How to get your KiwiSaver Government contribution?

05 April 2023

Did you know you can get up to $521.43 from the Government –every year? 

One of the key benefits of KiwiSaver is that you’re not the only one contributing to your retirement savings. If you’re employed, your employer must also contribute at least 3% to your KiwiSaver account (though some choose to contribute even more). And this is not all. 

What many people don’t know is that the Government also chips in. Every year, if you’re aged 18-64, you can get up to an extra $521.43 in your balance. This is called the annual Government contribution – read on to learn more about this all-important bonus.  

Yes, there is $521.43 up for grabs 

In short, for every $1 you put in between 1 July and the following 30 June (via employee or voluntary contributions), the Government gives you another 50 cents. To get the maximum contribution of $521.43, you’ll need to put in at least $1,042.86 over the KiwiSaver year (1 July-30 June).  

But you start receiving the Government contribution from the first dollar. For example, if you contribute $200 in the year, you’ll get an extra $100 from the Government. If you contribute $650, you’ll get $325 and so on. What other investment gives you a guaranteed 50% ‘return on investment’ on the first $1,043 you put in – annually? 

If you joined KiwiSaver during the year (from 30 June 2022 to now) the amount you receive from the Government will be pro rata'd to the amount of time you have been a KiwiSaver member.  For example, if you joined on 31 December (half way through the year) you will only receive a maximum of $260.71 as your Government contribution.

Are you eligible to receive this bonus? 

If you’re aged 18-64 and living in New Zealand, the answer is a resounding yes. The only exceptions to this very simple rule are Government employees, people working as volunteers for charitable organisations, and people employed in a job that meets one or more of the requirements of the Student Loan Scheme Act 2011

Are you on track for your $521.43? 

If you’re a kōura client, make sure you check your own contribution via the kōura portal or alternatively login to the My IR section on the IRD website.  

Sometimes, there is a delay in KiwiSaver providers receiving contributions. So, make sure you check in at least two weeks before the 30 June deadline. This way, if you have contributed less than $1.042.86, you can still top up your account and make up the difference. 

Also, if you’re our client, we will send you an email to tell you if you have received the maximum Government contribution for the year. Stay tuned! 

Thinking of moving overseas? 

Keep in mind that, if you’re living offshore, you do not qualify for the KiwiSaver government contribution. If you’ve lived in New Zealand for a part of the year, then the amount will be pro-rated for the portion of the year that you spent here.  

The bottom line 

The bottom line is… don’t miss out on this great KiwiSaver feature. By taking advantage of the KiwiSaver government contribution, you can boost your retirement savings No and secure a more comfortable lifestyle in the future.  

Remember, every dollar counts. And with your contributions, employer contributions and Government contributions – plus the power of compounding returns – your KiwiSaver balance has the potential to grow significantly over time.  



Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.  

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