Those KiwiSaver members who have contributed less than $1,042 in the year since 1 July may miss out on maximising their Member Tax Credits.
As you know, provided the member is aged over 18, the Government will match their contributions for the year to 30 June, dollar for dollar, up to a maximum of $1,042 per year. If they have been a member for less than a year, or turned 18 during the year, they are eligible for a proportionate amount.
A number of members who will have contributed less than $1,042 in the current year. In such cases the Government will match only what they’ve paid in. Under the rules, a member can “top up” their contributions at any time prior to 30 June to ensure they’ve contributed at least $1,042 in the current year, and hence gain the full benefit of the member tax credit.
You should speak to Thorners if you are aged 18 and older and believe you have contributed less than $1,042 to your Kiwisaver in the last year.
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