‘I’m a Kiwi living in Australia. Can I take my super back to NZ with me?

Jun 28, 2019
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Taking a superannuation pot from Australia to NZ isn't straightforward, says Jim Kilkenny. Source: Getty.

Q. I’m a Kiwi and have been working in Australia for 10 years and living here for two. Love it! We plan to move back to New Zealand in three years and retire with family. Can I leave my superannuation in Australia and just draw on it? Is any tax involved? Or should I take it all back to New Zealand?

A. I would like to be able to give you a definitive answer to this question but it is more complicated than it looks. This involves issues of tax residency and I suggest you visit the Australian Taxation Office website and search for ‘temporary residents and super’.

Generally speaking, where you plan to permanently return to New Zealand you will be a non-resident of Australia and therefore the rules in relation to temporary residence in superannuation may apply. When you leave Australia, you may be eligible to claim your super back as a departing Australia superannuation payment (DASP). There are requirements you will need to meet to claim your DASP.

It is technically possible to retain your superannuation in Australia, however, some superannuation funds require that members are residents, therefore you may need to rollover your super into a fund that accepts non-residents – ideally this should be done before you leave the country. Notwithstanding this, given issues such as currency and investment risks and different tax systems it would be important to get advice as to which country is the best place to hold these assets.

If you have a question for Starts at 60’s money experts, email it to [email protected].

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.

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