You’ve made sure to compare KiwiSaver fund types, you’ve picked the contribution rate that suits you – what else can you do to get the most out of KiwiSaver?
If there was a way to optimise your KiwiSaver so that you get an extra $521 from the government – no matter which provider you’re with – would you be interested?
Read on to find out more!
If you qualify for the full member tax credit, you could be getting an extra $521 paid into your KiwiSaver account by the government – not just once, but every year.
Taking the opportunity to get this extra, annual contribution from the state could go a long way to securing your future retirement, and yet, not many people know about the member tax credit at all.
In 2016, over one million New Zealanders didn’t qualify for the contribution, and the IRD found that 62 per cent of those who missed out didn’t even know about it.
You qualify if you’re a NZ-based KiwiSaver member over 18 years of age, but under the age to be eligible for retirement withdrawals. In order to get the full amount, there’s a few easy steps to follow:
An easier way to qualify is to adjust your contribution rate.
If you missed the chance to choose between 3%, 4% and 8% contributions when you enrolled, it’s likely that you were automatically placed in the default rate of 3%, which isn’t typically enough to meet the requirements for the full member tax credit.
Leaving enough time for your contributions to process is also important. Because of the surge of donations near June 30th – the end of KiwiSaver’s financial year – you may want to make sure all your payments are made a little in advance, so they have time to process before June 30th, ensuring you get the full $521.43.
If you want to get the most out of your KiwiSaver, and be ready for retirement, make sure you’ve ticked all the boxes.
Paying enough to qualify for the full annual member tax credit is important, but so is having the right provider. Make a KiwiSaver comparison with glimp today!
It’s free, and could put you on a much shorter path to retirement. Don’t wait, talk to the team at glimp!
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