Money can get to New Zealand but I can’t

I turn 50 this year and for my birthday I want to be hiking through the mountains of the South Island. But I may not be able to.

However, unlike me, unclaimed superannuation can travel back to New Zealand. The Government has made regulations to assist the Commissioner in returning unclaimed super to New Zealanders.

These regulations allow individuals to ask the Commissioner to pay unclaimed super amounts directly to a New Zealand KiwiSaver scheme.

Before this change, a New Zealander would have to establish an Australia super account, have the Commissioner transfer the amount to this fund and then have the fund transfer this amount to the KiwiSaver account.

The payment to the KiwiSaver account is tax-free and is not subject to the Departing Australia Superannuation Payments Tax.

To make this payment, the Commissioner must be satisfied that the person has emigrated permanently to New Zealand.

So it looks like unclaimed superannuation can travel back to New Zealand, but I can’t travel there yet.


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