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$521.43 Government Topup on Kiwisaver

Did you know the New Zealand government matches every dollar you contribute to Kiwisaver with 50cents?  The maximum that can be given as a topup is $521.43.  Doing some simple math, you need to have contributed atleast $1,042.86 for one year from July 1 to be eligible for the maximum topup. Otherwise, you’ll get the corresponding 50 cents pro-rata. If in case you need to topup, voluntary contribution must be done on or before June 22 (as per ANZ).  You can check your Kiwisaver scheme provider for deadline.

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You might not be aware that the government is giving the money every year as a Member Tax Credits.

 

STEPS IN DETERMINING THE TOTAL CONTRIBUTION NEEDED

  1. Login to Kiwisaver.  It will divert you to the myIR as they are linked.

2. Click View transactions.

3. Show Deductions from salary/wages.  Filter the date from July 1 on the previous year up to present.  Get the total value under Transferred to scheme. 

4.  Remaining Contribution to reach the maximum government grant = $1,042.86 – Transfer to scheme.  The result will be the voluntary contribution that you need to pay to reach the maximum grant.

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