Transferring your KiwiSaver FAQs

• What is KiwiSaver?
  Started in 2007, and slightly different from Australia’s super system, KiwiSaver is a voluntary savings scheme currently helping over 3 million New Zealanders save for retirement. Individuals can contribute a percentage of their salary to independent KiwiSaver funds, and these are then topped up by contributions from employers, and, in some cases, the New Zealand Government.
• What is KiwiSaver's Australian equivalent?
  There’s no exact equivalent to KiwiSaver, but Australia’s superannuation funds are similar to the KiwiSaver providers.
• What’s the difference between KiwiSaver and Australian superannuation?

  KiwiSaver is voluntary to a degree whereas in Australia, it is compulsory for employers to contribute some of an employee’s wage into super . Employees can choose whether to make additional contributions, subject to contribution caps and eligibility requirements.

  In New Zealand, if an employee contributes to their own KiwiSaver account, then their employer must contribute the equivalent of at least 3% of that employee’s wage.

• What happens to my KiwiSaver when I move to Australia?
  If you move to Australia but leave your KiwiSaver where it is, it will carry on as normal, ready for when you reach New Zealand retirement age. However, if you stop being a New Zealand resident for tax purposes, then the income that your KiwiSaver investment earns will be taxed at 28%.
• Can I withdraw my KiwiSaver if I move to Australia?
  No, you can’t withdraw it to use unless you’ve reached New Zealand retirement age, but you can transfer it to an Australian-based super fund.
• Can I transfer my KiwiSaver to any Australian-based super fund?

  You can transfer your KiwiSaver to some superannuation funds, but not all. Of the 100+ super funds in Australia, only a handful are set up to receive KiwiSaver funds, and not all of them make it simple. So, do your research and remember that it’s possible to switch between complying Aussie funds if you need to.

  TelstraSuper is one of the few funds that is set up for KiwiSaver transfers, and what’s more, we make it easy to do as well.

• If I make a KiwiSaver transfer to Australia, do I pay tax?
  No, you don’t pay tax on the transfer, but you also can’t treat it as a voluntary contribution and claim a tax deduction on it.
• Does TelstraSuper charge fees for transferring my KiwiSaver?
  No, we don’t charge fees to transfer your KiwiSaver. The only fees we charge are the normal fees for running your account. However, your New Zealand fund may charge fees for the transfer, and you may lose other benefits that apply to the KiwiSaver account, so it's important to consider any impacts before your transfer.
• If I do a KiwiSaver transfer to Australia, when can I access the funds?
  The amount you transfer from New Zealand is usually accessible when you reach the New Zealand retirement age. The future investment earnings in Australia will be handled under Australian rules, as will the portion of your super that was paid in from Australia.
• Is there a transfer minimum?
  You must transfer your entire KiwiSaver balance.
• Is there a transfer maximum?
  The transfer is treated as an after-tax contribution which currently has a cap of AU$110,000 per year. But, if you’re under 75, you may be able to transfer $330,000 in one move by treating it as three years’ worth of contributions under the Bring Forward Rule. If you exceed the cap, you’ll be liable for excess contributions tax.
• Is the transfer in Australian dollars or New Zealand dollars?
  The balance transferred will use the currency conversion rate from NZD to AUD on the date it’s received in your TelstraSuper account.
• Do I need a TFN or IRD, or both?
  You’ll need to provide TelstraSuper with your Australian Tax File Number (TFN) and New Zealand Inland Revenue (IRD) number.
• TelstraSuper fund details
  Your KiwiSaver fund will need our bank details to transfer your funds:

  TelstraSuper's fund details
  ABN	85 502 108 833
  SPIN/USI	TLS0100AU
  ADDRESS	PO BOX 14309 MELBOURNE VIC - 8001

• Letter of compliance
  The letter of compliance advises that TelstraSuper is a complying superannuation fund as required under the choice of fund legislation.
  

  DOWNLOAD LETTER OF COMPLIANCE