Scoop has an Ethical Paywall
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.
ANZ Bank New Zealand Limited
Get on top of your money
ANZ has been helping New Zealanders get on top of their money ever since we opened for business in 1840. We were New Zealand's first bank and today we have a large network of full-service branches and ATMs, and talented people across the country.
We're passionate about helping our customers make their money work harder and equipping them to make better financial decisions. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.
Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.
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