If you’re not a member of KiwiSaver, you’re missing out on free money from the Government every year.
Previously called a ‘member tax credit’, now known as the Government contribution, this money is payable to all KiwiSaver members aged 18 to 65. It’s a benefit that’s worth joining KiwiSaver for all on its own, in addition to the typically low fees.
As long as you have contributed at least $1042.86 since July 1st 2018, in late July 2019 you will receive the maximum Government contribution of $521.43. That applies to every member, whether or not you work, pay tax or are self-employed.
If you haven’t quite met the $1042.86, now is the time to top up your account. The money needs to be in your KiwiSaver account before June 31 and it can take several days for it to show up, so you should probably leave a buffer of a week to ensure you make the deadline.