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Re: Funds transferred to Kiwisaver

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I'm new

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Hi I'm looking at filing a petitions to the NZ Government to allow AusSuper funds transferred to Kiwisaver to be used for the first home savers scheme, as I feel that we're humans too and deserve as much of a fair go at getting on the property ladder before the final stages of Monopoly kick in and the next generation are forced to rent for life. Why should our own retirement funds be withheld for working in Australia? While the SUPER management companies hammer away (and gamble away) with adminsitration fees of our hard earned savings.

Is this in the hands of the NZ government or the Oz government? Do we need to file two petitions? I'd like the money I save for retirement to go to my pocket and not Super management companies with their own interests at heart.

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Devotee

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Hi KiwiInSydney

 

Both countries would need to support the change. I reckon the NZ property industry would be a good place to start lobbying the NZ government to have this conversation with the Australian government.

 

But the Australian super system is a low tax environment. The government is giving up tax revenue compared to if the money was paid to employees instead and taxed at their marginal tax rate as income.

 

I'd say it's unlikely that the Australian government will support the low tax environment being used to enable NZ citizens to buy property in NZ. Under the Australian first home saver scheme additional tax is paid when the money is released to limit the impact of the scheme on tax revenues.

 

I'm an ATO employee voluntarily providing my time here

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