Archive for the ‘super’ Category

Requesting for your KiwiSaver funds early due to financial hardship

POSTED BY admin ON THE May 14th, 2020

Inland Revenue has announced that those experiencing financial hardship as a result of COVID-19 may be eligible to withdraw their KiwiSaver funds early. In addition to applying for an early release, you can also apply for a KiwiSaver savings suspension in the event that you want to stop further contributions being made from your wages […]

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Default KiwiSaver super accounts to increase in investment opportunity

POSTED BY admin ON THE April 16th, 2020

New Zealand’s national super fund, KiwiSaver, has most recently announced the move of their default super accounts from “conservative” to “balanced”. KiwiSaver default super funds have long been “conservative” due to only 10-35% of funds in accounts being invested into growth assets. However, with the change coming into effect in July 2021, the move to […]

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Introducing Better Later Life

POSTED BY admin ON THE January 15th, 2020

Better Later Life – He Oranga Kaumātua 2019 to 2034 is the Government’s plan to provide older New Zealanders with a better quality of living. The strategy was launched on 1 November 2019. Designed to ensure everyone gets the chance to live well as they get older and create opportunities for everyone to participate, contribute […]

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Record keeping for KiwiSaver

POSTED BY admin ON THE December 4th, 2019

Keeping track of KiwiSaver amounts for individuals and contributions for employers is key in ensuring you are receiving the money you are entitled to. Individuals can view contributions made through their My KiwiSaver account. My KiwiSaver shows contributions when they have been processed through an employers payroll report. This can take up to three months […]

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Kiwisaver for employers

POSTED BY admin ON THE November 7th, 2019

If an employee is a KiwiSaver member making contributions from their pay, employers must also make a contribution every time they pay their employee salary or wages. These compulsory employer contributions (CEC) are at a minimum rate of 3% of the employee’s gross salary or wages. CEC is not compulsory if the employee is under […]

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Early access to KiwiSaver now available for those with life-shortening conditions

POSTED BY admin ON THE October 9th, 2019

At the end of July this year, KiwiSaver announced that savings accessibility will be changed for people with shortened life expectancies due to congenital health conditions. Under previous rules, savings could not be accessed before the age of 65, however people with life-shortening congenital conditions can have a life-expectancy below this age. As a result, […]

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Introduction of new KiwiSaver Bill

POSTED BY admin ON THE September 10th, 2019

The Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill contains proposals to simplify and modernise the administration of KiwiSaver. The Bill proposes a number of changes to improve the administration of the KiwiSaver scheme, facilitating faster transfers of funds, improving the administrative efficiency and enhance members’ experience with the scheme. The implementation of a new […]

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Use KiwiSaver to buy your first home

POSTED BY admin ON THE August 12th, 2019

You may be entitled to the KiwiSaver HomeStart Grant after you have been contributing to your KiwiSaver for three years. The Grant is administered by Housing New Zealand which operates outside of KiwiSaver and will be paid to your solicitor. What are the grants?There are two HomeStart Grants. These are: For purchasing an existing home, […]

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Understanding KiwiSaver for employers and employees

POSTED BY admin ON THE July 15th, 2019

KiwiSaver is New Zealand’s approach to a taxpayer-subsidised, personal retirement savings regime. Under the scheme, employers make payroll deductions for each employee through the Pay As You Earn (PAYE) tax system. Employees are required to save these to a KiwiSaver account. Here are some of the key features of KiwiSaver that employers and employees should […]

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Why you should check your KiwiSaver tax rate

POSTED BY admin ON THE June 18th, 2019

Inland Revenue has identified that 450,000 people have been paying the wrong rate of tax on their KiwiSaver accounts and other managed funds. This highlights the importance of understanding what rate of tax you should be paying on your KiwiSaver, and to check that you are paying the correct amount. The implementation of a new […]

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