KiwiSaver changes…..
Interesting article on stuff this morning regarding KiwiSaver – highlights why you should make an appointment to meet with an Authorised Financial Advisor (AFA) about your KiwiSaver. Call us now to make an appointment!
http://www.stuff.co.nz/business/money/6282134/ANZ-calls-for-KiwiSaver-change
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KiwiSaver Budget 2011 Changes
The Budget 2011 announced changes to KiwiSaver, Working for Families and Student Loans. The proposed changes to these schemes are intended to make the schemes more sustainable.
For more information, fact sheets and media statements providing information on these changes please click on the below link:
http://taxpolicy.ird.govt.nz/news/2011-05-19-budget-2011-tax-announcements
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Thorners May 2011 Newsletter
KiwiSaver Changes announced!
Click here to read our May 2011 newsletter
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Thorners April 2011 Newsletter
KiwiSaver Update and Sovereign’s new exciting Best Doctors benefit available now!
Click here to read the April 2011 newsletter.
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Thorners November 2010 Newsletter
Read about UK Pension Transfers and KiwiSaver.
Click here to read the November 2010 Newsletter.
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Thorners December 2010 Newsletter
Did you know that you can insure your KiwiSaver contributions so that if you fall ill and are unable to work, then they can continue?
Thorners December 2010 newsletter
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KiwiSaver First Home Buyer Incentives now available
The 3rd Anniversary of KiwiSaver also marks the commencement of the first home purchase withdrawal facility and the first home purchase subsidy. From1 July these benefits became available to eligible members.
SAVING FOR YOUR FIRST HOME WITH KIWISAVER
While KiwiSaver is mainly about saving for your retirement, there are 2 benefits for KiwiSaver members who are saving for their first home.
Benefit 1: Savings Withdrawal To Buy A Member’s First Home
To help members with a deposit for their first home, they may be able to withdraw some or all of their KiwiSaver savings (except for the $1,000 kick-start and member tax credit).
Eligible criteria:
• You must have been a KiwiSaver member or a member of a complying fund for three or more years.
• You can only withdraw money to buy your first home – not an investment property.
If the member owned a home before, in some circumstances they may still be eligible to withdraw their savings. For more information the member can visit the Housing New Zealand website www.hnzc.govt.nz or call them on 0800 801 601 to determine if they are in the same financial position as a first home buyer.
Benefit 2: KiwiSaver First Home Deposit Subsidy
From 1 July 2010, after 3 years of contributing to KiwiSaver, members may be entitled to a first home deposit subsidy. The subsidy is administered by Housing New Zealand NOT the KiwiSaver provider.
The first home deposit subsidy is $1,000 for each year the member has been contributing to KiwiSaver, up to a maximum of $5,000 for five years. If they are a couple buying a house together and they both qualify for a subsidy, they can receive a combined subsidy of up to $10,000. Income and house price caps will apply.
To be eligible for the first home deposit subsidy, the member must:
• have contributed at least 2% of their income to a KiwiSaver scheme, or a complying superannuation scheme, for at least 3 years
• be buying their first home*
• be planning to live in the house for at least 6 months.
* If they have owned a home before, in some circumstances they may still be eligible for the first home deposit subsidy. Housing New Zealand will need to determine that they are in the same financial position as a first home buyer.
To find out more, visit the Housing New Zealand website www.hnzc.govt.nz or call them on 0508 935 266
After They’ve Bought Their Home
Once they have made a withdrawal from their KiwiSaver account to buy their first home, they will remain a KiwiSaver member.
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KiwiSaver – the key to your first home
As we approach the third anniversary of KiwiSaver, many New Zealanders will be thinking about the tax free government housing subsidy available from 1 July 2010 – just one of the many benefits of KiwiSaver. In addition, members will be able to apply to withdraw their contributions to buy a first home or purchase land to build a first home. So, how does it work?
First home deposit subsidy
After 3 years of contributing at least 2% of their income to KiwiSaver, members will be able to apply for a one-off grant* of $1,000 for each year they’ve contributed to KiwiSaver. The subsidy increases by $1,000 per year up to $5,000. So, if they successfully apply for the subsidy after 5 years of contributing to KiwiSaver, they will receive $5,000. Eligible couples can also combine their subsidies up to $10,000.
First home withdrawal
After 3 years of being invested in KiwiSaver, members will be able to withdraw their own contributions and their employer’s contributions for a home deposit (excluding the $1,000 kick start and Member Tax Credits). It must be their first home not an investment property. There is no minimum contribution amount to be eligible for the first home withdrawal. And for those second home buyers, they may still be eligible to withdraw their contributions if they’re in the same financial position as a first home buyer.
If members are eligible for this fantastic offer, they’ll stay a member of KiwiSaver and continue to grow their savings while taking advantage of the scheme’s other great benefits.
For more information visit www.hnzc.co.nz or www.kiwisaver.govt.nz
* Income, house caps and other eligibility criteria apply.
Contact Thorners if you need any advice on KiwiSaver.
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Client – Self employed KiwiSaver Scenario
Client – Self employed Scenario
Jonny joined KiwiSaver once he realised that the Government was going to help out with his savings, no matter if he earned money via a salary or not. Denis explained that most workers contribute either 2%, 4% or 8% out of their salary but if you aren’t paid via PAYE you can put in whatever you like. Jonny puts in $20 as that is the maximum the Government will match him with member tax credits.
What do you like about KiwiSaver Jonny? I didn’t want to miss out on what everyone else gets with KiwiSaver. I like that I have the freedom to put in whatever I like into my account. My business is my main focus at the moment but it’s good to know I’ll have a nest egg for when I do get older.
Discuss your KiwiSaver options with Thorners.
Click here to view our disclosure statement.
Click here to email Thorners or Call Us on (04) 528 8088
Click here to view our disclosure statement.
Click here to email Thorners or Call Us on (04) 528 8088
Client – 47 year old divorcee KiwiSaver Scenario
Client – 47 year old divorcee
Sarah joined KiwiSaver as she wanted to get back on the property ladder. Sarah had previously owned her own home but when her marriage broke up she had to start back at scratch saving once more.
What do you like about KiwiSaver Sarah? I didn’t realise that I could also be eligible for the Housing Corp subsidy, even though I had owned a property previously. Denis spoke to me about the ‘second chance’ home buyer which was just like the situation I am in. I’m saving again to buy my ‘first home’ with KiwiSaver – I can get the Housing Corp subsidy plus take out my contributions and my employers contributions after only three years – it’s given me a whole new independence!
discuss your Kiwisaver options with Thorners.
Click here to email Thorners or Call Us on (04) 528 8088
Click here to view our disclosure statement.
Click here to view our disclosure statement.
Click here to email Thorners or Call Us on (04) 528 8088
