Getting your unclaimed Australian Super back to NZ

Getting your money back from your 'unclaimed' Australian Super

For a number of years, you have been able to bring your Australian Super back to New Zealand IF you are retired and past the age to access the super OR if you put it into your KiwiSaver.

The process is administratively time consuming, but after lots of follow ups with the Australian providers we have helped our clients bring their Aust super back into their KiwiSaver.  The funds are ring-fenced and are not available for deposits on houses and can only be withdrawn at the age of eligibility in New Zealand (currently age 65), and there are some pro's and con's in relation to the tax aspects.

But, if you are going to remain living in New Zealand, there are benefits of having all your financial arrangements in this country, so the paperwork can be worth the hassle.

A recent announcement by the Australian and New Zealand Government means that ti could soon be easier to transfer your funds, as they will come directly from the Australian Tax Office into your KiwiSaver account.). The legislation has not been finalised yet, but it is good news if you have some unclaimed or 'lost' super, it will be easier to get it back in the future.

From the NZ Herald (Tamsyn Parker)
"An Inland Revenue spokeswoman said under Australian law, money held by Australian superannuation schemes must be transferred to the ATO when an account becomes inactive and the member cannot be contacted.An account is considered to be inactive if no money has been received by the superannuation fund for that account within the last 16 months, the account balance is less than A$6000 ($6487), it is not a defined benefit account, there is no insurance on the account and the account is not held in a self-managed super fund.
Australian super funds are required to identify inactive low-balance accounts twice a year, on June 30 and December 31.
Funds must transfer the money to the ATO within four months of that date unless an account holder gives written notice electing for that not to happen, or changes their investment choice or insurance.
The IRD spokeswoman said New Zealanders were currently only able to transfer reclaimed money from the ATO to a complying Australian superannuation scheme."


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