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Help for Kiwis transferring to superannuation
Industry super fund First Super has announced a partnership with NZRelo to help Kiwis understand more about transferring KiwiSaver to Australia and reducing their tax liabilities.
NZRelo, a provider of relocation and migration advice, would help Kiwis who had moved to Australia to transfer their KiwiSaver into Australian superannuation. First Super had also established an online chat facility to aide users with the move.
An agreement between Australia and New Zealand allows New Zealand residents who permanently resettle in Australia to transfer their KiwiSaver accounts to complying superannuation funds.
This was an appealing option as NZ tax for non-residents on investment earnings in KiwiSaver was 28% compared to 15% in Australia superannuation accounts.
First Super chief executive, Bill Watson, said: “Our partnership with NZRelo, the leader in relocation services information, will help New Zealanders who have migrated across the ditch to consolidate their KiwiSaver balances into our high-performing Australian super fund and benefit from the associated tax advantages.
“This innovation should help our fund to continue to grow and provide a compelling offering to thousands of New Zealanders who every year make Australia home, work, pay taxes, and contribute to our society.”
The agreement would run for an initial term of three years.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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