KiwiSaver Government Contribution

We're nearing that time of year again: Don't miss out on your free $521!

It's time to double check that you're on track to receive your full government contribution of $521 by 30 June. Watch the quick video above to hear all about the free $521 from Lifetime Financial Adviser Claudia Twine.

Each year, the government will contribute $0.50 to every $1 that you contribute, up to a maximum of $521. This means that to receive the full amount, you'll need to contribute at least $1,043 during the year (1 July 2021 - 30 June).

Will you have contributed enough to KiwiSaver by 30 June to qualify for the full $521 government contribution?

To qualify for the full government contribution you need to:

• Be over 18 and under 65.
• Be living in New Zealand.
• Have been a KiwiSaver member for 12 months.
• Have personally contributed at least $1,043 (employer contributions, previous government contributions and amounts transferred from Australian complying superannuation funds don't count).

If you earn a salary of over $35,000 and have contributed 3% or more to your KiwiSaver, then you have likely met the contribution requirement.

If you are unsure, you can log in to the IRD website through myIR to check your contributions.

How to make a voluntary top up.

Making a top up to your KiwiSaver is super easy. You can either go direct to your KiwiSaver provider, or if you use online banking, most major banks have a very handy payments feature. Go to your online banking and look for the 'Pay Tax' or 'Pay IRD' option. Choose KiwiSaver (KSS) and simply enter your IRD number and the amount you'd like to contribute.

As always, your financial adviser is available to discuss any changes to your personal financial plan and answer your queries.

If you have recently changed KiwiSaver provider.

If you transferred to a different KiwiSaver scheme provider on or after 1 July 2023, please note that your new provider will only report on the eligible contributions they have received. Contributions made to your previous provider are included in the balance transfer amount and are not reported separately.

To ensure you receive your full government contribution, please follow these steps:

• Log into your myIR account and navigate to the KiwiSaver section.
• Click on the 'Contributions Summary' link.
• Review the figures for the 'Government contribution year.'

You will also need to verify contributions with your current provider

• Contact your current KiwiSaver provider to confirm the value of your eligible employee/voluntary contributions for this KiwiSaver year.
• If your contributions are above $1,042.86, you should be eligible for the full government contribution.
• If your contributions are below this threshold, check your KiwiSaver account again from mid-July to ensure the correct government contribution has been applied.
• If the contribution is incorrect, you will need to ask your current provider to manually claim the correct amount. They may require proof from your myIR records.

By taking these steps, you can ensure that you receive the maximum government contribution for your KiwiSaver account.