$1,000 kick-start payment
To get your savings off to a good start, the Government will kick-start your account with a tax-free contribution of $1,000.
All new KiwiSaver members qualify for the kick-start payment when they first join.
When a kick-start is paid
The kick-start will be paid into your account about 3 months after Inland Revenue receives:
* your first contribution, or
* notification of your membership.
The kick-start is not a cash payment - it goes straight into your account.
You can only get one kick-start
You can only get it once. If you stop being a KiwiSaver member, for example you move overseas, you won't get another payment even if you return to New Zealand and start another KiwiSaver account.
Member tax credit
To help you save, the Government will match your contributions by up to $1,042.86 each year. This works out to about $20 a week.
Who gets the member tax credit
The member tax credit will be paid each year until you’re eligible to withdraw your savings, provided you’re 18 or over and your principal place of residence is in New Zealand.
To qualify for the member tax credit:
* you must be 18 or over, and
* your principal place of residence must be in New Zealand, except for:
o a government employee who's serving outside New Zealand
o a person who's working overseas:
+ as a volunteer, or for token payment, for a charitable organisation named in the Student Loan Act regulations, and
+ if the work meets one or more of the requirements set out in the Student Loan Schemes Act 1992.
Members of a complying fund are entitled to receive the member tax credit.
How much member tax credit you can get
To get the full member tax credit automatically you have to contribute at least $1,042.86 a year yourself. Employer contributions and government contributions do not count.
If you contribute less than $1,042.86 from your pay, you can make voluntary contributions to ensure you receive the full member tax credit payment from the Government.
Work out how much you'll receive at 4%
Work out how much you'll receive at 2%.
Joining part-way through a year
If you join KiwiSaver part-way through a membership year (1 July to 30 June), you’ll receive a member tax credit for the portion of the year that you've been a member.
When you turn 18, you’ll receive a member tax credit for the portion of the year that you’re 18.
When member tax credit is paid
Your KiwiSaver provider will claim the tax credit on your behalf after 1 July each year. You don’t have to do anything. Your member tax credit will appear in your KiwiSaver account within a month of your provider making the claim.
Your member tax credit does not count as taxable income.
Savings withdrawal to buy your first home
To help you with a deposit for your first home, you may be able to withdraw some or all of your KiwiSaver savings (except for the $1,000 kick-start and member tax credit).
Making a first-home withdrawal
You must have been a KiwiSaver member or member of a complying fund for three or more years. You can only withdraw money to buy your first home - not an investment property.
If you have owned a home before, in some circumstances you may still be eligible to withdraw your savings. Your scheme provider may require you to contact Housing New Zealand to determine if you're in the same financial position as a first home buyer.
How to apply for a first-home withdrawal
You'll need to apply to your KiwiSaver provider if you want to make a first home withdrawal.
First home deposit subsidy
After 3 years of contributing to KiwiSaver, you may be entitled to a first home deposit subsidy. The subsidy is administered by Housing New Zealand.
What the deposit subsidy is worth
The first home deposit subsidy is $1,000 for each year you've been contributing to KiwiSaver, up to a maximum of $5,000 for five years.
If you're a couple buying a house together and you both qualify for a subsidy, you could receive a combined subsidy of up to $10,000.
Getting a deposit subsidy
To be eligible for the first home deposit subsidy, you must:
* have contributed at least 2% of your income to a KiwiSaver scheme, or a complying superannuation scheme, for at least 3 years
* be buying your first home*
* be planning to live in the house for at least 6 months.
Income and house price caps will apply.
* If you've owned a home before, in some circumstances you may still be eligible for the first home deposit subsidy. Housing New Zealand will need to determine that you are in the same financial position as a first home buyer.
To find out more, visit the Housing New Zealand website or call them on 0508 935 266
http://www.kiwisaver.govt.nz/new/benefits/
http://www.kiwisaver.govt.nz/new/benefits/home-sub/
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