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

 

KiwiSaver members urged to claim $521 ‘free money’


ANZ kicks off campaign to remind KiwiSaver members to claim Member Tax Credits

ANZ Investments has launched a campaign to remind KiwiSaver members that $521 of ‘free money’ is available from the Government if they contribute enough to their KiwiSaver accounts.

The Government will generally contribute 50c for every $1 contributed by an eligible KiwiSaver member in the twelve months to June 30 (up to a maximum Government contribution of $521.43 a member).The payment is known as the Member Tax Credit (MTC).

“Our data shows more than half of our 600,000 eligible members have already contributed enough to claim the full MTC,” said ANZ Managing Director of Wealth Craig Mulholland. “But, unfortunately, many other members look like missing out this year.”

By the end of March, almost 54% of ANZ’s eligible KiwiSaver members had contributed enough to receive the full MTC.

However, 18.5% of eligible members had not contributed anything to their account, and 27.5% were on track to receive a partial payment.

“As New Zealand’s largest KiwiSaver provider we believe our KiwiSaver members (around 730,000), are a good representation of New Zealand’s two and a-half million KiwiSaver members,” said Mr Mulholland.

“In the past we have found there are members who simply did not know they were eligible for the MTC or who thought they needed to contribute the full amount to get something back,” Mr Mulholland said.

ANZ is contacting its eligible members who have not yet contributed enough to receive the full MTC, to tell them how much more they need to contribute to receive the full $521 payment.

Members who have made no contribution since the start of July 2017 will receive a reminder, and information about the benefits of contributing to KiwiSaver.

ANZ also wants to encourage members to think about their longer-term contributions.

“It’s a lot easier to contribute $20 a week than to find more than $1,000 at short notice. Setting up a regular payment is a great idea, especially if you’re self-employed or not currently working.”


*KiwiSaver members are generally eligible for the Member Tax Credit if they are aged between 18 and 65 (or older if they have been a member of a KiwiSaver scheme for fewer than five years), and mainly live in New Zealand.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>