Bringing Super from Australia back to NZ

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Forums › Finance and wealth management › Bringing Super from Australia back to NZ

heavenlywild

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#64555 17-Jul-2010 22:17

Hey guys,

Has anyone managed to bring back the super you've earned from Aussie back home to NZ? Any particular difficulties?

bazzer

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#353212 19-Jul-2010 08:04

I don't think this is possible yet. The Aussie providers won't send it over here. Eventually, you'll be able to transfer it to your KiwiSaver account, but not yet I don't think.

meesham

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#353266 19-Jul-2010 10:31

bazzer: I don't think this is possible yet. The Aussie providers won't send it over here. Eventually, you'll be able to transfer it to your KiwiSaver account, but not yet I don't think.

The two governments are currently working on being able to move super between the two schemes, but it's not available yet. What you can do if you're not planning to ever working Australia again is request to withdraw all your superannuation, and NZ has no compusory super scheme you can get the money immediately and not have to wait until you're 55 and not working fulltime. However if you do this and then try to go back to Australia to work you will have a few problems.

I worked for one of the larger West Australian superannuation/investment companies for about 7 years but finished there in 2004 so the rules might have since then. I'd suggest you give your super fund manager a call and see what they suggest.

gehenna

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#353272 19-Jul-2010 10:45

I looked into this a few weeks ago, and it's not yet possible. A reciprocal agreement is due to be signed "mid-2010" however given the reshuffle of the australian government I can't see this happening anytime soon. Your best bet is to try and put it into some sort of holding fund with your aus super provider, with the lowest possible monthly fees so you're not just whittling away at your super over time until you can finally transfer it back here. I pay $5 a month on my MLC fund.

heavenlywild

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#353280 19-Jul-2010 11:02

I have been to the Australian Tax Office website and there is a link to get your super paid out. A couple of my friends have managed to do so but they did it over 5 years ago so Iam not sure what the rules are now. As long as you state you won't ever retire in Aussie then apparently it's ok. However, what kind of penalties apply if you do come back? Hmmm...

MikeyPI

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#353327 19-Jul-2010 12:09

I would be more worried about the NZ govt trying to tax you on it...