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Annual Government contribution

As well as your savings, the Government may also contribute money to your KiwiSaver account.

If you’re contributing and are eligible, the Government contributes 50c for every dollar you contribute to your KiwiSaver account, up to a maximum of $521.43 a year.

This is known as the Government contribution, formerly called the member tax credit (or MTC). 

When it comes to saving for your retirement, every little bit helps. So make sure you try to get the maximum Government contribution every year, because it can add up to a whole lot more by the time you retire.

Are you eligible?

You'll be eligible for the annual Government contribution if you:

  • are aged 18 to 64*, and
  • mainly live in New Zealand

If you’re only eligible for part of a year, you’ll get part of the Government contribution. The calculation of the amount will be based on the number of days in the year you were eligible.

*If you're aged 60 or over and first joined a KiwiSaver scheme (or complying superannuation fund) before 1 July 2019, you may be entitled to receive Government contributions for up to five years. 

How does it work?

The Government will contribute 50 cents for each dollar you contribute, up to a maximum of $521.43.

The Government contribution is calculated for a year that begins on 1 July and ends on 30 June. It’s paid into your KiwiSaver account shortly after 30 June (usually by the end of August).

If you're only eligible for part of the year, you'll only get part of the Government contribution. The calculation of the amount will be based on the number of days in the year you were eligible.

How can you get the maximum?

You need to contribute at least $1,042.86 a year (from 1 July to 30 June) to your KiwiSaver account to get the maximum Government contribution of $521.43. As it can take up to 5 business days for contributions to be processed, we suggest you contribute before 24 June each year.

How to work out if you have contributed enough

You should qualify for the maximum Government contribution if you've been a KiwiSaver member for the full year (from 1 July to 30 June) and all of the following apply:

  • you're employed
  • you earn more than $35,000 per year
  • you contribute at least 3% to KiwiSaver.

OR if you've been contributing $20 a week, on average, for the full year (from 1 July to 30 June).

OR if you've made one or more lump sum contributions totaling at least $1,042.86 between 1 July and 30 June.

What if you haven’t contributed enough to get the maximum?

If it doesn’t look like you’ll contribute at least $1,042.86 to your KiwiSaver account from 1 July to 30 June each year, you can make a lump sum contribution to make up the difference or you can set up a regular contribution.

Please note that your contributions will only be eligible if they are invested in your KiwiSaver account by 30 June each year (we encourage you to top up before 22 June to make sure your contribution is processed by the KiwiSaver year end date of 30 June). 

Be prepared – set up a direct debit

Setting up a direct debit could make getting the maximum Government contribution just that little bit easier. While $1,042.86 may sound like a lot, in reality it’s only $20 a week.

For further information, please see the relevant guide and product disclosure statement:

The guide and product disclosure statements are available by calling 0800 736 034. The ANZ KiwiSaver Scheme guide and product disclosure statement are also available from any ANZ branch.

Issuer and manager: ANZ New Zealand Investments Limited (‘ANZ Investments’) is the issuer and manager of the ANZ KiwiSaver Scheme and the ANZ Default KiwiSaver Scheme.

Investments are not deposits in ANZ Group: Investments in the ANZ KiwiSaver Scheme or the ANZ Default KiwiSaver Scheme are not deposits in ANZ Bank New Zealand Limited,  Australia and New Zealand Banking Group Limited, or their subsidiaries (together 'ANZ Group'), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment.

No guarantee: Investments in the ANZ KiwiSaver Scheme and ANZ Default KiwiSaver Scheme are not guaranteed by ANZ Group, any of its directors, or any other person.

For information only: This website has been provided for information purposes only and is subject to change. The content of this website is intended to be of a general nature and does not take into account an investor’s, or potential investor’s, financial situation, investment objectives, or risk tolerance.

Not investment advice: This website is not intended to constitute, does not constitute, and should not be construed as constituting, investment advice nor is it a substitute for commercial judgment or other professional advice. Investors, or potential investors, should: (i) conduct independent due diligence on any investments; and (ii) obtain independent investment and professional advice, including tax advice, prior to acting in reliance on this website.

For specific investors only: This website is intended for investors who understand the investment risks referred to on it. Some, or all, of the investments mentioned on this website may not be suitable for certain investors. Investors, or potential investors, should consider whether: (i) an investment is appropriate for their risk profile; and (ii) they will meet the suitability requirements relating to those types of investments.

Speak to a financial adviser: This website is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult a financial adviser, please call us on 0800 269 238 and we will provide you with the contact details for a financial adviser in your area. A financial adviser will, on request and free of charge, provide you with his or her disclosure statement prepared under the Financial Advisers Act 2008.

Past performance: Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be negative as well as positive.

How performance is calculated: Except for in the quarterly KiwiSaver fund updates (in which investment performance is calculated after fees and at a 28% prescribed investor rate), performance is after annual fund charges, and before tax and membership fees. The funds in respect of products mentioned on this website are portfolio investment entities (PIEs). Performance for funds operating before they became PIEs on 1 October 2007 has been recalculated to be on the same (pre-tax) basis. Returns for all periods longer than 1 year are annualised.

Unit prices: The unit price is calculated in accordance with the applicable governing document (each as amended, added to or replaced) for the ANZ KiwiSaver Scheme and ANZ Default KiwiSaver Scheme. The actual unit price that applies at the time a transaction request is received and accepted may differ from the unit price shown.