KiwiSaver members need reminding about govt tax credits

For every dollar a member puts into their KiwiSaver account, the government puts in 50 cents – up to a maximum of $521.43 each year. The MTC is paid into a member’s KiwiSaver account in late July or August and to get their full MTC this year, individuals need to contribute $1,042.86 to their KiwiSaver account between July 1, 2013 and June 30, 2014.

For those who joined part way through the KiwiSaver MTC year, their MTC will be pro-rated.

“There aren’t many opportunities in life to get free money, so we think those saving for retirement should do their best to try and get as much of their $521 MTC from the Government as possible,” AMP chief customer officer Jeff Ruscoe says.

He says that over time MTC contributions can add up significantly and make a big difference over a lifetime of saving.