Withdrawal to pay tax after transferring foreign superannuation

You may be able to withdraw some of your KiwiSaver savings if you need to pay either:

• any New Zealand tax liability
• a higher student loan repayment after you've transferred money from a foreign superannuation scheme – other than an Australian scheme – to a KiwiSaver scheme.

How much can you withdraw?

You won't be able to withdraw more than the amount of:

• tax you have to pay
• your additional student loan repayment obligation.

Note that you cannot withdraw:

• the kick-start contribution, if you had one
• your government contributions.

How it works

If the withdrawal to pay tax or higher student loan repayments is approved, it will be paid directly to Inland Revenue.

You should seek independent advice about:

• the tax treatment of any interests you hold in foreign superannuation schemes and any transfers of money from such schemes
• whether your foreign superannuation scheme allows a withdrawal in these situations.

How to apply

If you want to apply for a withdrawal to pay tax or higher student loan repayments, there's a time limit. You must do it within 24 months from the end of the month in which Inland Revenue assesses your liability for tax or student loan repayments.

You will need to send us or your financial adviser:

• a completed Booster Partial withdrawal for foreign superannuation tax liability form (you can download this form in mybooster).