Kiwis miss out on $400m

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."