WA Super ready to accept KiwiSaver transfers
West Australian-based fund, WA Super has announced it now has the capability to accept Trans-Tasman transfers from KiwiSaver accounts.
The fund said that its ability to do so, effective from today, followed its compliance with the Trans-Tasman portability scheme which came into effect in July, last year.
The fund’s announcement said its compliance meant that individuals could transfer all of their contributions, including accumulated tax credits and the KiwiSaver initial kick-start bonus of $1,000.
The announcement said that, additionally, the transferred amount would be exempt from tax at the point of exit and entry, providing the amount fell within the industry regulatory contribution cap of $180,000 a year.
Commenting on the development WA Super chief executive, John McNally said he believed the initiative represented great news for New Zealanders who had plans to settle in Australia.
“Feedback is clear, and the need for such action has certainly been identified by both New Zealanders migrating to Australia and within the industry’s media bodies,” he said.
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