Are you on track to get the full KiwiSaver Government contribution?

June 10, 2019

Time is running out to ensure you receive the full, $521.43 contribution to your KiwiSaver account from the Government.

 

The "KiwiSaver year" ends on June 30, 2019 and everyone who has contributed $1042.86 or more to their account in the last 12 months will receive the full $521.43 member tax credit from the Government.

 

The tax credit is a bonus 50c from the Government for every dollar contributed, up to $1042.86

 

To receive the maximum $521.43, you need to be an eligible member for the full year (1 July 2018 to 30 June 2019) and contribute at least $1,042.86 by the end of June (N.B. employer contributions and Government contributions don't count towards this amount).

If you earn $35,000 or more per year and you contribute at least 3% out of your pay, you’re likely to have contributed enough to get the full $521.43.

 

If you’re not sure how much you’ve contributed, here’s how you can see if you’re on track to have contributed $1,042.86 between 1 July 2018 and 30 June 2019.

 

To check your balance, go to www.ird.govt.nz 

Log into your myIR or if you don’t have a log in, register for one.

Go to your Kiwisaver section.

 

If you’re already on track to contributing $1,042.86 between 1 July 2018 and 30 June 2019, there’s nothing else for you to do if you are not, now is the time to contribute.

Inland revenue will need to receive any extra contributions by 18 June 2019 to make sure they’re in your KiwiSaver Scheme account by 30 June 2018.

Use your internet banking to top up your Kiwisaver. Choose the "Pay tax" option on your internet banking service. You need to include:

your IRD number

the tax type "KSS"

 

Am I eligible for the annual Government contribution?

To be eligible for the annual Government contribution, you must be:

A contributing KiwiSaver member.

Aged 18 or over.

Live mainly in New Zealand.

Not yet eligible to make retirement withdrawals.

 

 

 

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