A.         The KiwiSaver year runs from 1 July to 30 June each year, so your contributions over this time are taken into account in calculating your eligibility for Member Tax Credits. Members over the age of 18 and under 65 can get up to $521.43 from the Government, if they contribute $1042.86 or more themselves (employer contributions don’t count, you must be living in New Zealand and for those that turn 18 or 65 during the year eligibility is calculated pro rata). 

$1042.86 is an odd number, but if you find it hard to remember just multiply $20 by 52 weeks of the year and you’ll be close enough. In fact, it is usually easier for someone like you who is not working to set up a direct debit into your KiwiSaver account for $20 per week. 

However, we are now well into May so the best option for you if you can afford it is a one off payment of $1042.86. You have several options for getting the money into your account. If your KiwiSaver fund is with your bank, you should be able to transfer the money online through internet banking. Go to their website and read their instructions. Or simply ring their 0800 number. 

If your KiwiSaver is with a non-bank provider then again their website is a good place to go to for instructions.   Sending a cheque is one option, but many people don’t use cheques these days. Most fund managers provide bank account details so that you can transfer money online. Make sure that you provide your name and account number as references. 

Perhaps the easiest option (because it doesn’t require any form filling or correct loading of bank account details) is to make choose the “Pay Tax” option on your internet banking service. The drop down box gives you around 38 different types of tax payments to choose from. Scroll two thirds of the way down until you get to “KiwiSaver Member Account KSS”. Then all you need to do is put in your name, your IRD number and the amount you wish to pay. Inland Revenue will forward the funds on to your fund manager.

If you make the payment by mid-June you should get your Member Tax Credits paid into your KiwiSaver account in early July. Fund managers do a second ‘wash up’ to claim Member Tax Credits for those members who leave their top ups right until the end of June. But if you wake up on the morning of 1 July and realise that you have forgotten it will be too late.