Do you have superannuation money in Australia??

Protecting and helping families since 1985

Do you have superannuation money in Australia??

Here’s good news for New Zealanders who worked in Australia and have superannuation money still sitting over there.

The New Zealand and Australian governments have confirmed that from 1 July 2013, transfers between Australian complying superannuation funds and NZ KiwiSaver schemes will be allowed.
If you want to transfer your Australian super funds to your NZ KiwiSaver account you can simply ask me to organise it for you.

Here are some of the key points:

Transfers of retirement savings between countries will be exempt from entry and exit taxes (subject to non-concessional caps in Australia).
If Australian Funds are transferred into a KiwiSaver scheme, the KiwiSaver rules will apply to those funds, except that those funds:
- will be locked in until the investor reaches age 60 and retires
- won’t be available for a first home withdrawal
- will not be counted for the Government annual contribution
- can’t be taken to a third country.
From 1 July 2013, KiwiSaver members will no longer be able to withdraw their KiwiSaver savings in cash when they emigrate to Australia permanently.
If KiwiSaver savings are transferred into an Australian Fund, the Australian Fund rules will apply to those funds, except those KiwiSaver savings:
- will be locked in until the investor reaches age 65
- won’t be available for a first home withdrawal
- can’t be taken to a third country.

Mike Bennett

In 1985, after 7 years in the banking industry in NZ & London, Mike Bennett joined the Life Insurance Industry as an adviser. In 2001 he started “Acorn Insurance & Investment Ltd” with the key principle; “to satisfy the insurance and investment needs of New Zealanders with the best products and service possible”. To achieve the guiding principle of “best products and service” the “Acorn” uses various industry research tools to identify the best products and prices to meet our client’s needs. Acorn has agencies with most of New Zealand’s major insurance companies which means we are free to use whichever products best meet our client’s needs. Believing that if we get it right for our clients we will achieve win-win solutions. We also recognise that nearly all insurance solutions are a compromise between the benefits you’d like to have versus the premiums you’re prepared to pay – with this in mind we WON’T be trying to sell you more insurance than you need or want !!

Comment ""

dvbt 22nd June 2013 at 4:13 am

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I was seeking this type of information for a very long time. Thank you and good luck.
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