POSTED BY admin ON THE October 22nd, 2020
Individuals may choose to apply to withdraw money from their fund if they are suffering significant financial hardship. To qualify as suffering significant financial hardship, one or more of the following criteria needs to be met as per the official government website: Cannot meet minimum living expenses Cannot pay the mortgage on the home you […]
POSTED BY admin ON THE September 24th, 2020
The New Zealand government is attempting to make changes to reduce the debt that it has incurred in its efforts to stabilize the economy during COVID. The Labour party announced a new top tax rate (39%) which would apply to those earning over $180,000 – this would bring in 550 million dollars each year. However, […]
POSTED BY admin ON THE August 7th, 2020
Employees are paid their KiwiSaver contributions through their employers, however self-employed individuals have to do things a little differently. If you are self-employed, you agree to your contribution level with your provider instead of contributing a percentage of your pay. Self-employed individuals who do not receive PAYE income will not be required to make any […]
POSTED BY admin ON THE July 9th, 2020
New Zealanders who are currently receiving NZ Super payments, or are looking to apply need to be aware of the obligations that come with the scheme. It is important to be prepared for and prevent any penalties that may come your way in the case that you do not uphold these obligations. What are your […]
POSTED BY admin ON THE June 11th, 2020
Since 2001, New Zealand Superannuation (NZ Super) has become a popular pension option for retired Kiwi couples. However, couples looking to apply for NZ Super in the near future or are already receiving payments need to be aware of the upcoming changes scheduled to be introduced on 9 November 2020. It is important to be […]
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 […]
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 […]
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 […]
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 […]
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 […]
