What is Member Tax Credit (Government Contribution)?
The Member Tax Credit is the annual government contribution to your KiwiSaver, worth up to $521.43 per year.
Detailed Explanation
The New Zealand government contributes 50 cents for every dollar you contribute to your KiwiSaver, up to a maximum of $521.43 per year. To receive the full amount, you need to contribute at least $1,042.86 annually (about $20 per week).
Example
If you contribute $1,500 to KiwiSaver during the tax year, the government adds $521.43 (the maximum). If you only contribute $500, the government adds $250.
Frequently Asked Questions
When is the Member Tax Credit paid?
The MTC is paid into your KiwiSaver account each July for the previous tax year.
Do I need to apply for the MTC?
No, it is automatic if you meet the eligibility criteria and contribute during the year.