Transferring Oz Super into Kiwisaver

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Forums › Finance and wealth management › Transferring Oz Super into Kiwisaver - anyone has any clue?

Batman

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#113909 31-Jan-2013 22:05

I remember that Oz has passed the law to allow NZers to move Oz Superannuation money into NZ but in the form of Kiwisaver ....

does anyone know how I get the ball rolling?

Batman

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#754111 31-Jan-2013 22:06

ok I feel dumb - the answer should be: contact you superannuation scheme in Oz ... duh!

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GeekGuy

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#754123 31-Jan-2013 22:21

I thought it was going to be around June/July this year that you will be able to do it.

meesham

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#754215 1-Feb-2013 08:32

GeekGuy: I thought it was going to be around June/July this year that you will be able to do it.

Yes that's meant to be the time frame. You can actually withdraw your super (as cash) if you plan on never going back to Australia, but be warned that if you do withdraw it and then go back to work in Australia the Tax Office could have some interesting questions for you. The new agreement basically allows for back and forth movement between super funds in both countries.

Batman

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#754219 1-Feb-2013 08:49

You must be a non nz citizen. Nz citizens are second class human beings in Oz. you can't sniff your super before age 55 dead or alive. If you could cash it I'd like to know which mafia has these internal connections.

meesham

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#754232 1-Feb-2013 08:58

joker97: You must be a non nz citizen. Nz citizens are second class human beings in Oz. you can't sniff your super before age 55 dead or alive. If you could cash it I'd like to know which mafia has these internal connections.

Right, I just double checked and you're correct - NZ citizens are ineligible as well. I'm an Australian citizen living in NZ (as a permanent resident, not yet a citizen) and I can't touch my super either, I'll be transferring it across as soon as possible.

I worked for one of Australia's bigger super/investment companies for about 5 years (albeit in their IT department) and always understood it to be just Australians that couldn't take their super with them when they leave.

gehenna

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#754264 1-Feb-2013 09:46

To be honest the timeframe has been June/July for the last 5 years. I remember they were talking about introducing the ability to transfer funds from Au to NZ when I first got back to NZ in 2005.

Hopefully it happens soon though, I have a lot of money sitting there gathering dust. Thankfully the interest earned is more than the fee to keep it locked up :)

Batman

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#754276 1-Feb-2013 10:12

the thing is the law has been passed late last year to allow this for NZers.

Don't know what you mean by the time frame has always been june-july for years ...

but yes, I am sceptical, won't believe anything until the money appears in NZ ... although now is not a good time, wonder if the exchange rate will improve to when I was there (74c oz to 1 NZD !!!)

GeekGuy

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#754313 1-Feb-2013 11:03

If I remember right you could only get $10,000 out (for financial hardship) but you had to jump thru hoops and then you were heavily taxed on that.
I am looking forward to the day we can transfer it back to NZ but I can imagine there will be more hoops to jump through.
Just think of all the kiwis that have worked over here over the years and how much money will be leaving Oz when it comes into being.

dickytim

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#754363 1-Feb-2013 12:34

joker97: You must be a non nz citizen. Nz citizens are second class human beings in Oz. you can't sniff your super before age 55 dead or alive. If you could cash it I'd like to know which mafia has these internal connections.

Not correct, NZ's have the advantage of being able to come and go to Australia and work at any point, this is why it is harder for us, we could go to NZ pull our super out then return a few years later.

As far as the dead or alive, not true, when my step father died his super was made available to his widow (my mother)

When I looked in to this when kiwi saver started it was too easy to get your hands on your money here so they never allowed it to be transfered, now things seem tighter so it may be allowed soon.

I will be finding out if I have any super left, when I left Aussie was when the super companies were taking huge commissions and every year peoples super funds got smaller and smaller.

I think I should have had $5,000 AUD at that time, but over serveral funds, I wish I could find my TFN!

bazzer

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#754427 1-Feb-2013 14:44

gehenna: To be honest the timeframe has been June/July for the last 5 years. I remember they were talking about introducing the ability to transfer funds from Au to NZ when I first got back to NZ in 2005.

Hopefully it happens soon though, I have a lot of money sitting there gathering dust. Thankfully the interest earned is more than the fee to keep it locked up :)

Won't it just end up here gathering dust? It will be locked away until you're 65 (or more) in Kiwisaver too!

dickytim

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#754441 1-Feb-2013 15:18

bazzer:
gehenna: To be honest the timeframe has been June/July for the last 5 years. I remember they were talking about introducing the ability to transfer funds from Au to NZ when I first got back to NZ in 2005.

Hopefully it happens soon though, I have a lot of money sitting there gathering dust. Thankfully the interest earned is more than the fee to keep it locked up :)

Won't it just end up here gathering dust? It will be locked away until you're 65 (or more) in Kiwisaver too!

It would be being added to here and hopefully the interest/divedends on both together would be higher that the fees.

Batman

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#754454 1-Feb-2013 15:49

very true. but it's very hard to do things across the ditch ... I like it close by ...

gehenna

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#754460 1-Feb-2013 16:08

Basically I want it here so I know that if I end up going under a bus or losing my mind when I'm older, it's available for me or whoever needs it without having to jump through Australian hoops to get it.

bazzer

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#754493 1-Feb-2013 17:24

dickytim:
bazzer:
gehenna: To be honest the timeframe has been June/July for the last 5 years. I remember they were talking about introducing the ability to transfer funds from Au to NZ when I first got back to NZ in 2005.

Hopefully it happens soon though, I have a lot of money sitting there gathering dust. Thankfully the interest earned is more than the fee to keep it locked up :)

Won't it just end up here gathering dust? It will be locked away until you're 65 (or more) in Kiwisaver too!

It would be being added to here and hopefully the interest/divedends on both together would be higher that the fees.

Same could be said for over there though, right? The comments after yours (above mine) clarify the situation and seem fair enough, just not what I gleaned from the initial reply.