- Are you in KiwiSaver?
- Are you self-employed or on PAYE earning less than $34,776 per annum?
If you have been contributing to KiwiSaver for at least one year through your employer at the minimum rate of 3% and you earn over $34,766 per annum, your annual contribution will be the minimum required to qualify for the full tax credit. However, if you have been earning less than $34,766 per annum or you are self-employed, you may need to make an additional voluntary contribution in order to qualify for the member tax credit.
If you are self-employed you need to have made voluntary contributions of $20 per week on average to your KiwiSaver account in order to qualify for the full tax credit. This is also the case if you are not employed and only making voluntary contributions.
The KiwiSaver member tax credit is paid annually in July or August. In order to be eligible for this years' maximum tax credit of $521.43, you must*:
- Be over 18 years of age but under 65;
- Have contributed at least $1,042.86 ($20 per week) to your KiwiSaver account between the 1st of July and the 30th of June. Note: this amount cannot be inclusive of employer contributions or any government contributions;
- Mainly resided in New Zealand with few exceptions
*Reference: Member Tax Credit, KiwiSaver. kiwisaver.govt.nz.