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Thread: Question about Aussie Super/NZ tax

  1. #1
    tims is offline Junior Member
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    Default Question about Aussie Super/NZ tax

    Hi

    Are there any (older or otherwise) Aussies out there that have moved to New Zealand and have sorted out how how their Australian Super is taxed in New Zealand?

    I've rang the NZ Inland Revenue dept. but am still not sure what the tax rules are govening super payments from overseas. The NZ IRD advise that I will have to pay tax on any pension/bulk payments etc I receive from my Australian Super when I qualify for the (Aussie) pension at 65.
    However, as I've already paid tax (in Australia) on the Aussie Super at 15% on contributions/returns, plus the fact that the majority of my Super funds were made (in Australia) as one off payments after tax (PAYE) how can I be taxed again at the New Zealand end?
    I'm confused - can anyone help?

    cheers

    Tim

  2. #2
    MotherBear's Avatar
    MotherBear is offline The missing link
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    Hi Tim and .

    Perhaps you can find the answer to your questions in here. It mentions tax on overseas pensions although doesn't give a lot away. This is another leaflet about overseas pensions in NZ.

    A bit more about taxation in NZ. It does mention about NZ revamping their taxation rates and thresholds from October this year, so things will change from what it currently says in these links. NZ has a double-taxation agreement with Australia so it could be that you would only be taxed by one or the other of them.

    With pensions from the UK there is a form we can fill in for relief from double-taxation, so I don't know if the same applies with Oz pensions.
    Mother Bear

    Try to bloom wherever you are planted.

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    MotherBear's Avatar
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    Tamsyn Parker: Bringing it all back home from Australia
    Page 1 of 2...... 5:00AM Tuesday August 19, 2008
    By Tamsyn Parker

    Good news if you have worked in Australia since 1992 and contributed to a superannuation scheme. You may soon be able to bring your contributions back to New Zealand.

    The Government has reached a deal with Australia to enable retirement savings portability between the two countries.

    The Australian Government estimates it has up to $13 billion in "lost" accounts and around 20 to 30 per cent of that money might belong to Kiwis.

    You won't be able to get your hands on any cold hard cash as the money will be transferred to a super scheme here. But it will be a change from the present system where New Zealanders have to wait until they are of Australian retirement age before they can bring their money back.

    The agreement should also allow for New Zealanders to take their KiwiSaver retirement savings to Australia - good news for the thousands of Kiwis who move across the Tasman every year.

    But details have yet to emerge on whether Kiwis can take all their money - including the Government's contributions - with them. Those details are expected to be thrashed out in a memorandum of understanding to be signed in October with legislation due to be introduced in 2009.

    More here.
    Mother Bear

    Try to bloom wherever you are planted.

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