{"id":17941,"date":"2021-06-20T19:41:13","date_gmt":"2021-06-20T07:41:13","guid":{"rendered":"https:\/\/stratusnz.nz\/?p=17941"},"modified":"2021-06-20T20:20:31","modified_gmt":"2021-06-20T08:20:31","slug":"money-for-nothing-why-wouldnt-you","status":"publish","type":"post","link":"https:\/\/stratusnz.nz\/index.php\/2021\/06\/20\/money-for-nothing-why-wouldnt-you\/","title":{"rendered":"Money for Nothing \u2026 Why Wouldn\u2019t You?"},"content":{"rendered":"\n<p>If you\u2019ve paid at least $1042 into your KiwiSaver, this KiwiSaver year, the government will contribute up to $521<br \/>If you haven\u2019t paid the full amount yet, don\u2019t worry, you\u2019ve got until the 25<sup>th <\/sup>of June to top it up and still receive the government contribution. <br \/>\u00a0<br \/><strong>Who can get the government contribution?<\/strong><br \/>All KiwiSaver members aged 18-65 who have paid money into their KiwiSaver account this financial year are eligible for the government contribution.<br \/>If you haven\u2019t been a KiwiSaver member for the whole year, the government may adjust this payment, for instance if you turned 18 or 65 years old partway through the year. <br \/>\u00a0<br \/><strong>How much would I get?<\/strong><br \/>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.\u00a0<br \/><br \/><strong>How does it work?<\/strong><br \/>To get the full amount you need to have contributed at least $1,042 each year between 1 July and 30 June \u2026 that\u2019s only a bit more than $20 a week.\u00a0<br \/>You can contribute through:<\/p>\n<ul>\n<li>Salary or wage deductions.<\/li>\n<li>Payments to Inland Revenue.<\/li>\n<li>Direct payments to your scheme provider.<\/li>\n<\/ul>\n<p><br \/>You don\u2019t need to do anything to claim this contribution, your KiwiSaver provider will do this for you. <br \/>\u00a0<br \/><strong>How do I know if I\u2019ve contributed enough?<\/strong><br \/>If your KiwiSaver contributions are a percentage from your wage or salary you should be able to just check your payslip which will have your contributions for that year. For example, if you contribute $40 per fortnightly pay in KiwiSaver member contributions than that is $40 x 26 week = $1,040 over a year.<br \/>If you are self-employed, or just make voluntary contributions, then you can check myIR and your KiwiSaver provider.<br \/>Some things to be aware of:<\/p>\n<ol>\n<li>The myIR tool doesn\u2019t include any fees or investment growth \u2013 just contributions.<\/li>\n<li>If any of your contributions are from a payroll \u2013 whether it\u2019s from your pay as an employee or from your employer \u2013 it takes a while for the IRD to process it, so it\u2019s not shown in your myIR KiwiSaver balance for a couple of months.<\/li>\n<li>Any voluntary contributions paid directly to your KiwiSaver provider (not from payroll) won\u2019t show in the myIR tool unless it is paid online using the bank\u2019s \u201cPay Tax\u201d function.<\/li>\n<\/ol>\n<p><br \/>Even if you don\u2019t put in the full $1,042, the government will still match 50 cents for every dollar you put in. That means if you contribute $600 in member contributions, you are eligible for $300 from the government to your KiwiSaver.<br \/>\u00a0<br \/><strong>What if I haven\u2019t contributed enough?<\/strong><br \/>If you haven\u2019t yet made the full $1042 member contributions this KiwiSaver year, there is still time to top it up (before 25 June 2021). You can make a top-up payment to your, or a family member\u2019s, KiwiSaver.<br \/>To contribute through your bank account, log into your internet banking and choose \u2018Tax Payment\u2019. Then select \u2018KiwiSaver member account (KSS)\u2019 as the tax or payment type. You will then need the IRD number to make sure it\u2019s credited to the right account.<br \/>And even if you haven\u2019t saved the full amount, you still get 50 cents for every dollar you put in between 1 July 2020 and 30 June 2021. <br \/>\u00a0<br \/><strong>What if I Don\u2019t Know Who My Provider is?<\/strong><br \/>If you don\u2019t know which company manages your KiwiSaver, contact the Inland Revenue Department on 0800 549 472 or by logging in to <a href=\"https:\/\/services.ird.govt.nz\/irsso\/login.jsp?bmctx=03C9FEB3B5F530568C6E02791E0ED43431B0ECA248EEDCEF976770434C8ED750&amp;password=secure_string&amp;contextType=external&amp;OverrideRetryLimit=0&amp;maintenance=false&amp;ssoCookie=Secure&amp;username=string&amp;challenge_url=https%3A%2F%2Fservices.ird.govt.nz%2Firsso%2Flogin.jsp&amp;request_id=8732151970905855224&amp;authn_try_count=0&amp;locale=en_US&amp;resource_url=https%253A%252F%252Fmyir.ird.govt.nz%252Feservices%252Fsecure%252F*\">myIR<\/a>. <br \/>\u00a0<br \/><strong>What if I\u2019ve already paid that much into KiwiSaver?<\/strong><br \/>If you\u2019ve already made it to $1042 \u2026 congratulations! You\u2019re already looking after your future. And remember; the more your put in the more you benefit in the future. <br \/>\u00a0<br \/><strong>What doesn\u2019t count?<\/strong><br \/>Your employer\u2019s KiwiSaver contribution or your Australian Super transfer aren\u2019t included when calculating this benefit. <br \/>\u00a0<br \/><strong>The future\u00a0<\/strong><br \/>Now you\u2019ve sorted out your free money for this year, how about setting up a regular payment through your bank account so next year is taken care of. <br \/>\u00a0<br \/><strong>Remember<\/strong><br \/>Make your payment by internet banking by 25 June 2021 to allow for processing time.<br \/>Set up a direct debit straight from your bank account to make sure your free government contribution is taken care of next year.<\/p>\n<p>\u00a0<\/p>\n<p>For all your KiwiSaver questions, please contact me via\u00a0<a href=\"mailto:jude@stratusnz.nz\">jude@stratusnz.nz<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve paid at least $1042 into your KiwiSaver, this KiwiSaver year, the government will contribute up to $521If you haven\u2019t paid the full amount yet, don\u2019t worry, you\u2019ve got until the 25th of June to top it up and still receive the government contribution&#8230;.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,87,86,92,1],"tags":[90,88,89,94],"_links":{"self":[{"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/posts\/17941"}],"collection":[{"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/comments?post=17941"}],"version-history":[{"count":4,"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/posts\/17941\/revisions"}],"predecessor-version":[{"id":17948,"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/posts\/17941\/revisions\/17948"}],"wp:attachment":[{"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/media?parent=17941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/categories?post=17941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stratusnz.nz\/index.php\/wp-json\/wp\/v2\/tags?post=17941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}