News

Major drafting error in KiwiSaver law

Tuesday 4th of March 2008
The error means employers who pay employee salaries fortnightly will get less of the tax credit: the way the formula is set out in the law it means employers will only get 31 days worth of the tax credit for 42 days of pay.

KPMG tax expert Murray Sarelius says the error will hit some firms hard.

"You might be talking $200, $300 short per employee but if you've got a lot of employees join...

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