Boost your KiwiSaver account with Member Tax Credit 2019!

Are you one of the million people with a KiwiSaver account that are missing out on at least $300 million of unclaimed Government contributions?

A $521 Government contribution is available to all KiwiSaver members, aged 18 to 65, who have themselves contributed at least $1042 within the current financial year (eligibility criteria apply).

One in three surveyed in 2017 said they didn’t receive the full amount because they didn’t know enough about it. And 62 per cent said that they would have made the effort to save if they had known they stood to benefit.

Are you a stay-at-home parent, self-employed or taking a break from contributing into your KiwiSaver account?

Do you contribute less than the required minimum amount?

If so, provided that you are eligible, you can still benefit from the Government contribution by making voluntary contributions as a lump sum or direct debits to reach your goal & ensure you receive the full $521.

Cut-off date
You have until 30 June to make sure you’ve contributed the minimum amount in order to qualify. Remember $521 now may not seem like a lot today, but if you’re saving for your first home or planning for your retirement every little bit helps.

If you’d like to know more about how you can get your KiwiSaver account working for you then just drop us an email.

The details
The Government makes an annual contribution of up to a maximum of $521.43 a year to your KiwiSaver account provided you are a contributing member aged 18 or over and have not yet reached your Qualifying Date.

Qualifying Date means the date you qualify for New Zealand Superannuation (currently age 65); or if you joined after age 60, after five years’ membership of a KiwiSaver scheme or a complying superannuation fund.

You will need to reside mainly in New Zealand unless you are a Government employee living overseas or you are volunteering (or working for token payment) for specified charitable organisations.

The KiwiSaver Government contribution year runs from 1 July to 30 June annually.

If you join a KiwiSaver scheme or turn 18 years old part-way through a KiwiSaver tax year (1 July to 30 June), you’ll receive the Government contribution on the number of days in the year you’ve been an eligible member. This may mean you might not receive the maximum $521.43.

AdviceFirst is a Financial Advice Provider (FSP23242).