The annual Government KiwiSaver contribution is "free money" that you don't want to miss, but many people assume everyone gets it automatically or forget about it altogether. The self-employed and lower-income earners are among the most likely to miss out.
If you are eligible and contribute at least $1,042.86 of your own money before 30 June each year, then the government will add up to $260.72 to your KiwiSaver each year.
It is not a huge amount on its own, but over time it can make a meaningful difference, especially when combined with regular contributions and long-term investment growth.
What is the Government KiwiSaver Contribution?
The government contribution is an annual payment into eligible KiwiSaver accounts. The current rate is 25 cents for every $1 you contribute, up to the maximum payment of $260.72 each year. If you contribute less than $1,042.86 you can still receive a partial contribution.
So if you are not on track for the full amount currently, it is worth checking where you are at and making a 'top-up' contribution if needed before the end of June. The quickest way to check is to login to your KiwiSaver provider account.
Who is eligible?
In general, you may qualify for the Government KiwiSaver contribution if you:
You can read more about the eligibility rules on IRD's website, including situations where someone may only qualify for a partial Government KiwiSaver contribution.
How to make a voluntary 'top-up' contribution
You can make voluntary payments directly to:
Your KiwiSaver provider following the instructions on their website (faster method)
IRD using the ‘Pay tax’ function offered by most New Zealand banks (slower method).
Leaving it until the last few days of June is risky due to processing time, so earlier is better!
When will it show in your account?
Your KiwiSaver provider applies for the government contribution after 30 June. In most cases, it should appear in your account after the end of July, although it may take until the end of August.
If you think you were eligible and cannot see it by then, contact your KiwiSaver provider first.
When do I get the money?
Your KiwiSaver provider applies for the contribution after 30 June. Check your KiwiSaver account after the end of July to see if it's in there yet. It may take until the end of August.
If you believe you should have some or all of the government contributions and you cannot see it in your account, contact your provider in the first instance.
General information only, not financial advice. No liability accepted for errors or reliance. If needed, seek professional advice.
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