment performance
  • Competitive fees, value for money
  • Profit-to-members industry fund – they hey put their members first
  • Access to financial planners and financial advice that’s in your best interests, no strings attached
  • Education and support whatever your stage of life
  • Cost effective Death and TPD insurance cover should anything happen to you
  • Dedicated member services team and live chat
  • No KiwiSaver transfer fees or exit fees.
JOIN FIRST SUPER

First Super – KiwiSaver accepting fund – If you have any questions about transferring your KiwiSaver over to Australia, contact First Supers’ Member Services:

  • Calling from New Zealand (or overseas):+61 3 8663 2110
  • Calling from Australia: 1300 360 988
MORE SUPER NEWS

Issued by First Super Pty Limited (ABN 42 053 498 472, AFSL 223988) as Trustee of First Super (ABN 56 286 625 181).

Past returns are not an indicator of future returns.

This document contains general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and read the Product Disclosure Statement before making any investment decisions. To obtain a copy of the PDS or Target Market Determination please contact First Super on 1300 360 988 or visit our website at firstsuper.com.au/pds.