News

$1.3 billion budget bonanza for savings industry

Thursday 17th of May 2007
All told, the Treasury estimates an extra $1.3 billion will be held by superannuation funds by 2011.

As expected, there are tax enhancements for KiwiSaver. A tax credit of up to $20 a week, adding up to $1040 a year, paid directly into the saver’s account.

On top of that is a compulsory employer contribution, starting at 1% of an employee’s gross salary next April and rising 1% a year...

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