What is the annual Government contribution (member tax credit) and when will it be added to my ASB KiwiSaver Scheme account?
If you are contributing to your KiwiSaver account, you may be eligible to receive an annual Government contribution (also called a member tax credit). The annual Government contribution is calculated each year based on your contributions from 1 July to 30 June. The Government will contribute 50 cents for each dollar you contribute, to a maximum of $521.43. To receive the maximum you'll need to contribute at least $1,042.86. You can achieve this by contributing around $21 each week.
To be eligible, you must be 18 years or older, not yet eligible for retirement withdrawals, and be living mainly in New Zealand. If you don’t meet these requirements for the full year (1 July to 30 June), the maximum you can receive will be based on the part of the year you were eligible, as well as the contributions you make.
If you have earned a salary of $34,762 and contributed at least 3% to your KiwiSaver account over the course of the year, then you should receive the maximum annual Government contribution.
If you are eligible for the annual Government contribution, we’ll claim it on your behalf and you will see it in your ASB KiwiSaver Scheme account shortly after the end of each member tax credit year (30 June).
Please note, employer contributions, previous Government contributions and amounts transferred from Australian complying superannuation funds do not count towards eligibility for annual Government contributions.
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