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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