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Using Kiwisaver for FHSS

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This is a very specific question and I have done hours of research to find this information on ATO website and forums on Australian websites but no luck. 3 Different calls to ATO couldn't get me an answer so trying this community forum as the last resort.

 

I am looking to transfer my New Zealand Kiwisaver(Voluntary superannuation) to Australian Super. and need to know if the transferred funds will be eligible for withdrawl under First Home Super Saver(FHSS) scheme.

 

Kiwisaver works in a way where the employee chose to deduct 3%, 4% or 8% from their salary which sort of matches the requirements but it's a grey area as there is no mentioned of funds transferred from another country's superannuation. As NZ is the only country where superannuation funds can be transferred to Australia, I would have thought that it will be covered under some definition, forum or under the details of FHSS but no.

 

Your assistance in this matter would be really appreciated. 

 

 

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Devotee

Replies 1

Hi kiwi_sam

 

Amounts transferred from foreign funds (including from kiwisaver) won't count towards the amount eligible to be released under the FHSS scheme. They're classified as transfers of existing monies rather than as voluntary contributions.

 

The reporting guidance we give APRA funds on reporting kiwisaver amounts they receive says that these amounts need to be reported at the non-assessable foreign fund amount label. (on the member contributions statement for the 2017-18 and earlier years, via the member account transactions service for the 2018-19 and later years). Amounts reported at this label aren't counted towards the releasable amount.

 

So you'd need to make new voluntary contributions to your Australian super account to start building an amount that could be released under FHSS.

 

I'm an ATO employee voluntarily providing my time here

8 REPLIES 8

Devotee

Replies 5

Devotee

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SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATION 2013 (NO. 3) (SLI NO 105 OF 2013) - SCHEDULE 1 Amendments

Devotee

Replies 0

Remember local law is after 1 jul 2017 contributions I think

Newbie

Replies 2

The link doesn't work sorry

Devotee

Replies 0

Google:

SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATION 2013 (NO. 3) (SLI NO 105 OF 2013) - SCHEDULE 1 Amendments

Community Support

Replies 0

Hi @kiwi_sam,

 

Thanks for your question! We have someone looking into this from a specialist area, and we hope to get back to you soon with a response.

 

Thanks for your patience, JodieH.

 

 

Best answer

Devotee

Replies 1

Hi kiwi_sam

 

Amounts transferred from foreign funds (including from kiwisaver) won't count towards the amount eligible to be released under the FHSS scheme. They're classified as transfers of existing monies rather than as voluntary contributions.

 

The reporting guidance we give APRA funds on reporting kiwisaver amounts they receive says that these amounts need to be reported at the non-assessable foreign fund amount label. (on the member contributions statement for the 2017-18 and earlier years, via the member account transactions service for the 2018-19 and later years). Amounts reported at this label aren't counted towards the releasable amount.

 

So you'd need to make new voluntary contributions to your Australian super account to start building an amount that could be released under FHSS.

 

I'm an ATO employee voluntarily providing my time here

I'm new

Replies 0

Hi Seb,

 

Although I believe you are correct that funds do not treat these amounts as assesable income, there is ato guidance that confirms some portions of kiwisaver amounts can be used for FHSSS purposes.

 

https://www.ato.gov.au/law/view/document?DocID=GDN/GDN20181/NAT/ATO/00001&PiT=**TFN removed**35958

 

The above guidance note can be found from the FHSSS page on ato.gov.au and indicates which portions of the kiwisaver rollover can be used for FHSSS purposes

 

~ I am an ato employee, the above comments are in a personal capacity and do not formaly reflect the views of the ATO

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