KiwiSaver Members, don’t miss the $521 government contributions deposit $1042.86 by 20 June
$521 Credited to your KiwiSaver account July each year by the NZ Government
Deadline to credit your account $1042.86 to get your Member Tax Credit
TO QUALIFY
You are Eligible for Member Tax Credits
you need to contribute at least $1042.86/yr between 1 July and 30 June (this is the member tax credit year) been a member for a full year
if you’re eligible for only part of a year (just started KS) you’ll get part of the MTC. The calculation of the part MTC will be based on the number of days in the year you were eligible.
must be between 18 and 65
if you turn 18 during the tax year you will be eligible on the day you turn 18
NZ resident for the year (exceptions volunteers/govt employees)
you are an NZ resident if you’ve been in NZ more than 183 days in a year and have a permanent place of abode
must be contributing $87 a month or $1043/yr
If self employed – can voluntary contribute $87/mth $1043/ yr
Contribution of $1042.86 can be one lump sum
You are Not Eligible for Member Tax Credits
while on contributions holiday you are not eligible
over 65 yrs old (note- you can still continue to contribute though not eligible for member tax credits)
If you are away from the country for more than 6 months (183 days) and do not have a permanent place of abode in NZ
How much Member Tax Credit will I receive?
Full year kiwisaver member $521.43
Less than a year – member tax credit will be calculated from the 1ST Day of the month
So if you’ve joined Kiwisaver 6 months before 30 June you get around $260
For every $1 contribution you get 50cents in Member Tax Credits
Kind Regards
Brendon White
The Certus Team
Copyright © 2020 Certus Financial Group, All rights reserved.