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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 member tax credits.

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:

Manage your money

Keep track of your savings

Make contributions to your account

Bring your savings together

Withdraw your savings

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Questions?

If you have any queries or want to know more:

  • call us on 0800 336 338
  • talk to your financial adviser, if you have one.