Key Date for KiwiSaver Member Tax Credit is Approaching

kiwisaver-main-logoTo receive the full KiwiSaver member tax credit of $521.43 for the 2016 year, KiwiSaver members must ensure that they have contributed at least $1,042.86 for the year ended 30 June 2016.

The KiwiSaver member tax credit is the government’s contribution to KiwiSaver accounts. The maximum credit available from the government is $521.43.

In order to receive the full tax credit amount of $521.43 it is necessary to have been a KiwiSaver member for the full year 1 July 2015 – 30 June 2016, and to have contributed at least $1,042.86 to your KiwiSaver scheme. Employer contributions do not count towards eligibility for this credit.

Voluntary contributions can be made up to 30 June 2016 to ensure that total contributions of $1,042.86 have been made so that the full member tax credit of $521.43 is received.

If you joined KiwiSaver part-way through the year (1 July 2015 to 30 June 2016), the member tax credit is based on the number of days in the year you’ve been a member.

Eligibility to receive the member tax credit ceases when you turn 65 years old, unless you joined KiwiSaver within 5 years of turning 65 in which case it ceases after you have been a member for five years.

2016-05-16T12:33:37+00:00May 16th, 2016|ACC and Kiwisaver|

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