Direct Payment Option

If a client does not choose to have their Australian pension paid through the Special Banking Option, it will be paid directly to their own bank account.

Under this method of payment:

• Australian pension payments are made every 4 weeks
• payment will be converted at the rate of exchange applicable on the day the bank credits their account
• the client receives the gross rate of the Australian pension and is responsible for any tax liability on it
• the amount deducted from the New Zealand benefit or pension will be based on the previous month's exchange rate for the Australian pension
• if the client is receiving New Zealand Superannuation or Veterans Pension the rate will be automatically recalculated in SWIFTT each month using the previous month's Australian exchange rate shown in SELXT
• if the client is receiving any other New Zealand benefit or pension International Services will manually review the rate on a monthly basis
• there is no due/paid assessment at the end of each year to take into account the exact exchange rate that the Australian pension was paid to the client

Contact International Services or see:

• Initial grant of Australian pension