This book is only available in PDF format 
Publication date: 12 March 2008
Pages: 82

Introduction

This paper revisits the booklet produced in June 2007 by amending and updating its contents to take account of the legislative changes arising from the Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Act 2007.

KiwiSaver is changing the saving patterns of New Zealanders.  It is the platform upon which superannuation and retirement savings will be built for generations to come.  The number of KiwiSaver members is now in excess of 400,000. 

The KiwiSaver Act 2006 (“Act”) received the royal assent on 6 September 2006.

The KiwiSaver regime came into force on 1 July 2007.

The Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Act was passed on 19 December 2007.  It addressed many omissions and interpretation issues concerning the Act.  It also made substantial changes to KiwiSaver, such as the introduction of compulsory employer contributions, and provided further relief for employers with existing superannuation arrangements.

Every employer in New Zealand is affected by the Act.  There are many statutory obligations, including deducting contributions, paying compulsory employer contributions, and supplying information to both employees and Inland Revenue.  Employers have a fundamental role in the facilitation of KiwiSaver. 

For individuals, KiwiSaver is now more appealing than ever.  KiwiSaver members will be eligible for the following benefits: