Kiwisaver the Self Employed

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14 years 9 months ago #19100 by Toast
I was contributing to Kiwisaver while working last year but when the job dried up I stopped. I've checked the balance & everything is as it should be.

I'm now self employed but as yet have not earned any money. However, should start earning soon although will be very slow. Anyway, I have given up a couple of my weekly luxuries & have decided to put the savings into KS.

I meet the criteria to contribute because I'm a resident etc & under 65. How much will I be allowed to contribute? When you're employed you choose the percentage, 2%, 4% or 8%. Or is that the employer's contribution.

Anybody know? I rang the bank handling my KS & they said just come in & fill in a form for an AP. However, I don't know if he understood that I didn't have any income.

[SIGPIC][/SIGPIC]Toast is the best food in the world
Whisky is the best drink in the world

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14 years 9 months ago #283552 by The Kats Place
I don't work anymore - well not for wages anyway. I nominated an amount and just direct credit that each fortnight.

kats
Live your life in such a way that it will be easy for people to say nice things at your funeral [;)]

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14 years 9 months ago #283554 by Scouse Girl
The goverment will only match your $20 per week, providing you credit the amount per year (1043.00) or $20 per week. Being self employed it is up to you to set up a A/P or D/D to the fund which you are in.

Ye know what I mean?...no!

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14 years 9 months ago #283558 by Toast
Replied by Toast on topic Kiwisaver the Self Employed
Does that mean a maximum of $20 per week?

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14 years 9 months ago #283580 by The Kats Place
Yes I think so, that the govenments contribution is only $20 per week.
I did $50 a fortnight.

kats
Live your life in such a way that it will be easy for people to say nice things at your funeral [;)]

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14 years 9 months ago #283584 by George
Replied by George on topic Kiwisaver the Self Employed
I think that you can contribute any amount that you can afford. The optimal amount would be $20 a week as that is what the government will match. But as far as I know you can put in more if you want to.

So you just choose how much you want to put in each month or week and send it by direct debit or automatic payment. Some kiwisaver providers have a minimum amount to contribute though. For me the provider minimum is $50 per month so I have to do at least that much.

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14 years 9 months ago #284180 by powerguy
I am self employed and have joined Kiwisaver. You can put in however much you like, whenever you like (at least on my scheme).. When I have the cash I put some in.

Govt will match UP TO a max of $1020/year. If you put in $20/week, the govt matches it. If you put in $40/week the govt matches 1/2 of it. You put in $10/week ($520/year) the govt matches that $520 and no more. That simple.

I chose not to have DD or AP because some months there may not be sufficient in the account so I do it by internet banking when I want to. Easy.

Renewable power systems - hydro, wind and solar.
Grid tie and off grid (stand alone)
www.poweron.kiwi.nz

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