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Are you making the most of your KiwiSaver?

How to qualify for the member tax credit

If you’re between 18 and 65 and mainly reside in New Zealand you can qualify to receive the member tax credit. This is a government contribution of 50 cents for every dollar of member contribution you make in a year towards your KiwiSaver, up to a maximum payment of $521.43. This means you must contribute $1042.86 annually to qualify for the maximum payment.

If you contribute less than $1042.86 from your pay, you can make voluntary contributions to ensure you receive the full member tax credit payment from the Government. Contributions made between 1 July 2017 and 30 June 2018 will count towards this year’s member tax credit.

Your KiwiSaver provider will claim the tax credit on your behalf after 1 July each year. You don’t have to do anything. Your member tax credit will appear in your KiwiSaver account within a month of your provider making the claim.


KiwiSaver Health Checker tool

The Financial Markets Authority (FMA) has developed a KiwiSaver Health Checker tool to help you find out:

  • if you are in the right fund
  • if you could be saving more
  • if you are paying the right amount of tax, and
  • if you are paying too much in fees.

You can also search www.youtube.com with the keywords "KiwiSaver fees" to view three short videos about checking the fees that you pay.


Source: www.ird.govt.nz