Reminding all KiwiSaver Contributors
We wish to remind clients who are KiwiSaver members, to ensure they have made the minimum contribution of $1,042 into their KiwiSaver account prior to Tuesday 27th June 2017 to take advantage of the maximum member tax credit entitlement (government contribution), that all KiwiSaver's are entitled to.
As long as you have been a KiwiSaver member for more than a year and have made the minimum contribution sometime between 1 July 2016 and 30 June 2017, the government will also make a contribution and you will get the maximum of $521. The member tax credit is paid into the members account each year around July/August.
Contributions can be made up from :
- Employee contributions through IRD
- Voluntary contributions through IRD
- Voluntary contributions made directly to your KiwiSaver provider eg. Fisher Funds
It does not matter if your payments are regular or lump sums. However, the amount does matter; if you have only deposited $1,000 you will only get $500 member tax credit.
If you have joined part-way through the year and have paid the minimum contribution of $1,042 into your KiwiSaver account before the 30th June 2017, you will receive a member tax credit based on the numbers of days in the year you have been a member.
Nick Hoogeveen & Associates
Disclaimer - This document is a guide only. It should not be used as a substitute for legislation or legal advice. Nick Hoogeveen & Associates is not responsible for the results of any actions taken on the basis of information in this document, or for any errors or omissions.