Moving your Australian Super plan over to KiwiSaver
Have you worked in Australia after 1992? Then chances are you have an Australian Super. With the advent of KiwiSaver, the New Zealand and Australian governments have deemed KiwiSaver and ASG to be mutually compatible, allowing savers to transfer their accounts between countries.
Unlike KiwiSaver, in Australia you can have multiple super funds. You may wish to consolidate your entire super into one fund. This will result in only one set of fees and charges, which over time will save you money and make managing your super easier. Alternatively, you may have one super but don’t have your savings information at your finger-tips. Online reporting systems can provide you with all the information you require, and we can advise and help in the transfer of your Aussie Super to KiwiSaver.
But, what if I’ve lost my Aussie Super?
It is estimated that up to 25% of lost funds could belong to New Zealanders who have now returned home.
It could be as simple as having changed jobs, having had multiple jobs at the same time, or you changed your address or name. When a regular super fund can no longer locate you, they may transfer your super to an Eligible Roll-Over Fund.
Australians have been encouraged over the years to find “lost” superannuation via a number of online search engines including the Australian Tax Office (ATO). With these changes, once you locate your “lost super”, you will ultimately be able to transfer it to KiwiSaver.
Talk to Peter West about your Aussie Super or KiwiSaver today. Simply click here to email him, or call on (04) 939 2902.