Navigating Superannuation and KiwiSaver Transfers Between New Zealand and Australia

Whether you’re moving to New Zealand, Australia, or back again, knowing how to transfer your retirement savings can make the transition smoother – and set you up for a more secure financial future.

Thinking about making a permanent move between New Zealand and Australia in 2025? Whether you're relocating for work, family, or lifestyle reasons, there's one important thing you’ll need to consider: your retirement savings. The good news is that the Trans-Tasman Retirement Savings Portability Scheme makes it possible to transfer your superannuation fund or KiwiSaver between the two countries.

But before you start packing your bags or planning your retirement, let’s break down how the scheme works and what you need to know.

What is the Trans-Tasman Retirement Savings Portability Scheme?

This scheme allows individuals to transfer their retirement savings from Australian superannuation funds to KiwiSaver accounts (or vice versa) when moving between New Zealand and Australia. It’s a handy way to keep your retirement savings together, but there are some important details to understand before making the move.

First: Participation in the scheme is voluntary for individuals, superannuation funds, and KiwiSaver providers. That means not every provider will office this option. Make sure to confirm with your super or KiwiSaver provider whether they participate in the scheme. Only APRA-regulated super funds and NZ KiwiSaver providers can facilitate transfers, and not all super funds accept KiwiSaver transfers.

Transferring From Australia to New Zealand: What You Need to Know

If you’re moving to New Zealand, here’s what you need to know about transferring your Australian super savings:

Eligibility

• You must be under 65 years old (the current eligibility age for New Zealand superannuation).
• You’ll need to provide evidence of permanent emigration to New Zealand.

What Can You Transfer?

• Your entire balance from an APRA-regulated super fund can be moved.
• You may also be able to transfer unclaimed super money held by the Australian Tax Office (ATO).
• Self-managed super funds (SMSFs) and certain other interests are excluded from the transfer process.

Where to Transfer?

• Transfers can be made to any participating KiwiSaver scheme.

Contribution Caps

• There are no contribution limits in New Zealand, so you can transfer your full balance without worrying about caps.

Tax Implications

• Transfers from Australian super funds to KiwiSaver schemes are tax-free.
• Once you’re eligible to access your KiwiSaver savings, withdrawals are not taxed. However, it’s wise to speak with an advisor to ensure there are no other tax considerations in New Zealand.

Accessing Your Funds

• The transferred Australian component of your savings becomes accessible when you reach age 60 (if you’ve retired). The KiwiSaver portion can be accessed once you hit New Zealand’s retirement age (currently 65).
• Important: You can’t use your Australian super savings for a first-home purchase in New Zealand, nor can you transfer your savings to a third country if you relocate again.

Moving Back to Australia?

• If you return to Australia, you’ll need to find a super fund that accepts KiwiSaver transfers. You’ll also need to demonstrate which part of your savings falls under the non-concessional contributions cap and the taxable and tax-free components of your balance. Failing to do this could result in excess contributions tax or additional tax liabilities.

Transferring From New Zealand to Australia: What You Need to Know

If you’re heading the other way and planning to settle in Australia, here’s how you can transfer your KiwiSaver savings:

Eligibility

• You must be under 75 years old.
• Provide proof of permanent emigration to Australia.

What Can You Transfer?

• You can transfer your entire KiwiSaver balance.

Where to Transfer?

• Transfers can be made to any APRA-regulated Australian super fund that accepts KiwiSaver transfers. However, self-managed super funds (SMSFs) are excluded from accepting transfers.

Contribution Caps

• Your KiwiSaver savings will be treated as non-concessional contributions in Australia, which are subject to the non-concessional contributions cap.
• Exceeding the cap could result in excess contributions tax, requiring you to release an amount or pay additional tax.

Tax Implications

• Transfers from KiwiSaver schemes to Australian super funds are tax-free.
• Once you reach retirement and meet the necessary conditions, withdrawals are also untaxed.

Accessing Your Funds

• Your transferred KiwiSaver savings will be divided into two parts: the Australian component (accessible from age 60) and the New Zealand component (accessible once you reach New Zealand’s retirement age of 65).
• You cannot transfer your savings to a third country if you move again, nor can you transfer them to an SMSF.

Moving Back to New Zealand?

• If you eventually return to New Zealand, you’ll need to find a KiwiSaver provider that accepts transfers from Australian super funds. The same rules for transferring funds between countries will apply.

Key Takeaways: 

The Trans-Tasman Retirement Savings Portability Scheme offers a great opportunity to streamline your retirement savings when moving between New Zealand and Australia. By ensuring your superannuation or KiwiSaver funds are transferred smoothly, you’ll avoid the hassle of managing multiple accounts in different countries.

However, it’s essential to understand the fine print: eligibility criteria, tax implications, and the details of how to access your savings. Always check with your superannuation fund or KiwiSaver provider about their participation in the scheme and consider consulting an advisor to help navigate the process.

Whether you’re moving to New Zealand, Australia, or back again, in 2025 or in the years to come, knowing how to transfer your retirement savings can make the transition that much smoother – and set you up for a more secure financial future.