Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




1596 posts

Uber Geek
+1 received by user: 71


Topic # 179047 24-Aug-2015 15:16
Send private message

Im wondering if anyone has gone down the process of trying to access their aussie super early via financial hardship or compassionate grounds?

I know they say on the sites you have to have been on a commonwealth benefit for 26 weeks, but the person Im thinking of has major debts and is incapable of working (physically for last 6 years), lives with a not so finacially committed partner so cant access NZ WINZ or qualify for ACC (sucks big time for the partner).

They do have $80k in super but its spread across multiple funds in aus and could be quite difficult to apply for from NZ?

Just thought id ask and see if anyones got knowledge on the low down.

Thanks

Create new topic
2915 posts

Uber Geek
+1 received by user: 414

Trusted
Subscriber

  Reply # 1373431 24-Aug-2015 22:47
Send private message

Sorry, but there's no room to move on that one.  The Superannuation Industry (Supervision) Regulations 1994, which is the Commonwealth act that permits early release of super, quite explicitly says (in 6.01) that the trustee can only release funds if the member has been receiving Commonwealth income support for 26 weeks, and requires evidence from a Commonwealth agency administering income support payments to pay out.

So if they're not in Australia, on Centrelink or similar, they have precisely zero chance of getting their Super.

However, they could potentially transfer their super to KiwiSaver then withdraw that on compassionate grounds, which IRD confirms will actually work as the IRD definition of hardship then applies rather than the DHHS definition.

917 posts

Ultimate Geek
+1 received by user: 38


  Reply # 1373459 25-Aug-2015 06:13
Send private message

Is Kiwisaver money of Australian superannuation origin subjected to the same rules of withdrawal?

 
 
 
 


19282 posts

Uber Geek
+1 received by user: 2600
Inactive user


  Reply # 1373460 25-Aug-2015 06:18
Send private message

bfginger: Is Kiwisaver money of Australian superannuation origin subjected to the same rules of withdrawal?


You can do a Google search about kiwi saver and read all about it

17467 posts

Uber Geek
+1 received by user: 2118

Trusted

  Reply # 1373497 25-Aug-2015 08:47
One person supports this post
Send private message

You can transfer your super to nz.

What is allowed to happen after that I'm not sure.

If we hit 0.74 to Aussie dollar I'm going to transfer it

145 posts

Master Geek
+1 received by user: 26


  Reply # 1373769 25-Aug-2015 12:33
Send private message

The info below was included in what my Kiwisaver Fund sent me when I recently asked about repatriating my Aussie super - no mention of hardship withdrawals so I'd assume once it's in your KS standard rules apply. But I'd talk to them if I was you.



WHAT DOES THIS MEAN FOR YOU? You need to be aware of the following rules. If you are bringing Australian Super to New Zealand:

 

     

  1. If you retire you may access your Australian Super savings at age 60
  2. The transferred amount will not go towards qualifying for KiwiSaver member tax credits
  3. You will not be able to withdraw these savings as a first home withdrawal or use them to count towards qualifying for the deposit subsidy
  4. You will not be able to transfer these savings to a third country
  5. The transferred amount will be treated as being exempt from tax at the point of exit or entry under these portability arrangements.



1596 posts

Uber Geek
+1 received by user: 71


  Reply # 1373960 25-Aug-2015 16:15
Send private message

joker97:

If we hit 0.74 to Aussie dollar I'm going to transfer it


what if it hits 50c with the way the government and folk are ignoring this housing (insert whatever name you like). kaboom. we no longer have a nz currency because all we produce is milk and lamb and are opposed to key hole mining. how did i get to that point, please ignore ;-p

yeah i was going to suggest they do that Joker if the money gets good but NFI what KS is like either. but either way they wont lose.

i do know in oz super if you cant apply under hardship as above there is a method of applying to the government for compassion grounds. but seems vague.

17467 posts

Uber Geek
+1 received by user: 2118

Trusted

  Reply # 1374009 25-Aug-2015 16:41
Send private message

I used 0.74 because when we moved to Australia that was the rate that I moved money across! So I'm keeping it there until I can move it back without loss!
[A year prior to that it was 0.92, and a few years after that it was 0.99 as we all recall well, with the economists bragging that we will pass parity!]



1596 posts

Uber Geek
+1 received by user: 71


  Reply # 1374026 25-Aug-2015 16:58
Send private message

ive seen it go up and down over the years very cyclical. .72 was the lowest i recall. .95ish the highest i recall. i dont often recall much so im a bad source of info haha.

2915 posts

Uber Geek
+1 received by user: 414

Trusted
Subscriber

  Reply # 1374046 25-Aug-2015 17:25
Send private message

bfginger: Is Kiwisaver money of Australian superannuation origin subjected to the same rules of withdrawal?


Yes and no.  It's ring fenced so it cannot be withdrawn before Australian preservation age (which is five years earlier than NZ preservation age), even to buy a house, and to prevent you "laundering" it, you cannot transfer it to another country after NZ.  However the NZ hardship withdrawal rules apply not the Australian as they recognise that it's a little hard to get Centrelink payments in New Zealand, and as such it is impossible to meet the Australian hardship rules.

Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Why I'm not an early adopter
Posted 21-Nov-2017 10:39


Netatmo launches smart home products in New Zealand
Posted 20-Nov-2017 20:06


Huawei Mate 10: Punchy, long battery life, artificial intelligence
Posted 20-Nov-2017 16:30


Propel launch Disney Star Wars Laser Battle Drones
Posted 19-Nov-2017 21:26


UFB killer app: Speed
Posted 17-Nov-2017 17:01


The case for RSS — MacSparky
Posted 13-Nov-2017 14:35


WordPress and Indieweb: Take control of your online presence — 6:30 GridAKL Nov 30
Posted 11-Nov-2017 13:43


Chorus reveals technology upgrade for schools, students
Posted 10-Nov-2017 10:28


Vodafone says Internet of Things (IoT) crucial for digital transformation
Posted 10-Nov-2017 10:06


Police and Facebook launch AMBER Alerts system in NZ
Posted 9-Nov-2017 10:49


Amazon debuts Fire TV Stick Basic Edition in over 100 new countries
Posted 8-Nov-2017 05:34


Vodafone VoIP transition to start this month
Posted 7-Nov-2017 12:33


Spark enhances IoT network capability
Posted 7-Nov-2017 11:33


Vocus NZ sale and broadband competition
Posted 6-Nov-2017 14:36


Hawaiki reaches key milestone in landmark deep-sea fibre project
Posted 4-Nov-2017 13:53



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.