Time is running out to take advantage of the Member Tax Credits (MTC) for this year if you have not contributed enough to your Kiwisaver account.
For every $1 you save into your KiwiSaver account, the Government will contribute 50c, up to a maximum of $521.43 each KiwiSaver year (1 July to 30 June).
To receive the full MTC amount of $521.43 from the Government, you need to save (at least) $1,042.86 into your KiwiSaver account before the end of each KiwiSaver year. Employer and government contributions do not count towards your MTC entitlement.
If you can't afford to save the full amount, the Government will still contribute 50c to your KiwiSaver account for every $1 you save.
If you are employed and contribute less than $1,042.86 from your pay, you can make voluntary contributions into your KiwiSaver account to ensure you receive the full MTC payment from the Government.
If you joined KiwiSaver part-way through this KiwiSaver year (1 July to 30 June), you'll receive a MTC for the portion of the year that you have been a member.
Similarly, if you turn 18 during the KiwiSaver year you'll receive a MTC for the portion of the year that you are 18.
You are eligible to receive a MTC if:
In order to maximise your MTC, payment will be required to be made to your Kiwisaver provider by Friday, the 26th of June.