The Government has released draft legislation to establish a trans-Tasman retirement savings portability scheme.
The Governments of Australia and New Zealand have signed an Arrangement to permit Australians and New Zealanders to transfer their retirement savings when they move between Australia and New Zealand, while preserving the integrity of the retirement savings systems of both countries.
Under the scheme, Australians and New Zealanders will be able to transfer their superannuation benefits between certain Australian superannuation funds and New Zealand KiwiSaver schemes.
The proposed legislation implements the taxation treatment of retirement savings transferred under the scheme, while the superannuation treatment of the transferred savings will be implemented through regulations. A copy of the Arrangement was included with the consultation documents to assist in understanding the scheme in its entirety.