The federal government has passed a law allowing New Zealanders to transfer retirement savings earned in Australia to KiwiSaver schemes in New Zealand.
Under current rules, employers of New Zealanders working in Australia must contribute to an Australian superannuation scheme which locks in the funds until retirement age.
From 1 July this year, returning New Zealanders will be able to transfer funds in their Australian super schemes into participating KiwiSaver schemes and vice-versa.
Retirement savings transferred between the countries will be exempt from entry and exit tax.
Funds transferred from Australia can be withdrawn when members reach the age of 60 if they meet the Australian legal definition of being retired.
KiwiSaver funds transferred to Australia can be accessed when members turn 65.
