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                                                        Bringing Aussie Super Home

Q.        My brother is back in NZ after spending a number of years in Australia.  We have his Tax File Number TFN for Australia and I am helping him find out what Super he may have in Aussie that can be transferred back to his ANZ OneAnswer KiwiSaver Scheme.  We have tried to register on the 'Find My Super' Australia site but it wants current Australia residence info which we don't have as he is no longer living there.  What is the best way to go about finding any funds for transfer? He had a number of jobs over there so he has no idea of what super he may have and who with. The only reliable thing he has is his TFN number.

A.         New Zealanders who have worked in Australia at any time over the past 22 years will probably have savings in one or more super accounts. If your superannuation providers have not been able to contact you since you moved back to New Zealand, it is likely that your savings will be added to the ‘lost’ accounts in their system. The Australian Tax Office has estimated that it could have about AUD$18 billion in these lost accounts. Someone like your brother may have several superannuation accounts – potentially getting whittled away by fees if their balances are low. 
 
It is worth talking to your brother’s KiwiSaver manager as they can help with the process. Of course, it is in their interests to increase the amount they are managing, as fund managers are paid a percentage of the total funds invested. So use their services - they are accustomed to helping people in this situation. 
 
As your brother is with ANZ KiwiSaver, I contacted their head office in Auckland to find out how you should proceed. This is their response:

‘The best way to find out where your brother’s Australian superannuation funds are located is to contact the Australian Tax Office (ATO). They’ll be able to tell you whether he has superannuation in Australia, how much and which provider it is with. You can call the ATO by dialling +61 2 6216 1111, for information security purposes they will ask you to provide an address that the ATO have on record. This is likely to be his address when he lived in Australia.   Once you’ve located your brother’s Australian superannuation, you can contact his Australian provider(s) who will give you the forms required to complete the transfer.  If he does have more than one Australian superannuation provider, he may find it easier to use ANZ’s unique ANZ Smart Choice Super solution to transfer his funds back. Using this solution, your brother can set up ANZ Smart Choice Super account and use ANZ Smart Choice Super’s online rollover tool to consolidate all of his Australian superannuation funds into one Australian superannuation account. Then he can complete the application form required to transfer the consolidated funds to his KiwiSaver account. This will prevent him from having to complete multiple applications with multiple Australian providers.’

Different fund managers will help investors in various ways to help bring Aussie super home, with some being more helpful than others. 
 
There are several advantages in tracking down these Aussie savings and bringing them back to New Zealand, although for some people there may be more benefits in retaining the super in Australia. Investors should do their homework before making a decision.

As published in the Hawkes Bay Today 10 August 2015
 
Shelley Hanna is an Authorised Financial Adviser FSP12241. Her disclosure statement is available on request and free of charge by calling 06-8703838 or go to www.peak.net.nz. The information contained in this article is of a general nature and is not personalised. Send your KiwiSaver questions to shelley.hanna@peak.net.nz