KiwiSaver for the self-employed

2 MIN READ July 21, 2021
If you’re self-employed, you might be wondering how KiwiSaver works for you. You aren’t automatically contributing from your wages like an employee so how can you contribute? And will you still receive the government contribution? Here’s how to get your KiwiSaver sorted if you’re self-employed.

Choose a provider

You’ll need to do a bit of research to figure out which provider is best for you. This might seem like too much of a hassle and this is where an adviser can really help. They can talk you through your options so you can make an informed decision. Your adviser can then get everything sorted with your chosen provider, leaving you with less to worry about!

Make voluntary contributions

You can contribute as much or as little as you like, but it’s best to check if your provider has a minimum contribution amount. Set up an automatic payment if possible to make sure you’re contributing regularly. If you have an irregular income, you might take a different approach, but keeping up regular payments will be a big help come retirement.

Receive the Government Contribution

Each year, the government matches your KiwiSaver contributions at 50 cents per dollar up to $1043. To receive the full government contribution of $521, you’ll need to contribute at least $1043 during the KiwiSaver year (1 July – 30 June) – this is around $20 per week. If you’re not contributing regularly, you can also put in a lump sum to make up this amount before the end of June.

Get your employees sorted

If you employ staff in your business, make sure you know the law when it comes to KiwiSaver. You’ll need to make KiwiSaver available to any of your employees who want it, enrol new employees in KiwiSaver when they start, and arrange their salary deductions. You’ll also need to put in at least 3 percent for employer contributions.

If you’d like to know more about how to make the most of your KiwiSaver while you’re self-employed, get in touch with our team today!


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