Stratus | KiwiSaver Member Tax Credits – What you need to know
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KiwiSaver Member Tax Credits – What you need to know

Jude Drummond, AFA

KiwiSaver & Group Super Specialist, Retirement Savings

Stratus Financial Services, Ltd

KiwiSaver Member Tax Credit – 1 July 2018 – 30 June 2019

To be eligible to get your KiwiSaver tax credit for the year you need to:

  • Be aged 18-64 or,
  • 65-69 and in the first 5 years of membership.

If you fit the above criteria for every dollar you put into KiwiSaver, the Government will put in 50 cents up to a maximum of $521.43.

If you have not been a KiwiSaver member for a full year, you turned 18 during the year, or you turned 65 during the year (and have been in KiwiSaver for more than 5 years), you are only eligible for a proportion of the Member Tax Credit.

Checking Your Contributions

AMP KiwiSaver Online access

You can view your AMP investment online. Go to www.amp.co.nz, click “Log in” in the top right corner. If you don’t have a login and password please call AMP on 0800 808 267 to set this up.

ANZ and OneAnswer online access
You can view your ANZ or OneAnswer KiwiSaver investment online at www.investments.anz.co.nz. Select Customer login, and select KiwiSaver Customer. If you don’t have a login, you can request one by selecting Request a login.

Fisher Funds and Fisher Funds TWO online access
You can view your Fisher Funds and Fisher Funds TWO KiwiSavers online at either www.Fisherfunds.co.nz or www.ff2kiwisaver.co.nz. Select Online Access, and log in. If you don’t have a login, you can register online by selecting Register.

Other KiwiSaver Providers Online Access
Similar arrangements are in place for other KiwiSaver providers – please refer to their websites for log-in details.

The last 3 months payroll KiwiSaver contributions will STILL be held at the IRD, so will not be showing in your online KiwiSaver balance.

IRD

You can also check your KiwiSaver contributions online through www.ird.govt.nz by logging in to “MyIR”, or at www.kiwisaver.govt.nz, click “My KiwiSaver” and log in.

Topping Up Your KiwiSaver

If you are eligible for the full Member Tax Credit but haven’t quite made the $1042.86 in Member contributions this KiwSaver year, there is still time to top it up.

You can make a top-up payment to your (or a family member’s) KiwiSaver either via:

  • The My AMP app – Get the app here
  • Direct debit or internet banking from your account – you will need your IRD number
    • Log into your internet banking and choose ‘Tax Payment’. Then select ‘KiwiSaver member account (KSS)’ as the tax or payment type. You will need your IRD number.

 

Please make your payment by 25 June 2019 to allow for processing time.

Your Member Tax Credit will be deposited it into your KiwiSaver Scheme account after the end of the KiwiSaver year 30 June.

 

Get Sorted for Next Year

If you are eligible for the full Member Tax Credit you (the member) only need to contribute $1042.86 during the KiwiSaver year.  That’s only $20.05 over 52 weeks. To make this easy for the 2018-2019 KiwiSaver year, you can set up a Direct debit straight from your bank account.

If you have any KiwiSaver questions contact Jude Drummond, AFA at jude@stratusnz.nz.

Disclaimer: This information does not constitute personalised advice. If you would like personalised advice please contact Stratus for an appointment.