Quick Answer: Can You Put Your KiwiSaver On Hold?

Does the government still contribute to KiwiSaver?

For every dollar you put into your KiwiSaver account the government puts in 50 cents – capped at $521.43 a year.

To get the full $521.43 you need to have put in at least $1042.86 each year..

Can I withdraw my KiwiSaver for hardship?

You may be eligible to withdraw KiwiSaver funds early if you are experiencing financial hardship. … To withdraw funds you will need to provide evidence you are suffering significant financial hardship. If your application is accepted you can only withdraw your and your employer’s contributions.

When can I touch my KiwiSaver?

You can usually start withdrawing from your KiwiSaver account when you turn 65. If you joined KiwiSaver or a complying superannuation fund before 1 July 2019, you may be subject to a five-year membership requirement before you can start making withdrawals.

How much KiwiSaver can I withdraw?

If you have been a member of KiwiSaver for at least three years, you may be able to withdraw all, or part, of your savings to put towards buying your first home. Eligible members can withdraw their KiwiSaver savings (including tax credits). However at least $1,000 must remain in their KiwiSaver account.

What is a KiwiSaver savings suspension?

Your KiwiSaver employees can apply for a temporary break from paying into their KiwiSaver account. It’s called a ‘savings suspension’. An approved savings suspension means you stop employee deductions and your contributions. Employee’s apply for the suspension in myIR.

What happens to my KiwiSaver if I stop working?

If you stop earning a salary or wages, your employee contributions to KiwiSaver will stop. You can make voluntary contributions to your KiwiSaver scheme. … When you start work again, automatic deductions from salary/wages will begin again.

What is proof of financial hardship?

You may also need to provide evidence to show the link between the event and financial hardship. This may include either: payment of rental bond. bank statements showing a reduction of income, essential spending and reduced savings. a report from a financial counselling service.

What qualifies as a hardship loan?

Eligibility for a Hardship Withdrawal Immediate and heavy expenses include the following: Certain medical expenses. … Burial or funeral expenses. Certain expenses to repair casualty losses to a principal residence (such as losses from fires, earthquakes, or floods)

Can you withdraw KiwiSaver twice?

You can only make a KiwiSaver first home withdrawal once. If you’ve owned property before, you may qualify for a second chance home buyer withdrawal. You may also qualify for a HomeStart grant.

What qualifies for financial hardship?

The IRS considers an economic hardship the inability to pay reasonable and necessary living expenses. The IRS determines what expenses qualify as basic expenses, which will vary depending on your circumstances. Generally, basic expenses include your rent or mortgage, utilities, food, transportation, and health care.

Is KiwiSaver compulsory?

KiwiSaver is not compulsory for people starting a new job, but they will have to opt out rather than opt in if they don’t want to join.

Why is my KiwiSaver going down?

Your KiwiSaver money is often invested in shares on the share market, so it is affected by market volatility (ups and downs). When the market rises and falls, your balance can increase or decrease. When it goes up, it’s great. But sometimes it falls, gently and gradually, or sometimes sharply.

How do I suspend my KiwiSaver?

To apply for a savings suspension you can:Apply online if you’re registered for My KiwiSaver, or.Print off and complete a Savings suspension request (KS6) and post it to Inland Revenue (address details are on the form), or.Call Inland Revenue on 0800 549 472 (0800 KIWISAVER).

What is a savings suspension?

A savings suspension is a break from making employee contributions, and can last anywhere from 3 months to 1 year – it’s up to you. Your employer doesn’t have to make contributions while you’re on a savings suspension, but must start again once the savings suspension ends.

Can you contribute more than 8% to KiwiSaver?

You can choose to contribute 3%, 4%, 6%, 8% or 10% of your pay. The default rate is 3% if you don’t choose a higher rate. You can change your contribution rate once every 3 months, unless your employer agrees to a shorter timeframe. To do this you need to let your employer know in writing.