Each year, the government will contribute up to $260.72 towards your retirement savings, when you are a member of a KiwiSaver scheme, such as the Kernel KiwiSaver Plan.
You will need to make a minimum contribution of at least $1,042.86 of your own money between 1 July to 30 June each year, to receive the government contribution. Employer contributions, past government contributions and funds moved from Australian retirement schemes do not count towards the $1,042.86.
Do voluntary contributions count?
Voluntary contributions into your Kernel KiwiSaver account are counted.
It's best to ensure voluntary contributions leave your bank account by 29 June. This ensures there is enough time for the deposit to be received and counted by 30 June.
Am I eligible for the government contribution?
Anyone with an annual taxable income of $180,000 or under who is contributing to their KiwiSaver account is eligible.
Contributions as an employee
You can contribute through:
salary and wage deductions
payments to Inland Revenue
payments to your Kernel KiwiSaver account (voluntary contributions)
Your employer will process your salary and wage deductions automatically for you, so long as you are enrolled in a KiwiSaver scheme.
Contributions as a self-employed worker
You can make a voluntary additional contribution to reach $1,042.86 as long as it is made by 30 June - remember to allow for processing time.
Read more about getting the KiwiSaver government contribution on the IRD's website.
How can I see if I am on track to receive the full government contribution?
To see how much you have contributed toward the $1,042.86 target, head to the Activity page in your Kernel account. You will just need to add up your personal contributions made from 1 July onwards to see your current total.
Please keep in mind that the government contribution is calculated based only on your own personal contributions. This means any contributions made by your employer do not count toward the total.