Australian Superannuation Transfers - Milford Asset

Transferring your Australian Super

You can transfer your Australian Superannuation into the Milford KiwiSaver Plan. To start the process, we recommend you contact your Australian Superannuation provider and confirm what information they need to make the transfer. After you’ve spoken with them, please contact Milford and we will help you complete the transfer.

Important information to consider:

Once you have transferred your superannuation savings to New Zealand you cannot reverse the decision unless you decide to permanently move back to Australia.

You can only transfer Australian funds back into a KiwiSaver account in your name.

You cannot access any Australian funds transferred to New Zealand until age 60 and you satisfy the Australian definition of retirement at that age.

Transferred Australian funds cannot be used to assist with the purchase of a first home, nor can they be transferred to a third country.

There is no tax to pay on the transferred balance prior to it being invested in your Milford KiwiSaver Plan account. However, once it is invested the balance will be subject to New Zealand tax just like your current KiwiSaver earnings. Investments in New Zealand are taxed differently to those in Australia. Australia generally has a flat rate of 15% on earnings from superannuation schemes. New Zealand’s tax rate can range from 10.5% to 28% depending on your own Prescribed Investor Rate (PIR). However, Australia taxes capital gains in superannuation schemes on equities whereas New Zealand does not tax capital gains on New Zealand equities and most Australian equities. International shares are usually taxed as if they earned 5% per annum. If you require further information, we recommend that you seek independent advice on taxation from an expert.

There may be other benefits specific to your Australian superannuation scheme, which are not provided by KiwiSaver. If you are unsure of the impact of transferring to our KiwiSaver Plan we suggest you seek personalised financial advice.

Contact us

Call: 0800 662 346

Email: info@milfordasset.com

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