8+ weeks before moving

Decide whether to move your KiwiSaver to Australia

If you're a KiwiSaver member, you can move it into an Australian super fund once you've moved permanently — but it's the whole balance, and the contributions cap applies.

ATO: trans-Tasman retirement savings transfers
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Moving to Australia doesn't force a decision about your KiwiSaver. Inland Revenue says that if you move to Australia permanently you can transfer your savings to an Australian super fund, but you don't have to. What you can't do is withdraw it as cash after a year away. That option is for people living in other countries, not Australia.

If you do transfer, the move is handled under the Trans-Tasman Retirement Savings Portability scheme. The transfer itself isn't taxed, but a few rules catch people out.

How to do it

  1. Decide whether to transfer at all. Leaving your savings in KiwiSaver is allowed. If you're unsure, ask your KiwiSaver provider how your account works while you live in Australia.
  2. Check both sides take part. The scheme is voluntary for funds as well as members. Only complying super funds regulated by APRA (the Australian Prudential Regulation Authority) can receive KiwiSaver money, so a self-managed super fund can't. Ask your KiwiSaver provider and your Australian fund to confirm they participate, and whether either charges a fee.
  3. Get your TFN first. You need an Australian Tax File Number to transfer, so apply for your TFN once you arrive.
  4. Expect to move everything. A transfer from KiwiSaver must be the whole balance. Partial transfers aren't allowed.
  5. Check the contributions cap. The ATO treats New Zealand-sourced savings you transfer as non-concessional (personal) contributions, so they count towards the non-concessional contributions cap. Going over it can mean releasing money from your fund or paying extra tax, and your total super balance also affects how much you can contribute. With a large balance, get advice before you transfer.
  6. Ask your KiwiSaver provider for the transfer details. Your Australian fund may ask for the Australian-sourced and New Zealand-sourced amounts, any tax-free component, any amount not previously counted towards the cap, and how much is restricted or unrestricted non-preserved. It will only accept the transfer once it has this information.
  7. Understand when you can get at it. Transferred savings sit in your fund in two parts. To access the Australian-sourced part, you'll generally need to be 60 or older and meet Australia's definition of retirement. The New Zealand-sourced part is available from New Zealand's retirement age, currently 65.

This is general information, not financial advice. A licensed financial adviser can look at your own fund, balance and plans.

Common mistakes

  • Planning on cashing out KiwiSaver a year after moving. That isn't available to people living in Australia.
  • Nominating a self-managed super fund.
  • Starting the transfer before you have a TFN.
  • Transferring a large balance without checking it against the non-concessional contributions cap.

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