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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Impacts of overseas travel on your KiwiSaver

Posted on Nov 26, 2018 by admin

KiwiSaver members who go overseas for an extended period will not receive all the benefits their accounts usually give them. Find out what you are entitled to when you go away so you can make the right financial moves.

Contributions while you are away
Your contributions will automatically stop once you cease work in New Zealand and you may need to contact your KiwiSaver provider about this. However, you can make voluntary contributions at any time while you are away. Refer to KiwiSaver information on how to do this.

Benefits you are eligible for
You will not receive a member tax credit while you’re not living in New Zealand unless you are a:

Permanent departure from New Zealand
If you emigrate to countries other than Australia permanently, you can apply to withdraw your savings and close your KiwiSaver account after one year. Member tax credits you have received since joining will be returned to the Government, and you may keep any interest on the tax credits you have earned. You can leave your savings in a KiwiSaver account or transfer to an Australian complying superannuation scheme if you permanently emigrate to Australia.

We have been with BDS Hughes Accountants nearly 5 years. Without their knowledge and forthright suggestions we would not been able to experience our high level of success. We are comfortable with the working relationship and ease with which they are able to communicate with us. As we as the normal accountancy service, Garry advised us on Xero accounting and taught us to uses the program in plain simple English. We can say only that we have had nothing but exceptional service and the advise we have received has been correct and perfect for our business, which is why i would not hesitate to recommend their services.
Wendy EvansDirectorThe Roof & Brick Shoppe

Latest news

Understanding superannuation contributions for small business owners

Posted on April 12, 2019 by BDS Hughes

Employer superannuation contribution tax (ESCT) refers to the tax that is taken from any cash contributions made to your employees’ superannuation accounts, including KiwiSaver. The rate of ESCT to deduct can vary for each staff member, making it necessary to ensure that you follow all of the required steps as an employer. Firstly, you must work out each employee’s ESCT rate, which is calculated based on the employee’s ESCT Threshold. For the employee’s income for the year ending 31 March, The ESCT rates from 1 April are: 10.5% for $0 to $16,800. 17.5% for $16,801 to $57,600. 30% for $57,601 […]

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Upper Level, Watchdog House
21 Tamariki Ave, Orewa, Auckland

P: 09 426 2999 | F: 09 426 0812 | M: 021 790765
E: GARRY@BDSHUGHES.CO.NZ