Should New Zealand introduce incentives for employee contributions to Kiwisaver schemes as is found in Australia?...

Should New Zealand introduce incentives for employee contributions to Kiwisaver schemes as is found in Australia? could you talk more specifically about this topic and you may use some reference as evidence.

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Expert Solution

The New Zealand and Australian government agreed the trans-tasman retirement savings portability scheme to allow someone who has retirement savings in both Australia and New Zealand.

Once Kiwisaver scheme savings are transferred to Australian super fund they are generally subject to Australia' rule.

If people have permanently emigrated to Australia, people can easily transfer Kiwi wealth kiwisaver funds to Australian complying superannuation scheme account.

People can transfer total amount balance less any New Zealand government contribution paid to kiwisaver account , people who living outside of new Zealand. The New Zealand government contribution will be refunded to the revenue.

You cannot transfer your kiwisaver funds to an Australian self managed super fund.

Exception;

You will not be able to access the portion of people's Australian super savings that has been transferred from kiwisaver until you reach the age of retirement.

You can't withdraw your kiwisaver savings before your retirement age to purchase a first home on Australia.

Reference:

Www.kiwiwealth.co.nz

jeff jeffy answered 2 years ago

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