Fisher Funds TWO KiwiSaver Scheme for Self Employed
If none of your income is subject to PAYE then you are considered self employed for KiwiSaver purposes. Self employed people deal directly with the scheme provider they choose – instead of going through Inland Revenue. It is probably the most flexible way of being a KiwiSaver member as you can decide how much you want to contribute and when.
By joining KiwiSaver you'll be able to take advantage of the following incentives:
|For every $1.00 you contribute the Government will contribute $0.50 up to a maximum of $521.43 per KiwiSaver year (equivalent of $10 per week) if you are over 18 and under 651. This was formerly known as the Member Tax Credit.|
|First home assistance programs (if eligible)|
One of the features of being self employed and a member of a KiwiSaver Scheme is that you don't have to contribute a fixed % of your income and you can contribute when and how much you like.
Many self employed people ensure they contribute at least $20/week (or $1,043 p.a.) to ensure they maximise the Government contribution. We will contact you each year to remind you to do this. Because the self-employed do not technically have an employer they are not eligible for the employer contribution.
If you are an employee at one workplace (despite being self-employed at another) then you are an employee for the purposes of the KiwiSaver Act. The minimum compulsory employee contribution is 3%.
1 If you joined KiwiSaver (or a complying fund) before 1 July 2019, a 5 year minimum membership requirement applies if you were aged 60 or over when you joined. During the 5 year minimum membership period you are entitled to receive the Government contribution. Once you’ve reached the age of 65 you can opt out of this requirement, however if you do so you will forego your entitlement to the Government contribution. Your entitlement will be pro-rated from 1 July in the year that you opt out until the date you opt out.