Calculating your Government Contributions
If you've been a KiwiSaver member for more than a year, calculating your Government Contributions entitlement is simple.
As long as you make a contribution sometime between 1 July and 30 June, the Government will also make a contribution up to a maximum of $521. Your contributions can be made up from:
- Employee contributions (through IRD)
- Voluntary contributions (through IRD)
- Voluntary contributions made directly to the Kiwi Wealth KiwiSaver Scheme by cheque and direct debit.
It won't matter if your payments are regular or lump sums. The amount does matter though; if you only put in $1,000, you'll only get $500. If you put in $1,042 or more you will get the maximum amount of $521 from the Government.
You can make top-up payments directly to the Kiwi Wealth KiwiSaver Scheme by cheque.
Joining KiwiSaver part way through the year
In your first year as a KiwiSaver member, the Government Contribution is calculated a little differently. The maximum Government Contribution you are eligible to receive in your first year is determined by which part of the KiwiSaver year (1 July to 30 June) you join or start contributing and the amount you contribute.
Unlike subsequent years, a lump sum of $1,042 in your first year won't guarantee you the maximum Government Contributions.
If you contributed in the first month you joined KiwiSaver your entitlement begins from the beginning of that month. Otherwise, your entitlement will begin from the exact day that you join KiwiSaver.
If you turn 18 partway through a year, your entitlement will be based on the number of days in the year you were 18.