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speckledknob

4 posts

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#116033 16-Apr-2013 13:08
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can't find the right place to ask so figured I'd ask here... if anyone can point me in a better direction please do?

I recently got quite excited about the possibility of using my au super to help in the process of buying my first home, however it appears that this is not going to be possible...  therefore my question is this; if I transfer my aus super to kiwisaver and then emigrate overseas for a period of more than a year (e.g europe ) will I be allowed to withdraw the money that originally come from my australian super?
Or does anyone know of an alternative 'workaround' to the issue?

thanks heaps for any help


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Cambo
103 posts

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  #800181 16-Apr-2013 13:26
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How is it not possible?

As far as I know, Kiwisaver is primarily for superannuation and also for purchasing your first home, so I don't think the govt will cash you out or allow you to purchase a house overseas.
It may only be able to be transferred to certain Euro countries, and may have a cool-down period (can only transfer once every 5 years etc).

Kyanar
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  #800201 16-Apr-2013 14:18
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Cambo: How is it not possible?

As far as I know, Kiwisaver is primarily for superannuation and also for purchasing your first home, so I don't think the govt will cash you out or allow you to purchase a house overseas.
It may only be able to be transferred to certain Euro countries, and may have a cool-down period (can only transfer once every 5 years etc).


This is not correct.

In the event you emigrate permanently from New Zealand, and sign a statutory declaration to that effect (once you've lived overseas for a year), you can withdraw your entire Kiwisaver contribution, however you will not be able to withdraw any member tax credits the government chipped in.

This doesn't apply if you move to Australia, where the money must be transferred to a qualifying Australian super scheme

 
 
 
 


speckledknob

4 posts

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  #800220 16-Apr-2013 14:30
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Kyanar:
Cambo: How is it not possible?

As far as I know, Kiwisaver is primarily for superannuation and also for purchasing your first home, so I don't think the govt will cash you out or allow you to purchase a house overseas.
It may only be able to be transferred to certain Euro countries, and may have a cool-down period (can only transfer once every 5 years etc).


This is not correct.

In the event you emigrate permanently from New Zealand, and sign a statutory declaration to that effect (once you've lived overseas for a year), you can withdraw your entire Kiwisaver contribution, however you will not be able to withdraw any member tax credits the government chipped in.

This doesn't apply if you move to Australia, where the money must be transferred to a qualifying Australian super scheme


Yep... what I am unsure of is whether or not this includes australian super that has been transferred into kiwisaver (because if they have the power to stop me using it for the purchase of property.... ?)

the reason it is not possible in the use of buying property is because they have restricted the use of money transferred from australian super... due to the fact that it would be too easy for australians to access their super in this way (it is much more controlled over there, to be used purely for retirement) 

mattwnz
16739 posts

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  #800331 16-Apr-2013 16:52
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One thing to be aware of if withdrawing for a first home in NZ, is that the payment is excluding your $1000 kickstart, and less government contributions, and it gets paid to your lawyer. If you are doing a house sale without a lawyer, I am not sure if you can get it paid out. But I would expect a lawyer to cost the best of of $1k, which could be a significant bite out of your kiwisaver funds.

speckledknob

4 posts

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  #800362 16-Apr-2013 17:34
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for me personally 1k is nothing compared to what I have built up in my australian super in the past eight years... just need to find a way to access it

nigelj
856 posts

Ultimate Geek


  #800372 16-Apr-2013 18:06
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My understanding (and I may be wrong, it may have changed, but from when it was in a draft state):

You can't use transferred Australian Super for the first home grant, as Australian Super laws don't recognize such a scheme.  Providers need to effective keep track of money that entered a holder's Kiwisaver scheme account from a trans-tasman agreement and reserve it solely for retirement.

Now, here is the kicker, and something that interests me, is how they keep track of it, if it's based on a dollar value, or number of units (which is converted back and forth during a scheme transfer).  In former, you'd be able to claim interest from the Australian Super transfer units in the first home thingy-me-jig, in the latter, you wouldn't.

dickytim
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  #800651 17-Apr-2013 07:20
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I am just excited that I can get what is left of my money!

I had over $20,000 in super over there, there is now around $7,000 left!

I have been dealing with our works consultant on this and initially he thought it COULD be used for the deposit but yesterday said it couldn't.

As far as drawing it out, best to talk to you NZ super provider on that question or if your work has a consultant.

Also if you are emagrating to Europe wouldn't you be able to draw directly from you Ausrtralian super funds?

 
 
 
 


wellygary
4929 posts

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  #800698 17-Apr-2013 08:58
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speckledknob: for me personally 1k is nothing compared to what I have built up in my australian super in the past eight years... just need to find a way to access it


Short answer is NO, if you emigrate and leave the scheme any Australian contributions stay...

See this;
Taxation ( Annual Rates, Trans-Tasman Savings Portability, Kiwisaver, and remedial Matters ) Act 2010

"Subject to clause 14B, a member may, on application to the trustees (in the case of a restricted KiwiSaver scheme) or the manager (in the case of any other KiwiSaver scheme), and no earlier than 1 year after the member's permanent emigration from New Zealand, withdraw an amount equal to the member's accumulation, at the time of the withdrawal, less the total of the following 2 amounts:
  • “(a)the amount of the Crown contribution arising from a tax credit under section MK 1 of the Income Tax Act 2007 (disregarding any positive or negative returns for the purpose of calculating the amount of the Crown contribution):
  • “(b)the amount that was transferred from an Australian complying superannuation scheme (disregarding any positive or negative returns for the purpose of calculating that amount)."

SepticSceptic
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  #800713 17-Apr-2013 09:25
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dickytim: I am just excited that I can get what is left of my money!

I had over $20,000 in super over there, there is now around $7,000 left!



Wow !! That's a  big loss ! My Oz super flatlined, but didn't go 6ft under like yours did  ,...




My thoughts are no longer my own and is probably representative of our media-controlled government


dickytim
2514 posts

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  #800896 17-Apr-2013 12:34
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I am gutted abou the decrease, but pleased that I can remedy it now. I had all but written it off!

speckledknob

4 posts

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  #801787 18-Apr-2013 17:29
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wellygary:
speckledknob: for me personally 1k is nothing compared to what I have built up in my australian super in the past eight years... just need to find a way to access it


Short answer is NO, if you emigrate and leave the scheme any Australian contributions stay...

See this;
Taxation ( Annual Rates, Trans-Tasman Savings Portability, Kiwisaver, and remedial Matters ) Act 2010

"Subject to clause 14B, a member may, on application to the trustees (in the case of a restricted KiwiSaver scheme) or the manager (in the case of any other KiwiSaver scheme), and no earlier than 1 year after the member's permanent emigration from New Zealand, withdraw an amount equal to the member's accumulation, at the time of the withdrawal, less the total of the following 2 amounts:
  • “(a)the amount of the Crown contribution arising from a tax credit under section MK 1 of the Income Tax Act 2007 (disregarding any positive or negative returns for the purpose of calculating the amount of the Crown contribution):
  • “(b)the amount that was transferred from an Australian complying superannuation scheme (disregarding any positive or negative returns for the purpose of calculating that amount)."


bugger... but I appreciate the information Gary, thanks.
looks like I'm going to have to slog it out like the rest of you suckers... (no loop holes, nothin?)

Dicky, that sucks mate.. who were/are you with?

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