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Do you plan to join Kiwi Saver?

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  • Do you plan to join Kiwi Saver?

    Do you plan to join kiwi saver?
    83
    Yes - I would like to start building a nest egg
    20.48%
    17
    yes - I plan to use first home buyer/mortage repayment/etc while taking advantage ot tax incentives
    8.43%
    7
    No - I prefer to do it myself thank you
    48.19%
    40
    mmmm - not sure
    22.89%
    19

  • #2
    For people who wouldn't otherwise save then a 75% return per anum is fantastic, but for investors it's terrrible.

    Comment


    • #3
      You'd be silly not go in if you can get away with putting in $20 a week which the government will credit you (they will only credit you up to that amount) - thats a grand a year for nothing.....

      Comment


      • #4
        Sorry Mlkmnz, the government will only put in a once off 1k for the first year not yearly... if that is what you are implying.

        Comment


        • #5
          Originally posted by Josko View Post
          Sorry Mlkmnz, the government will only put in a once off 1k for the first year not yearly... if that is what you are implying.
          There is that one off, but they will also give you a tax credit up to a maximum of $20 a week. Which is a whisker over $1000 a year.....

          http://www.nzherald.co.nz/section/3/...ectid=10440251

          Its not cash in the hand but its better than a kick in the balls.

          Comment


          • #6
            I'll be taking it, for sure, I still have a nice little superannuation sum from working in Australia with their compulsory contributions, and it makes a difference knowing its there.

            Comment


            • #7
              It's up to 9% over there now apparently. Making it compulsory has significantly contributed to Australia's general wealth apparently.

              Comment


              • #8
                Originally posted by CJ View Post
                Do you plan to join kiwi saver?
                The first home mortgage thing aside (for some, it's not
                an option), joining at age sixty seems to have quite
                a different outcome to joining age thirty.

                Would someone better at number crunching have a go
                at describing the cost benefit analysis variations at 10
                year gaps, from 20 to 60?

                Would the pay-out be income, for tax purposes? I can't
                recall seeing mention of that. (I didn't look very hard)
                Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                Comment


                • #9
                  Any payout will be already taxed and not count towards total income

                  Comment


                  • #10
                    I can't join.

                    I'm unemployed, and I'll never ever have a job, ever.

                    Paul.

                    Comment


                    • #11
                      Originally posted by SuperDad View Post
                      I can't join.

                      I'm unemployed, and I'll never ever have a job, ever.

                      Paul.
                      You can still join and collect the $1000. So can children. Looks like children will not have to pay anything in (4% of zero is zero). Children won't qualify for the tax credit of up to $20 pw though.

                      Not sure if an adult with no income can pay in say $20 pw and get the matching tax credit.

                      Comment


                      • #12
                        Originally posted by keleri View Post
                        Any payout will be already taxed and not count towards total income
                        So, will RWT apply to any dividend/gains, then?
                        Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                        Comment


                        • #13
                          Forestlands NZ Ltd www.forestlands.co.nz has $1000 shares available (and can be paid off over a year), which I would've thought would be a much more attractive offer for people wanting an entry level scheme.
                          Buying at least 2 shares every year is still only $20 per week, and for most probably a better return.


                          I for one wouldn't be counting on any government to look after me and my family. Sure, make use of any incentives that you are entitled to and help your situation in the present time, but I wouldn't rely on any of their empty promises.
                          Politicians are only interested in looking after themselves.
                          It'll (kiwisaver) only get changed years down the track and then all these poor sods will be back to square one.
                          Last edited by Glen; 23-05-2007, 09:11 PM. Reason: miscalculation

                          Comment


                          • #14
                            Artemis is right, even unemployed & children can join.

                            There are plenty of little sweetners to this scheme, and I'm surprised so many people here aren't jumping in.

                            * Employees get $1K from govt to kick start.
                            * Employees get up to $1K p/a tax credit for contributions
                            * Employer gets up to $1K p/a tax credit for their contributions per employee
                            * Contributions from employer to scheme are tax free

                            Glen- I disagree, any funds put into these funds will be in the names of individuals, not the government. If a future government stops Kiwisaver the balance in the fund will just sit there until maturity... not lost altogether.

                            Comment


                            • #15
                              Originally posted by artemis View Post
                              You can still join and collect the $1000. So can children. Looks like children will not have to pay anything in (4% of zero is zero). Children won't qualify for the tax credit of up to $20 pw though.

                              Not sure if an adult with no income can pay in say $20 pw and get the matching tax credit.
                              I think if the kids put in a 1000 of there own cash (or yours) the government will match it. their for, you put in 1000, govt puts in 1000 and when they get to buying house age, they can withdraw to buy a house (cant withdraw govt contribution but having a small super fund is never a bad thing).

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