Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Tax credits paid in cash - Tax credits for KiwiSaver schemes and complying superannuation funds

MK 1: Tax credits for superannuation contributions

You could also call this:

“Tax credits for KiwiSaver and superannuation fund contributions”

If you have a KiwiSaver scheme or a complying superannuation fund, the fund provider can get a tax credit. This tax credit is for member credit contributions to the scheme or fund. The amount of the tax credit is worked out using section MK 4. To be eligible for this, you need to meet some requirements set out in section MK 2.

The tax credit is calculated for a year that starts on 1 July and ends on 30 June. This means the tax credit is worked out based on what happens in that 12-month period.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518600.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
Previous

MH 5: FamilyBoost tax credit abatement, or

“How your FamilyBoost tax credit may be reduced based on your income”

Next

MK 2: Eligibility requirements, or

“Requirements to get tax credits paid in cash for KiwiSaver or superannuation schemes”

Part M Tax credits paid in cash
Tax credits for KiwiSaver schemes and complying superannuation funds

MK 1Tax credits for superannuation contributions

  1. A fund provider of a person's KiwiSaver scheme or a complying superannuation fund has a tax credit equal to an amount calculated under section MK 4 for a member credit contribution to the scheme or fund. Section MK 2 imposes some eligibility requirements for the year described in subsection (3) in relation to the person.

  2. Repealed

  3. A tax credit referred to in subsection (1) is calculated for a year that begins on 1 July and ends on 30 June.

  4. Repealed
Compare
Notes
  • Section MK 1: substituted, on , by section 125 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).
  • Section MK 1(1): amended (with effect on 1 April 2008), on , by section 366 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
  • Section MK 1(2) heading: repealed, on , pursuant to section 53 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
  • Section MK 1(2): repealed, on , by section 53 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
  • Section MK 1(4) heading: repealed, on , pursuant to section 53 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
  • Section MK 1(4): repealed, on , by section 53 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).