Last year thousands of Kiwis missed out on this bonus simply because they didn’t know enough about it!
For every dollar you put into your KiwiSaver account between 1 July and 30 June each year, the Government will put in 50c, up to a maximum of $521.43.
To get the full $521.43, you'll need to contribute $1,042.86 (or $20.06 per week).
Who is eligible?
KiwiSaver members aged between 18 and 65,
who mainly live in NZ, and
are not yet eligible to withdraw for retirement.
If you have only just joined KiwiSaver (with any provider, not just Generate) within the year to 30 June, the Government will contribute a pro-rata amount based on the number of days you have been in KiwiSaver.
If you turned 18 during the year to 30 June, you’re eligible for the number of days you were 18 during the year.
If you turned 65 part way through the year to 30 June, you’re eligible for the number of days you were under 65 during the year. However, if you are over 65 you may still be eligible if you joined before turning 65 and have not been in KiwiSaver for five years. You must also have joined KiwiSaver before 1 July 2019 and not made any retirement withdrawals.
Only your employee or voluntary contributions count towards the $1,042.86. Employer contributions, government or tax contributions and Aussie Super transfers are not included.
If you are not earning enough to contribute the full $1,042.86 (approx 3% of a $35,000 salary each year) you can make direct contributions to your KiwiSaver account to make sure you get the full $521.43. See ‘How to make direct contributions’ below.
You can contribute $1,042.86 directly to your KiwiSaver account, to make sure you qualify for the maximum Government Contribution. See ‘How to make direct contributions’ below.
If you have a partner or spouse who is in KiwiSaver and not working, you may want to think about contributing to their KiwiSaver account before 30 June so they qualify for their $521.43 too. And don’t forget any young adults (over 18), as building up their KiwiSaver can be a great way to help them to save for their first home.
To check how much you’ve already contributed to your KiwiSaver account this year, and see if you to qualify for the full Government contribution, login to myIR.
If you haven’t used this service before, you will need to register. Once you are logged in, select KiwiSaver from accounts and you can view your deductions from salary and wages under Contribution Summary.
Note: If you are working out how much you need to contribute before 30 June you should consider any future contributions. Employee contributions from PAYE or direct debits/ automatic payments scheduled to be made to your KiwiSaver account before 30 June.
You can make a payment from your internet banking to the Generate KiwiSaver Scheme application account 12-3244-0004191-00.
Please include your surname, initials and your Generate Membership Number as a reference.
Or you can make payments through internet banking via the “Pay Tax” option to the IRD. Choose the option “KSS” (KiwiSaver Scheme) as the tax to pay and include your IRD number.
You can also log in to your online member account and set up a direct debit. Once you are logged in, you will find ‘Set up a Direct Debit’ on the left-hand side menu.
See our Product Disclosure Statement and Supplementary Brochure on our website www.generatewealth.co.nz/forms-and-downloads