Now is a good time to be thinking about whether you are putting enough aside for your retirement.
A review of your long-term plans should be done on an annual basis. June is a good month for two reasons: first, it is too wet and cold outside to be doing
anything more interesting; second, because you should make sure you have put enough into your KiwiSaver fund to get the maximum government tax credit.
If you are self-employed, working part-time, or are on a low income, your contributions for the year may be less than $1040. This means you will not receive the maximum tax credit of $1040 as it is a matched credit. You can check with your KiwiSaver provider what your contributions have been and if there is a shortfall it is simply a matter of making a lump sum deposit into your fund.
Your provider will tell you how best to do this and and it needs to be done well before June 30 to allow time for processing.
If you have joined KiwiSaver part-way through the year or turned 18 during the year, you are eligible for only part of the tax credit.
