If you are in KiwiSaver you can get an extra $521 a year from the Government, but many people are missing out.
The scheme is called the KiwiSaver Member Tax Credit. Arguably the name has confused people – it is nothing to do with paying tax.
You need to pay in $1043 each year between July 1st and June 30th. For each dollar you put in, the Government will match it with 50 cents, so investing $1043 in KiwiSaver will get you $521.43.
Try to put in as much as you can. If you put in $200 the Government will put in $100.
It maxes out at $1043. If you put in more than that the Government will still only put in a maximum of $521.43 to your account each year.
But the more you put in the more your KiwiSaver funds will be able to grow and compound.
The Commission for Financial Capability says out of more than two million KiwiSaver investors who are eligible for the money, only 890,619 (43 percent) received their full $521.
Another 593,356 (29 percent) received a partial payment.
There were 773,231 (28 percent) who missed out entirely.
No. Let's say you are at home, looking after the kids, you can still get the credit. You just need to put extra funds in yourself.
You have to pay your funds in by the end of June. After that the extra $521 should go into your account in July or August.
Watch the video.