New partnership increases options for members from NZ

First Super is making it easier for New Zealand migrants to transfer their KiwiSaver balances to Australia and benefit from tax savings on their retirement savings under a new partnership with NZRelo.

Your super fund has agreed an exclusive three-year partnership from 1 July 2020 to promote its superannuation services to NZRelo community members, including our ability to accept KiwiSaver transfers. First Super is one of only a handful of Australian super funds to offer KiwiSaver account roll-ins.

NZRelo runs a website and a range of social media sites that share a wide range of information, products and services for New Zealanders living in or moving to Australia.

First Super has prepared for the partnership, and the expected growth in new members, by launching a new live chat facility on our website with dedicated staff to manage questions submitted through this channel.

In addition, the Fund has removed some of the red tape around KiwiSaver roll-ins. As a new First Super member, you no longer need to wait six months before being allowed to transfer your KiwiSaver balance across – once you have your First Super member number, you can go ahead and start the process with your KiwiSaver scheme. We have also streamlined the transfer process at our side, removing the need to provide certified ID or any copies of migration documents from New Zealand.

Benefits for First Super members

If you (or someone you know) lived in New Zealand and moved to Australia, it’s likely a KiwiSaver account has been left behind.  But what’s the point in moving those retirement savings to your Australian super account?

The Australian and New Zealand governments have an agreement that allows New Zealand residents who resettle permanently in Australia to transfer KiwiSaver monies to an authorised super fund.

Rolling out KiwiSaver balances to Australian super funds can be a savvy option for migrants. The New Zealand Inland Revenue’s tax on KiwiSaver investment earnings is 28% after residents leave the country, compared with a maximum 15% plus capital gains tax for Australian superannuation accounts. By transferring KiwiSaver funds to your First Super account, more of your combined savings are kept invested for your retirement.

“Our partnership with NZRelo 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,” said First Super CEO Bill Watson.

“On top of being able to transfer KiwiSaver savings to First Super, it also allows our New Zealand migrant members living permanently in Australia who are experiencing the financial impacts of coronavirus to access some of their balance under the temporary early release of super scheme up to 24 September 2020.”

Want to transfer your KiwiSaver to First Super? Get the ball rolling today.

If you or someone you know has a KiwiSaver account back in New Zealand, our Member Services Team is ready to help move your savings to Australia.

To transfer a KiwiSaver balance to First Super, you must be (or become) a First Super member and:

• provide your Australian Tax File Number (TFN)
• provide your home address in Australia
• transfer the whole balance of your KiwiSaver
• ask your KiwiSaver fund for a Trans-Tasman Portability Approval Form (a transfer form) and fulfil any of their requirements before sending that form to us.

Simply email or write to our Member Services Team, providing your member number and the details and KiwiSaver transfer form requested above. We will then complete the process for you.

For more details or help on KiwiSaver transfers, speak to one of our Member Services Team today on 1300 360 988.

This article was issued by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988), as Trustee of First Super (ABN 56 286 625 181). This publication may contain general advice which has been prepared without taking into account your objectives, financial situation or needs. Before making a decision to combine your superannuation, you should consider any costs, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial advisor.