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Proposal to allow trans-Tasman superannuation transfers finally underway

More than three years ago the Australian and New Zealand Governments agreed to develop legislation to facilitate the trans-Tasman transfer of retirement savings for a person emigrating permanently from one country to the other country.

 

New Zealand quickly implemented the trans-Tasman agreement by enacting legislation. However, the implementation of the trans-Tasman agreement has been impeded by the slow progress of the Australian Government as Australia is yet to enact the legislation.
 
Despite this setback, Australia has finally made a step towards implementing the trans-Tasman agreement. Recently, Superannuation Minister, Bill Shorten, released the draft legislation to facilitate the trans-Tasman superannuation transfers between Australian APRA regulated superannuation funds and New Zealand KiwiSaver funds.
 
Mr Shorten said that, “The scheme is intended to enhance labour mobility between Australia and New Zealand”.
 
“The new scheme will help Australians and New Zealanders make the most of their retirement savings, as they will be able to take their retirement savings with them across the Tasman when they move,” he said.
 
The proposal is relatively restricted in its current draft form, yet the changes will give many Australians and New Zealanders the freedom to take their retirement savings with them.
 
The proposed legislation is expected to be introduced into Federal Parliament shortly and if all goes well, the Government hopes it will take effect from 1 July 2013.
 

Posted in: Tax & ATO News Australia at 28 November 12

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Tax & ATO News Australia

Author: David Hughes

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