Maximising Member Tax Credits

As a Westpac KiwiSaver Scheme member, you could get an extra boost to your savings called Member Tax Credits (or MTCs). If you're eligible, this is an annual contribution from the government of up to $521.43 – and if you’re eligible, it’s one of the easiest ways to increase your savings.


How does it work?

If you live in New Zealand and you’re aged 18 and over but under 65*, the government will add 50 cents for every dollar you contribute to your KiwiSaver account – up to a maximum of $521.43 a year.

To receive the maximum amount, you need to contribute at least $1,042.86 between 1 July and 30 June each year.

If you weren’t eligible for Member Tax Credits for the full year (for example because you first joined KiwiSaver, returned from overseas or turned 18 during the year), then you’ll receive a reduced amount proportionate to the length of time you were eligible.

Employed, self-employed or not working?

No matter what your work situation, if you’re eligible and making regular contributions to your KiwiSaver account, you’ll get Member Tax Credits every year.

Employed: Are you employed, earning over $35,000 before tax and contributing at least the minimum 3% of your before tax salary or wages to your KiwiSaver account? Then you’re likely to receive the maximum Member Tax Credits for the year to 30 June.

Self-employed or not working: It’s worth adding what you can, when you can. If you’re eligible and contribute just over $20 a week, or $1042.86 in the year to June 30, you’ll get the full $521.43 from the government. 

How do I top up my Westpac KiwiSaver Scheme account?

You can make a one off payment or set up a regular contribution to your Westpac KiwiSaver Scheme account in online banking by clicking here. Currently this functionality is only available in Original online banking. (Original online banking log in sits below Westpac One online banking log in).