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.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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