Did you know that for every dollar you put into your KiwiSaver account, the Government puts in 50 cents - up to $521.43 each year? It's officially called a Member Tax Credit (MTC) and it's paid into your AMP KiwiSaver Scheme account in late July or early August.
How Member Tax Credits work
You have until 27 June to claim your MTC of up to $521.43 for your AMP KiwiSaver Scheme account. To receive the full amount, you need to have contributed at least $1,042.86 into your KiwiSaver between 1 July of the previous year and 30 June of the current year, and have been a member for the full year. Otherwise you'll only get a portion equal to your part year membership. If you haven't contributed this amount, you can choose to top up your balance before 27 June to allow for processing time.
If your contributions come out of your salary, you can view them by logging into 'My KiwiSaver' at kiwisaver.govt.nz. All you'll need is your IRD number. If you make contributions directly to AMP, login or register for My AMP or download the My AMP app.
Contributing regularly makes all the difference
The graph1 indicates the compounding effect of your personal contributions and MTC if joined at age 18 and remained an eligible member of KiwiSaver until 65. Over a lifetime it can amount to more than $24,507.21 of MTC for your retirement.
How can I check my most up-to-date contributionsShow more
- Contributions via salary, wages or payments direct via IRD
The best way to check the total contributions you've made so far for the year starting 1 July is by visiting kiwisaver.govt.nz and by clicking ‘My Kiwisaver’ in the top right hand cover. Here you can view all the money deducted from your salary (if any) for your KiwiSaver account and paid via Inland Revenue.
It's easy to login or register for the first. All you'll need is your IRD number
It's important to use kiwisaver.govt.nz if you are an employee, as the Government calculates your MTC entitlement based on when IRD receives your contributions, not when they're paid into your AMP KiwiSaver Scheme account.
- Contributions direct to AMP
You can get your most up-to-date information at My AMP. When you first joined the AMP KiwiSaver Scheme, you were given a username and password; if you have logged on previously, these are still valid. If you have not previously checked your balance online, or have forgotten your details, you can retrieve your username and password or register for the first time online. You'll just need your AMP KiwiSaver Scheme member number.
What happens if I contribute more than $1,042.86 to my AMP KiwiSaver Scheme account?Show more
The Government will not make additional Member Tax Credit (MTC) payments on any amount above $1,042.86 that is paid in this KiwiSaver year. However, making extra contributions when you can afford to can be a good way to grow your retirement savings.
If you have any further questions about MTC, please talk to your Adviser or call us on 0800 AMP KIWI (267 5494).
Am I eligible for MTC?Show more
You will be eligible for a MTC while you contribute to the AMP Kiwisaver Scheme from the age 18 and your qualifying date.
You will need to reside mainly in New Zealand, unless you are a Government employee living overseas or you are volunteering (or working for token payment) for specified charitable organisations.
Qualifying Date means the date you qualify for New Zealand Superannuation (currently 65); or if you joined after age 60, after five years’ membership of a KiwiSaver scheme or a complying superannuation fund.
The KiwiSaver MTC year runs from 1 July to 30 June.
If you join a KiwiSaver scheme, or turn 18 years old part-way through a KiwiSaver tax year (1 July to 30 June), you’ll receive a member tax credit based on the number of days in the year you’ve been an eligible member. This may mean you might not receive the maximum $521.43.
The information on this page reflects AMP’s understanding of the Government’s current policy on MTCs. This policy could change in the future.
For more information on the MTC please talk to your adviser or call us 0800 267 5494.
Important informationShow more
1The MTC calculation is for illustration purposes only and is in today's dollars, before taking into account returns, fees, inflation and taxes, and is based on the assumption that a new member joins KiwiSaver at age 18, keeps making minimum personal contributions of $1,042.86 per year, remains eligible for MTCs and receives the full MTC each year until 65. Compounding effect equals a sum of your regular annual personal contributions of $1,042.86 to you KiwiSaver account and MTC over 47 years of KiwiSaver membership.
AMP Wealth Management New Zealand Limited is the issuer and manager of the AMP KiwiSaver Scheme (the 'Scheme'). The Supervisor of the Scheme is The New Zealand Guardian Trust Company Limited.