Did you know that over $700million (approx $650 per KiwiSaver employee) can still be claimed at no expense to employers?
During the year ending 31 March 2009, the government provided a rebate on employer KiwiSaver contributions of up to $20 per week, per employee.
Most NZ employers did not take advantage of this free subsidy – meaning their staff have missed out on substantial extra savings, and it doesn’t cost the employer anything at all to provide this extra money to employee’s KiwiSaver funds.
To the best of our knowledge, SmoothPay payroll is the only payroll provider in NZ to have encouraged employers to claim the top ups (over $1million so far), and to successfully claim top ups by using computer generated IR344 Amendment Schedules for the direct benefit of employees. These extra saving far outweigh the losses incurred by most KiwiSaver fund managers, placing these KiwiSavers well on the way to a better retirement – in fact, the later the claim is left, the better it is for the employee.
The rebate can be claimed even if you’re not a SmoothPay user, by importing your data into SmoothPay, producing the claim forms, and sending them in to Inland Revenue for processing.
SmoothPay are happy to provide free advice and limited assistance to help you gain these benefits for your employees.
