Question: How Do I Contribute To My KiwiSaver?

How do I pay my employer contribution to KiwiSaver?

If you’re paying contributions for:KiwiSaver schemes, pay them with your total employer deductions payment for that period.complying funds, send the payment to the employee’s complying fund..

What is a savings suspension KiwiSaver?

Your KiwiSaver employees can apply for a temporary break from paying into their KiwiSaver account. It’s called a ‘savings suspension’. An approved savings suspension means you stop employee deductions and your contributions. Employee’s apply for the suspension in myIR.

Does my employer have to match my KiwiSaver contributions?

How much your employer must contribute to your KiwiSaver account. Your employer must contribute at least 3% of your gross earnings on top of your regular pay unless: they’re already paying into another eligible scheme for you. you’re under 18 or over the age of eligibility.

How do I stop KiwiSaver contributions?

If you want to get the government contribution you may need to make voluntary payments. You can start or stop your contributions at any time while you’re on a savings suspension, just talk to your employer. However, if the change is within 3 months of the last change, your employer needs to agree.

Can I use my KiwiSaver to buy a car?

Q. Can you apply to withdraw your KiwiSaver savings for a holiday or to purchase a boat or a car? A. No, unfortunately a withdrawal can’t be made for these reasons.

Do employers have to contribute to KiwiSaver for casual employees?

Casual employees engaged on an irregular and intermittent basis and who receive holiday pay with their wages are not subject to automatic enrolment. … You must then give them a KiwiSaver information pack and start member and employer contributions from their next pay. The normal opt-out rules apply.

How do I change my KiwiSaver contribution?

You are able to change your contribution rate once every 3 months. You’ll need to do this by notifying your employer, generally by either completing a KiwiSaver deduction form or via an email/letter.

Do you get taxed on KiwiSaver?

Your KiwiSaver scheme invests your contributions so they earn money for you. You pay tax on the money your investment earns. Withdrawals from your KiwiSaver scheme are tax-free.

Why is my KiwiSaver going down?

Your KiwiSaver money is often invested in shares on the share market, so it is affected by market volatility (ups and downs). When the market rises and falls, your balance can increase or decrease. When it goes up, it’s great. But sometimes it falls, gently and gradually, or sometimes sharply.

Can the government take your KiwiSaver?

The government – through Inland Revenue – has set up KiwiSaver and makes sure that the money you put in (and any KiwiSaver employer contributions) goes into your account. … But that money is yours and cannot be taken back by the government.

Can I use my KiwiSaver to pay off debt?

Your KiwiSaver funds are an asset. You may be able to use your KiwiSaver funds to pay off your debts if you become bankrupt. However in the case of a KiwiSaver scheme, the funds are protected from your creditors while they remain in the fund.

What happens to KiwiSaver if you die?

If you die while you are a member of a KiwiSaver scheme your full account balance will be paid to your estate. You can’t nominate people (called ‘beneficiaries’) to receive your funds directly from your KiwiSaver Scheme; your provider always has to pay it to your estate.

How do I freeze KiwiSaver?

If you’ve registered for a My KiwiSaver account – online tracking of your KiwiSaver – you can apply online for a savings suspension. Otherwise, you can print off and complete a request form on the Inland Revenue website, and post to the department’s address listed on the form.

What is the minimum contribution to KiwiSaver?

For every dollar you put into your KiwiSaver account the government puts in 50 cents – capped at $521.43 a year. To get the full $521.43 you need to have put in at least $1042.86 each year. If you’re self-employed and don’t get an employer contribution that works out at putting in $20 a week.

How much can you contribute to KiwiSaver?

To get it all you must save to contribute at least $1042.86 of your own money between 1 July to 30 June each year. Employer contributions, past government contributions and funds moved from Australian retirement schemes do not count towards the $1,042.86. You can contribute through: salary and wage deductions.