Complete Guide to Transferring NZ KiwiSaver to Australian Superannuation Fund

Australia and New Zealand share a special bond. For Kiwis, Australia often feels like a home away from home, making it a popular destination for work, travel, and even permanent relocation.

Guide to Moving to Australia from NZ 👉

If you're among those making the move across the Tasman Sea, you might be wondering about the fate of your KiwiSaver. Good news! You can transfer your KiwiSaver savings to an Australian superannuation fund. This is thanks to the Trans-Tasman Retirement Savings Portability scheme.¹

If you're moving to any other country, you'll need to withdraw your KiwiSaver instead. For more information, check out our complete guide to withdrawing your KiwiSaver when moving abroad.

This comprehensive guide will walk you through the process, eligibility criteria, and important considerations for a smooth transfer of KiwiSaver to Australia.

Why Transfer Your KiwiSaver to Australia?

Transferring your KiwiSaver to an Australian super fund offers several benefits:

• Consolidate your retirement savings: Keep all your retirement funds in one place for easier management and tracking.¹
• Benefit from Australian superannuation rules: Access potential tax advantages and government contributions available within the Australian superannuation system.²
• Avoid account inactivity: Transferring your KiwiSaver to Australia ensures your funds remain active and continue to grow.
• Simplify your finances: Manage your retirement savings within the same financial system you use for your everyday banking and other financial needs in Australia.

Eligibility for KiwiSaver Transfer to Australia

To transfer your KiwiSaver to Australia, you must meet the following criteria:³

• Be an Australian citizen or permanent resident.
• Hold an Australian Tax File Number (TFN).
• Join an Australian complying superannuation fund that accepts KiwiSaver transfers.

Important Note: You must transfer your entire KiwiSaver balance. Partial transfers are not permitted.

Step-by-Step Guide to Transferring Your KiwiSaver to Australia

1. Choose an Australian super fund: Research and compare different super funds to find one that aligns with your investment goals, risk tolerance, and fee structure. Ensure the fund accepts KiwiSaver transfers.
2. Contact your KiwiSaver provider: Inform your KiwiSaver provider of your intention to transfer your funds to Australia. They will guide you through the process and provide the necessary forms.⁴
3. Obtain the required forms: You'll typically need two main forms:
   • Trans-Tasman Portability Approval Form: This form is obtained from your chosen Australian super fund and needs to be completed by them.
   • Transfer application form: This form is provided by your KiwiSaver provider and requires your personal and account details.
4. Complete and certify the forms: Fill out both forms accurately and ensure any required certifications (e.g., by a Justice of the Peace) are completed.
5. Submit the forms to your KiwiSaver provider: Send the completed forms and any supporting documents (e.g., a certified copy of your passport) to your KiwiSaver provider as instructed.
6. Wait for processing and confirmation: Your KiwiSaver provider will review your application and, upon approval, transfer your funds to your Australian super fund. You'll receive confirmation from both your KiwiSaver provider and your Australian super fund once the transfer is complete.⁵

Choosing the Right Australian Super Fund for your KiwiSaver

Selecting the right super fund is crucial. Consider the following factors:

• Fees: Compare fees charged by different funds, including administration fees, investment fees, and any transaction fees.
• Investment options: Explore the range of investment options offered by the fund, such as diversified funds, sector-specific investments, and ethical investment options.
• Insurance: Check if the fund offers insurance coverage, such as life insurance, disability insurance, and income protection.
• Performance: Research the fund's historical performance and compare it to industry benchmarks.
• Customer service: Consider the fund's reputation for customer service and accessibility.

Important Considerations for KiwiSaver Withdrawal to Australia

• Tax implications: Understand the tax implications of transferring your KiwiSaver to Australia. Seek professional advice to ensure you comply with tax regulations in both countries.
• Preservation rules: Australian superannuation funds have preservation rules that determine when you can access your funds. Familiarize yourself with these rules.
• Contribution limits: Be aware of contribution limits for Australian superannuation funds to avoid exceeding them and incurring penalties.
• Investment strategy: Review your investment strategy within your chosen Australian super fund to ensure it aligns with your risk tolerance and long-term goals.

Start your Australian Journey with Wise

Leaving the familiar shores of New Zealand for a new life in Australia is a big step. But managing your finances across the Tasman doesn't have to be complicated. Say hello to a smoother financial transition with Wise.

With Wise, you can:

• Open an Australian dollar account before you even leave NZ: Get a head start on your Aussie finances and have your bank account ready to go when you arrive.
• Hold and manage both NZD and AUD in one account: Keep your Kiwi dollars and Aussie dollars together, making it easy to track your finances and transfer money between currencies as needed.
• Spend like a local when you visit friends and family back home: When you return to New Zealand for a visit, use your Wise card to spend from your AUD balance at the mid-market exchange rate, avoiding those pesky international transaction fees.
• Transfer the rest of your funds from NZ to AU with ease: Once you've settled in, seamlessly move your remaining savings to Australia with Wise's low-cost international transfers.

Get Started with Wise 🚀

Conclusion

Transferring your KiwiSaver to Australia is a smart move for many Kiwis relocating across the ditch. By following the steps outlined in this guide and considering the important factors, you can ensure a smooth transfer and continue building your retirement nest egg in your new home.