Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Time running out to get "free" Member Tax Credit, says AMP

Time running out to get "free" Member Tax Credit, says AMP

With the end of June deadline fast approaching, AMP is taking time to remind those saving for their retirement with KiwiSaver that there is only a short time left to top up their savings in order to receive their Member Tax Credit (MTC) from the Government.

For every dollar a member puts into their KiwiSaver account, the Government puts in 50 cents – up to a maximum of $521.43 each year. The MTC is paid into a member’s KiwiSaver account in late July or August and to get their full MTC this year, individuals need to contribute $1,042.86 to their KiwiSaver account between 1 July 2013 and 30 June 2014 (the KiwiSaver MTC year). For those who joined part way through the KiwiSaver MTC year, their MTC will be pro-rated.

Jeff Ruscoe, Chief Customer Officer, at AMP says: “There aren’t many opportunities in life to get free money, so we think those saving for retirement should do their best to try and get as much of their $521 MTC from the Government as possible.

“Over time MTC contributions can add up significantly and make a big difference over a lifetime of saving. Even if you are unable to top up the entire amount this year, the Government will still contribute 50 cents for every dollar paid to your KiwiSaver account. We just recommend people make a goal for next year to increase contributions to reach the $1,042.86 threshold,” continues Ruscoe.

Recent AMP research* found that only 41% of working Kiwis are aware of the MTC credit available to them each year. In addition, 68% are unaware of how much they need to contribute in order to receive their full MTC payment.

“If someone is earning over $35,000 per year and contributing at 3% then they are likely to get the full $521. Many people don’t realise that by taking a contribution holiday they are missing out on free money from the Government.

“With so many people unaware of the MTC we believe that it’s absolutely essential that AMP and the rest of the industry takes time not only to educate Kiwis about the opportunity to receive their Government MTC contribution, but also to remind people as the deadline approaches so that we can all help New Zealanders live the retirement lifestyle they want,” concludes Ruscoe.

To ensure customers have the opportunity to maximise their MTC contributions, AMP recently contacted customers to remind them about what they need to do to receive the full $521.43. This forms part of our regular education campaign that is run every year. We recommended that our customers top up their contributions before 25 June to ensure the payment is processed before the 30 June deadline.

There are three easy ways AMP customers can top up their contributions before the end of June:

1. online banking payment to IRD
2. online banking payment to AMP
3. cheque.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news