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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 6: Credit given by fund providers

You could also call this:

“Fund providers immediately add your tax credit to your KiwiSaver or superannuation investments”

When you get a tax credit under [section MK 3], a fund provider must give you that amount right away. The amount becomes yours as soon as the fund provider receives it. The provider will add the tax credit to your investment products in your KiwiSaver scheme or complying superannuation fund. They will split the tax credit across your investments based on how you’ve chosen to spread your contributions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518615.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
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MK 5: Crown contributions for members, or

“Government tax credits for KiwiSaver and complying fund members”

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MK 7: Amounts paid in excess, or

“What happens when you get more tax credit than you should”

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

MK 6Credit given by fund providers

  1. A fund provider who receives a tax credit under section MK 3 must credit the relevant person with the amount which must vest in the person immediately after it is paid to the fund provider. The provider must use the contribution allocation for a member to credit the amount of the tax credit on a pro rata basis across the investment products to which the person has subscribed or been allocated as a member of a KiwiSaver scheme or complying superannuation fund.

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Notes
  • Section MK 6: amended, on , by section 130 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).