Business leader calls for the freeing up of capital held in NZ owned Australian superannuation accounts.

New Zealand born, and Australian based, businessman Matthew Tukaki will tonight tell a gathering of kiwi expats and business leaders in Sydney that one way to keep the New Zealand economy growing would be to support more growth in the small business and start-ups sectors. Mr Tukaki is the former Head of Drake International, Chair of Social Investment business Sustain Group and Co-Founder of the EntreHub.org (a movement with more than 34,000 members focussed on entrepreneurship across 81 countries) and is speaking at the World Class New Zealand event being hosted by Google Australia and Kea New Zealand: “The feedback that I get from many people, irrespective of the country where they are located, is that access to capital is a major problem. People with great ideas are often left to cash flow the business start-up with nothing other than personal savings because of bank loan criteria. But, New Zealanders living in Australia (or who have returned home) have something that many other countries don’t have which is tens of millions and hundreds of millions of dollars sitting in Australian based superannuation funds.” “The prospective law changes back in 2012 only dealt with the portability of funds and the principles were designed to protect the integrity of the Australian scheme – meantime as the Australian scheme grows in age and many New Zealanders make the move back to New Zealand they do so by forgetting just how much money is sitting in forgotten accounts.” “In my view we should take another look at the scheme to free up some of the money that does return to New Zealand to be able to be used for capital to fund a business start-up because let’s face it if kiwi’s come home and have access to capital then not only could they start their own business and become self-employed they will begin creating opportunities for others – employing others.” Mr Tukaki said that there are still tax considerations to be made but the imperative should be that those who return are able to access funds to create their own support through business start-up or investment as opposed to becoming reliant on others “in particular the State.” Mr Tukaki also focussed his attention on Maori economic development: “One of the additional key considerations is how this approach could work for Maori and frame Maori economic development into the future. According to the 2011 census there were 128,430 Maori living in Australia and we all know that over time many do in fact return home. When they return they often bring a lot more than when they left such as skills, qualifications, experience and you guessed it – capital. However, if capital was off the table why couldn’t they be able to access superannuation held in Australia for the same purpose? If Maori can return home and start a business then we know, anecdotally, that they often employ other Maori through friends and family networks.” www.entrehub.org I @entrehub.org A million stories and counting “There are a range of ways that criteria can be developed for access such as the need to complete a vetted business plan and cash flow forecasts and it could be possible to suggest that the capital amount able to be accessed is only a percentage of the total value of the fund – this would make it easier to mitigate risk of failure by retaining a core amount of the principle.” “It would be great to see us talk more about not only how we can attract talented kiwi’s back to New Zealand but also allowing them to bring the funds necessary to drive small business and entrepreneurial growth.” Press release ends:  About Matthew Tukaki: Matthew is Co-Founder of both Sustain Group and EntreHub.org is the current Chair of Deakin University CSaRO, Chair of the joint initiative between the US National Science Foundation and Sydney University (BESERG) as well as a Director of the Boards of a number of public and private institutions. He served as Australia’s Representative to the United Nations Global Compact from 2010-13 and was appointed by the UN Secretary General to the Board of the UNGC in May of 2013.  About the event tonight: part of the Kew New Zealand, World Class New Zealand “Inspire Series” being hosted at Google Australia’s Headquarters and being attended by more than 80 New Zealand business people and influencers  For comment: Matthew Tukaki @ +61 2 415 093 137 or email lpecov@entrehub.org

New Zealand born, and Australian based, businessman Matthew Tukaki will tonight tell a gathering of kiwi expats and business leaders in Sydney that one way to keep the New Zealand economy growing would be to support more growth in the small business and start-ups sectors. Mr Tukaki is the former Head of Drake International, Chair of Social Investment business Sustain Group and Co-Founder of the EntreHub.org (a movement with more than 34,000 members focussed on entrepreneurship across 81 countries) and is speaking at the World Class New Zealand event being hosted by Google Australia and Kea New Zealand:
“The feedback that I get from many people, irrespective of the country where they are located, is that access to capital is a major problem. People with great ideas are often left to cash flow the business start-up with nothing other than personal savings because of bank loan criteria. But, New Zealanders living in Australia (or who have returned home) have something that many other countries don’t have which is tens of millions and hundreds of millions of dollars sitting in Australian based superannuation funds.”
“The prospective law changes back in 2012 only dealt with the portability of funds and the principles were designed to protect the integrity of the Australian scheme – meantime as the Australian scheme grows in age and many New Zealanders make the move back to New Zealand they do so by forgetting just how much money is sitting in forgotten accounts.”
“In my view we should take another look at the scheme to free up some of the money that does return to New Zealand to be able to be used for capital to fund a business start-up because let’s face it if kiwi’s come home and have access to capital then not only could they start their own business and become self-employed they will begin creating opportunities for others – employing others.”
Mr Tukaki said that there are still tax considerations to be made but the imperative should be that those who return are able to access funds to create their own support through business start-up or investment as opposed to becoming reliant on others “in particular the State.” Mr Tukaki also focussed his attention on Maori economic development:
“One of the additional key considerations is how this approach could work for Maori and frame Maori economic development into the future. According to the 2011 census there were 128,430 Maori living in Australia and we all know that over time many do in fact return home. When they return they often bring a lot more than when they left such as skills, qualifications, experience and you guessed it – capital. However, if capital was off the table why couldn’t they be able to access superannuation held in Australia for the same purpose? If Maori can return home and start a business then we know, anecdotally, that they often employ other Maori through friends and family networks.”
www.entrehub.org I @entrehub.org
A million stories and counting
“There are a range of ways that criteria can be developed for access such as the need to complete a vetted business plan and cash flow forecasts and it could be possible to suggest that the capital amount able to be accessed is only a percentage of the total value of the fund – this would make it easier to mitigate risk of failure by retaining a core amount of the principle.”
“It would be great to see us talk more about not only how we can attract talented kiwi’s back to New Zealand but also allowing them to bring the funds necessary to drive small business and entrepreneurial growth.”
Press release ends:
 About Matthew Tukaki: Matthew is Co-Founder of both Sustain Group and EntreHub.org is the current Chair of Deakin University CSaRO, Chair of the joint initiative between the US National Science Foundation and Sydney University (BESERG) as well as a Director of the Boards of a number of public and private institutions. He served as Australia’s Representative to the United Nations Global Compact from 2010-13 and was appointed by the UN Secretary General to the Board of the UNGC in May of 2013.
 About the event tonight: part of the Kew New Zealand, World Class New Zealand “Inspire Series” being hosted at Google Australia’s Headquarters and being attended by more than 80 New Zealand business people and influencers
 For comment: Matthew Tukaki @ +61 2 415 093 137 or email lpecov@entrehub.org