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Using Kiwisaver for FHSS

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Newbie

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Replies 19

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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ATO Certified

Devotee Super Specialist

Replies 7

Hi @kiwi_sam,

 

I can aprecitate it has been some time since your original enquiry. However, after a recent review I would like to confirm KiwiSaver and other foreign fund transfer amounts are eligible for calculating your maximum FHSS release. 

 

Importantly, when looking to utilise your KiwiSaver funds you should be aware that the following contributions are not eligible for release:

 

  • 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.

 

Once your funds have been transferred, you can find information about how to access these funds on the ATO Applying to release your savings page and you may also find our First Home Super Saver Scheme FAQs helpful.

 

Thanks,

Mark

19 REPLIES 19
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Devotee

Replies 1

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

Replies 0

Remember local law is after 1 jul 2017 contributions I think
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Newbie

Replies 2

The link doesn't work sorry

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Devotee

Replies 0

Google:

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

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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.

 

 

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Devotee

Replies 4

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

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Newbie

Replies 3

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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Newbie

Replies 2

Hi there,

 

Would it be possble for you to provide me further details regarding this? My partner and I are moving to Australia in 2020 and would love to know which portions of our KiwiSavers can be rolled over for FHSSS purposes. I tried finding the info you shared however the link has expired and I couldn't find it in any of my searches. Your help would mean the world! As one of the very main reasons for our move is to land a lifestyle where we are paid well and can purchase that dream house! And with a fair amount in our KiwiSavers combined, it would be heaven if we could withdraw at least some of it!

 

Warm regards,

 

Victoria