Do you have a KiwiSaver account? If yes, then, you could be eligible for the annual government contribution.
If you have been contributing to your KiwiSaver account, you may be eligible to receive an annual Government contribution (aka a member tax credit). The annual Government contribution is calculated each year based on your contributions from 1st July to 30th June each year.
The Government contributes 50 cents for each dollar you contribute, to a maximum of $521.43. To receive the maximum, you’ll need to contribute at least $1,042.86. You can achieve this by contributing around $21 each week.
If you haven’t quite made that threshold you can top it up with your provider before 30th June.
To be eligible:
- You must be 18 years or older.
- Not yet eligible for retirement withdrawals.
- Be living mainly in New Zealand.
If you don’t meet these requirements for the full year (1st July to 30th June), the maximum you can receive from the government will be based on the part of the year that you were eligible, as well as any of the contributions you make.
If you have contributed enough and meet the requirements, you’ll see the added government contribution come into your KiwiSaver Scheme account shortly after 30th June.
For more information about your KiwiSaver, get in touch with your KiwiSaver provider.
Note: your contribution does not include employer contributions throughout the year or previous government contributions.