Record keeping for KiwiSaver

04

Dec

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 from the time they are deducted from the person’s salary or wages. Individuals will need to contact their provider if they wish to know the overall balance, investment returns and to see contributions made directly to them.

Employers are required to keep records for their employees with KiwiSaver for seven years. These are;

  • Their contribution rate.
  • The amounts you’ve deducted.
  • Savings suspension notices.
  • Opt-out requests.
  • Compulsory and voluntary employer contributions.
  • The amount of ESCT (employer superannuation contribution tax) deducted from the employer cash contributions made.

Employers PAYE records should show the KiwiSaver amounts they have deducted and passed on to the IRD or complying fund.


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