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Kiwi Saver scheme transfer

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Newbie

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Hi. My fiance, who is originally from New Zealand, is a permanent resident in Australia. We are looking into whether he can transfer his Kiwi Saver funds to his Australian super account, to then use for our first home deposit (as part of the First Home Super Saver Scheme). Is this correct?

 

From reading the below document, it looks like it is (search 'Kiwi' and it takes you to the right area):

https://www.ato.gov.au/law/view/document?DocID=GDN%2FGDN20181%2FNAT%2FATO%2F00001&PiT=**TFN removed*...

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Anonymous

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Hi @DomH 

 

Yes they can, but you need to keep in mind that there are exceptions as per the the Guidance Notes (GN 2018/1) that you have referenced:

 

Eligible contributions

The following kinds of contributions are eligible for release under the FHSS scheme:

 

If you transfer an amount into an Australian super fund from a KiwiSaver scheme, the amount will be an eligible contribution (except for certain amounts listed below). Also, transfers from other foreign funds into an Australian super fund are eligible (except for the amounts listed below).

The following contributions are not eligible:

 

· super guarantee (SG) contributions made by your employer

· mandated employer or member contributions made for you under an award, industrial agreement

· member contributions made for you by your spouse, parent or other friends or family

· amounts you receive under a contributions-splitting arrangement · government co-contributions · contributions under a structured settlement or personal injury order

· amounts contributed to super as part of the small business CGT concessions

· amounts transferred from a KiwiSaver scheme that are Australian-sourced amounts or returning New Zealand-sourced amounts · applicable fund earnings from a foreign fund transfer that you elect to include in the receiving fund's assessable income.

 

Your partner should contact the Kiwisaver Scheme to find out what components make up their super before they consider trying to use those funds for FHSSS purposes.

 

If they are not sure whether they qualify they should write to the ATO for clarification before they do anything at superadvice@ato.gov.au

1 REPLY 1
Highlighted

Best answer

Anonymous

Replies 0

Hi @DomH 

 

Yes they can, but you need to keep in mind that there are exceptions as per the the Guidance Notes (GN 2018/1) that you have referenced:

 

Eligible contributions

The following kinds of contributions are eligible for release under the FHSS scheme:

 

If you transfer an amount into an Australian super fund from a KiwiSaver scheme, the amount will be an eligible contribution (except for certain amounts listed below). Also, transfers from other foreign funds into an Australian super fund are eligible (except for the amounts listed below).

The following contributions are not eligible:

 

· super guarantee (SG) contributions made by your employer

· mandated employer or member contributions made for you under an award, industrial agreement

· member contributions made for you by your spouse, parent or other friends or family

· amounts you receive under a contributions-splitting arrangement · government co-contributions · contributions under a structured settlement or personal injury order

· amounts contributed to super as part of the small business CGT concessions

· amounts transferred from a KiwiSaver scheme that are Australian-sourced amounts or returning New Zealand-sourced amounts · applicable fund earnings from a foreign fund transfer that you elect to include in the receiving fund's assessable income.

 

Your partner should contact the Kiwisaver Scheme to find out what components make up their super before they consider trying to use those funds for FHSSS purposes.

 

If they are not sure whether they qualify they should write to the ATO for clarification before they do anything at superadvice@ato.gov.au