About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, September 22nd, 5:32PM
rss
Latest Headlines

Kiwis miss out on $400m

ANZ Investments says KiwiSaver members missed out on $400 million in member tax credits from the Government in the last year.

Monday, September 15th 2014, 12:38PM

Each year, the Government will provide up to $521 as a Member Tax Credit to every KiwiSaver member who contributes a minimum $1042 in the year to June 30.

ANZ Wealth New Zealand managing director John Body said it was great to see more people taking advantage of this benefit but many people were still missing out because they did not contribute enough during the year.

“Our analysis indicates that 56% of possible Member Tax Credits were paid out in the 2014 financial year, up from an estimated 50% in the prior year. Based on this, KiwiSaver members nationally missed out on an estimated $400 million that could have been claimed if they had contributed the minimum amount,” he said.

“It’s great to see more KiwiSaver members making the most of this benefit, but there’s still a fair way to go before everyone gets what they’re entitled to. This year, ANZ Investments contacted our KiwiSaver members to remind them of the benefit. We found that many people didn’t know they were entitled to this and were keen to contribute more in a lump sum in order to claim the benefit."

He said members of ANZ's three KiwiSaver schemes made $24 million in voluntary contributions between May and July, earning them $33 million more in member tax credits.

“Members actually called to thank us for reminding them – in a number of cases, they had taken a contributions holiday but moved to top up their contributions for the year so they received the benefit.”

Body advised KiwiSaver members to set up a direct debit to ensure they contributed enough to qualify for the Member Tax Credits next year: “We suggest members call their KiwiSaver provider and consider setting up a direct debit. It’s a lot easier for people to contribute $20 a week than find $1000 at short notice. In return, you get 50 cents for every $1 you contribute up to $1042 which is going to help you reach your retirement savings goal sooner.”

« How much work is KiwiSaver for advisers?AMP offers death benefit to KiwiSaver members »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

News and information about KiwiSaver

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 ▼4.04 4.49
ANZ Special - 3.65 ▼3.54 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.49 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 ▼3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 ▼3.54 3.99
Median 5.35 4.15 4.09 4.19

Last updated: 20 September 2019 9:30am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com