Can I transfer my Australian super to my NZ KiwiSaver?

What do I need before I can move it?

Four things, all set out by the Australian Taxation Office. To transfer your Australian super to a KiwiSaver scheme you must:

• hold it in a complying super fund regulated by APRA
• have permanently emigrated to New Zealand, which you confirm by signing a statutory declaration and giving proof of a New Zealand address
• transfer the whole balance of your super
• have a KiwiSaver scheme that is ready to receive it

You also need a New Zealand IRD number.

The whole-balance rule is the one that catches people. You cannot send part of it and leave the rest in Australia.

Does everyone take part?

No. The Trans-Tasman Retirement Savings Portability scheme is voluntary on both sides, for you and for the providers. The ATO suggests checking with both your Australian fund and your KiwiSaver provider that they participate, and whether either charges a fee for sending or receiving.

So the first step is two questions, one to each provider, before any paperwork.

Is the transfer taxed?

Not in New Zealand. Inland Revenue says it plainly: "You will not be taxed on withdrawals or transfers from an Australian superannuation."

That is worth noticing, because it is not how New Zealand treats other foreign retirement savings. Lump sums from other foreign superannuation schemes go through special tax rules once the first four years of New Zealand tax residence are up. Australian super is carved out of that entirely.

When can I get the Australian money back out?

At 60, if you have retired. That is five years earlier than the rest of your KiwiSaver.

Clause 4B of the KiwiSaver scheme rules says a member "may withdraw the amount that was transferred from an Australian complying superannuation scheme" if they are 60 or more and their retirement has occurred, using the Australian definition of retirement.

One detail matters here. The clause measures the amount "disregarding any positive or negative returns". What comes out at 60 is the sum that was transferred in. Whatever that money has earned since it arrived stays with the rest of your KiwiSaver, which is locked until 65.

What can't the Australian money be used for?

Two things, and the KiwiSaver Act names both.

A first home. Clause 8 lets members withdraw for a first home, but caps the withdrawal at the balance less $1,000 and less "the amount that was transferred from an Australian complying superannuation scheme". The Australian money stays put.

Emigrating somewhere else. If you later leave New Zealand for a country other than Australia, clause 14 lets you withdraw your KiwiSaver a year after you go, but again less the amount transferred from Australia.

The effect is that money which started in Australian super keeps Australian-style limits after it moves. It cannot be cashed out early simply by passing through New Zealand.

Can Australian unclaimed super come across too?

In some cases, yes. The ATO notes that if you are a New Zealand citizen or permanent resident and it is holding unclaimed super money for you, it may be able to transfer that to a KiwiSaver scheme, or in some circumstances directly to a New Zealand financial institution.

What this guide does not tell you

It does not tell you whether moving the money is a good idea. That depends on fees, investment options, any insurance you would lose by closing the Australian account, and what you plan to do next. Those are questions for someone who knows your circumstances.

It also leaves alone how a transfer interacts with the money's Australian tax components, what happens if you move back to Australia later, and how any of this affects an Australian or New Zealand pension.

The ATO page most of this relies on was last updated on 3 June 2024. The KiwiSaver side of the scheme has been in the Act since 1 July 2013, but check the ATO page before acting.