There are reasons to move your Australian Super across to your KiwiSaver, but there are also reasons to leave it there. The trick is getting advice from a trusted source without conflict, as this decision could have large financial impacts in the future.
Advantages can include access to funds earlier, less taxes, improved financial options, discounted insurance benefits and much more!
5 Things you should Know
1. You should seek professional financial advice from someone that understands both types of investments and both sets of tax consequences. Getting this wrong, could cost you a lot of money in the future.
2. You could also be paying for insurance that you can't claim against in the future and these premiums could be wasting away your Australian Super.
3. There may also be additional fees in the Australian Super that can be taken into account, when thinking about keeping the Australian Super over there.
4. Because Australian Super is taxed at 15% on both income and capital growth, this needs to be calculated based on your selected risk profile.
5 At The Advice Hub we have all of this information available to our clients. We can track down your Australian Super and complete the forms needed to bring it to a NZ KiwiSaver for a fixed fee.