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CANBERRA, Nov 22 AAP

November 22 2012, 3:50PM

Australians and New Zealanders will be able to take their superannuation with them when they move between the two countries under new laws passed by the Senate.

The legislation for the scheme, which will be voluntary and tax free, went through on Thursday.

Each year about 50,000 New Zealanders move to Australia and about 14,000 Australians settle permanently in New Zealand.

There are 483,000 people born in New Zealand who now live in Australia, who will be able to consolidate their retirements savings if they return home.

It's the first time Australia has set up an international superannuation portability scheme.

The Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012 now awaits royal assent.