By 30th of June, you would need to have contributed the minimum amount of $1,042.86 of your own money to your Kiwisaver so you can get up to $521.43 of the government contribution (‘free money’ you could call it).
Each year, the Government contributes a maximum of $521.43 towards your retirement/first home savings if you contribute at least $1,042.86 of your own money from 1 July to 30 June. Note - this does not include any employer contributions, past government contributions and funds from Australian retirement schemes.
You can contribute via salary and wage deductions, Inland Revenue payments or payments to your scheme provider.
However, even if you haven’t saved the full amount, you will still get 50 cents for every dollar you contribute from 1 July to 30 June. You can check your My KiwiSaver between the end of July to end of August to see if the government contribution has been paid. To hear more about how to receive the maximum Kiwisaver government contribution, click here
If you have any queries or concerns on anything mentioned above, feel free to give us a bell.
Your Outside team, Ruby and Rocket
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975