June 2013
The Australian Federal Government has released draft legislation and explanatory material for the establishment of a trans-Tasman retirement savings portability scheme.
The Governments of Australia and New Zealand have signed an arrangement to permit Australians and New Zealanders to transfer their retirement savings when they move between Australia and New Zealand, while preserving the integrity of the retirement savings systems of both countries.
Under the scheme, Australians and New Zealanders will be able to transfer their superannuation benefits between certain Australian superannuation funds and New Zealand KiwiSaver schemes.
Although 1 July is stated as the starting date, we anticipate it may take longer than that. The legislative change is the simple part, the building of application forms and transfers hasn’t yet been discussed between Australian and New Zealand providers.
If you or you have friends/family who have worked in Australia and wish to be informed with developments on this proposed legislation, click here and we will keep you updated. If you have already told us you would like to be kept informed, we will continue to do so.
More information is available from:
Inland Revenue Department
Media statement
Fact sheet
NZ Herald
Australia, NZ Finalize Pensions Portability Scheme Rule
Aussie super transfer will not be taxed
Hiccups in Australia super transfer
Radio New Zealand
Australia passes law for super transfer