For every dollar you put into your KiwiSaver account, the Government puts in 50c, up to a maximum of $521.43 each year - this is effectively free money for KiwiSaver members.If you have been contributing to KiwiSaver for at least one year through your employer at the 3% rate and you earn over $34,766 per annum, your contributions will meet the minimum requirement to qualify for the full tax credit.
If you are not quite sure if you have contributed enough, we've put together this handy calculator.
If you haven't contributed enough, you can top up your account to make sure you don't miss out. You have until the end of June to make a voluntary contribution. Talk to your KiwiSaver provider, they will let you know how to put some extra money into your fund. The power of compound interest means that an extra $521 could make a huge difference by the time you retire, so you don't want to miss out.
The Member Tax Credit is paid into your KiwiSaver account in late July or August.