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John Rowe

KiwiSaver - Changes


KiwiSaver is a voluntary, work-based savings initiative to help New Zealanders with their long-term saving for retirement.

It's designed to make it easy for people to get into the habit of saving regularly.

Effective from 1 April 2009, changes were made to the KiwiSaver Scheme.  These changes are:

  • The Compulsory Employer Contribution maximum has changed from 4% to 2%.
  • The maximum employee contribution rate has changed from 4% to 2% of the employees gross pay
  • The Default employee contribution rate at sign up time is now 2% (previously 4%)
  • The $40 annual subsidy fee ceases
  • Voluntary employer contributions will be liable for employer superannuation contribution tax.

Please contact us if you would like help to understand how these KiwiSaver changes affect you personally and your business - if applicable.

John Rowe
signed
John Rowe
Director
Business Accounting Services
© Gilligan Rowe & Associates LP

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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
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