Time to claim KiwiSaver tax credit


It's nearly the end of June, so now is the time to claim $521 of extra money for your KiwiSaver account.

It is called the Member Tax Credit. To get the extra $521.43 you need to be 18 or older and pay $1,042.86 into your account between July 1 and June 30 the following year.

The Government will pay 50 cents for each dollar you put in, up to a maximum payment of $521.43.

There are a few other conditions:

You might think now is not the time to be putting money into KiwiSaver.

But the Commission for Financial Capability says you should not panic about the sell-off on world markets.

It says KiwiSaver is a long-term investment, so you should try to not let short-term volatility put you off.

Nor should you stop contributing or suddenly switch providers.

If you have concerns you should talk to your provider to make sure you are in the right fund for your age and risk appetite.