Member Tax Credit

To help you save, the Government will make an annual contribution towards your mysuper account as long as you’re making locked employee contributions and aged 18 or over. 

Who gets the Member Tax Credit?

The Member Tax credit will be paid each year (around August/September) to Members of mysuper who are making locked employee contributions. 

If you're not making locked employee contributions or are only receiving locked employer contributions you won't be eligible to receive a Member Tax Credit. The Member Tax Credit ceases when you reach age 65,  or if you were over 60 when you joined, when you have been a Member for 5 years, whichever is the latter.

If you are an existing Member on a contribution holiday and want to start making a locked employee contribution to receive a Member Tax Credit, simply complete our Contribution Rate Change Form.

 

How much Member Tax Credit you can get?

The maximum annual Member Tax Credit you are entitled to is $521.43.

To get the full Member Tax Credit automatically you have to contribute at least $1,042.86 in locked employee contributions to your mysuper account each financial year (1 July to 30 June).  The Government will pay 50 cents for every dollar of member contributions annually up to a maximum payment of $521.43.  This means that you must contribute $1,042.86 annually to qualify for the maximum payment of $521.43.

Locked employer contributions, government contributions, and all unlocked contributions (employee or employer) don’t count towards eligibility for a Member Tax Credit.

Only one Member Tax Credit is awarded per person, even if you make locked contributions to more than one scheme (e.g. mysuper and KiwiSaver).