Kiwi Saver comment 2
KiwiSaver – 11th Hour Changes.
Last month some late changes were made to the KiwiSaver Bill. One important change involves giving employers the option to contribute up to 4% of an employee’s salary or wages tax free to their KiwiSaver account. However, existing registered superannuation schemes that offer an employer subsidy will not be eligible to take advantage of this exemption. We believe this is a very unfair outcome for those with employer sponsored schemes and this late change could adversely affect your own scheme. We contacted Michael Cullen to ask that the exemption also be made available for private superannuation schemes. He has confirmed that further work will be undertaken on the issue with a report due back later in October.
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