If you’re a New Zealand permanent resident or citizen who worked in Australia any time in the last 20 years, you may have unclaimed super money (USM) held by the Australian Tax Office (ATO).
The Australian Tax Office currently holds billions of dollars from inactive superannuation accounts. Aussie Super providers transfer inactive accounts to the ATO when:
- The balance is less than $6000, and;
- There haven’t been any contributions for at least 12 months.
Good news: Generate is working with Inland Revenue and the Australian Tax Office on a new process that makes it easy to transfer any unclaimed super money held by the ATO to your KiwiSaver account, so the funds can be invested together and are more easily accessible when you reach retirement.
Is your Aussie Super with the ATO - or your previous Aussie Super provider?
The below process is only for inactive accounts that have been transferred to the ATO from your previous Aussie Super provider, because the balance is less than $6000 and there haven't been any contributions for at least 12 months.
If you have an Aussie Super account with a balance higher than $6000, or you have contributed to your Aussie Super account within the last 12 months, then your account will likely still be invested with your Aussie Super provider.
It's still possible to transfer your Aussie Super from a provider to your KiwiSaver account, but the process is different. To find out how to transfer money from an Aussie Super provider to New Zealand, click here.
Why transfer inactive Aussie Super to your KiwiSaver account?
If your Aussie Super account has been transferred to the ATO by your previous Aussie Super provider, then it is not currently invested – so you are missing out on potential returns!
Even with a balance that’s less than $6000, the magic of ‘compounding returns‘ can make investing these funds alongside your KiwiSaver account very worthwhile by the time you reach retirement and are ready to withdraw^.
Millions of unclaimed super money never gets withdrawn from the ATO, often because the rightful owner has forgotten about the funds or considers the process to access them too hard or not worth the trouble. Don’t let this be you! This new process is easy, and the sooner you transfer your funds – the sooner you can potentially start benefiting from time in the market.
^Money transferred from an Australian Super Account to a KiwiSaver account cannot be withdrawn as part of a first-home withdrawal. It can be accessed when you reach retirement.
How to transfer your inactive Aussie Super to your KiwiSaver account?
Generate is a participating provider in a new Australian Tax Office to Inland Revenue process which makes it easier for our members to track down their unclaimed super money sitting with the ATO and transfer it to their KiwiSaver account.
The new process is as simple as completing an 'Application for transfer of ATO-held USM to New Zealand' form and posting it to the Australian Tax Office. That’s it!
One form. One envelope. And your part is done!
From there, we’ll work directly with the Australian Tax Office to confirm how much unclaimed super you have, and when it can be transferred to your KiwiSaver account - and we’ll keep you informed on the progress!
Reminder: This new process is for unclaimed super money held by the ATO - not an Aussie Super provider. Aussie Super providers will transfer inactive accounts to the ATO if - the balance is less than $6000, and no contributions have been made for at least 12 months. They should have informed you of this transfer at the time. For Aussie Super accounts with a balance over $6000, or where there have been contributions within the last 12 months, Kiwis will need to follow a different process to transfer their funds to New Zealand. See details here.
If you’re not sure whether your Aussie Super account is with your provider or has been transferred to the ATO – you can contact the ATO and they will be able to advise.
Ready to transfer your inactive Aussie Super from the ATO to your KiwiSaver account?
It’s easy to get the ball rolling, simply download and fill out the below form:
‘Application for transfer of ATO-held USM to New Zealand’
As part of this form you will need to include the following information about your KiwiSaver account:
Name of KiwiSaver scheme: Generate Investment Management Limited
New Zealand business number of the scheme: 9429030374034
KiwiSaver scheme name: Generate KiwiSaver Scheme
KiwiSaver scheme number: SCH10791
KiwiSaver scheme membership number: This can be found in your Generate Online Account
If you need any help filling out this form, give us a call on 0800 855 322 and we’d be happy to help.
Once the form has been completed, post the form to:
Australian Taxation Office
PO Box 3578
ALBURY, NSW 2640
Please allow time for postage, and processing by the ATO. Trans-Tasman account transfers are processed twice each year. As soon as we get notice from the ATO about your Aussie Super, we’ll be in touch with a progress update.
We are pleased to be able to offer this additional service to our members. Please contact our friendly team on 0800 855 322 or at firstname.lastname@example.org if you have any questions.