Everything you wanted to know about member tax credits but were afraid to ask
Just a quick update to let everyone know that Member Tax Credits covering the period 1 July 2016 to 30 June 2017 have been credited to your account.
You can see how much you have received by logging into your account on the Simplicity website (www.simplicity.kiwi) and going to either the Money or Transactions tabs.
The maximum MTC payment is $521.43.
If you did not receive what you thought you might have been entitled to, here are a few possible reasons why:
- You were not a member of KiwiSaver for a full 12 months and therefore you were not entitled to the full MTC allotment. In this instance you will have received a partial credit based on the number of days you have been a member of KiwiSaver.
- IRD had not finished processing your employee or voluntary contributions prior to the cut off. If there are any credits owing IRD will pay these to us in due course.
- You did not contribute at least $1,042.86 in order to maximise your MTC allocation.
- You are under 18 and therefore not entitled to receive MTC's. If you turn 18 part way through the MTC period then you receive a credit based on the number of days you were eligible to receive MTC's.
- Funds were not received into your account before 30 June cut off.
- An error may have been made.
If you have been in KiwiSaver for at least 12 months, have paid over $1,042.86 in either employee or voluntary contributions and have not received the full $521.43, please contact IRD in the first instance. They may still be processing some of your payments or an error has been made.
If you have any general queries relating to MTC's please contact [email protected]
And finally, one of our members (money blogger Ryan Johnson) also wrote a useful piece on member tax credits that is worth reading. You can find that on his website here.