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Additional member tax credits due to KiwiSaver members

Some of ANZ’s KiwiSaver members since 2009 will receive an additional member tax credit* due to ANZ processing errors.

ANZ is making a claim on behalf of impacted KiwiSaver members to Inland Revenue for the additional member tax credits to be credited to those customers’ KiwiSaver accounts.

In addition, ANZ will credit their KiwiSaver accounts with the investment returns that would put them in at least the same position they would have been if the error had not occurred. ANZ expects payments to be completed in August.

While ANZ has identified 51,000 customers who are financially impacted by the error, exact numbers and amounts won’t be known until the correction has been processed by Inland Revenue.

For most of those impacted members the underpaid amounts are expected to be $50 or less.

ANZ has worked closely with Inland Revenue to ensure claims are complete and correct.

It has also worked with its supervisor, The New Zealand Guardian Trust Company Limited, and the Financial Markets Authority (FMA), to ensure that best practice has been used in resolving the matter and establishing appropriate compensation for customers.

ANZ is committed to putting the errors right and members do not need to take any action. ANZ will communicate with impacted customers when payments are completed in August.

ANZ has taken steps to ensure the circumstances leading to this error won’t be repeated. ANZ apologises to customers for any inconvenience.

*Note: Currently, eligible KiwiSaver members are entitled to a member tax credit of up to $521.43 each year, providing they contributed at least $1,042.86 during the year.

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