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Divorce and your KiwiSaver

Posted on Aug 29, 2018 by admin

Going through a divorce is an extremely difficult experience; among the emotional challenges are the financial issues, particularly when you consider what will happen to your KiwiSaver? The good news is the balance in your KiwiSaver prior to the relationship is safe and will not be divided between you and your partner when you divorce. However, the amount in funds contributed, and the growth incurred in your KiwiSaver during the relationship falls under the category of relationship property and as such is to be divided equally amongst a divorcing couple. Regardless of whether the value is made from government contributions, […]

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KiwiSaver for new employees: what you need to know

Posted on Aug 3, 2018 by admin

Upon hiring a new employee, there is a range of obligations and responsibilities you will have to meet when it comes to KiwiSaver. Start the enrolment process Firstly, you will be required to check whether they are eligible to join KiwiSaver. The employee needs to be enrolled in KiwiSaver (providing they are eligible for automatic enrolment) unless you offer an approved alternative superannuation scheme. You must provide every new employee with KiwiSaver information (KS3), including a KiwiSaver deduction form (KS2) and an Opt out request (KS10) form. Ensure you keep a copy of the KS2 form for your records. If […]

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KiwiSaver mistakes

Posted on May 11, 2018 by admin

If you have joined KiwiSaver, you are already heading in the right direction towards building a steady nest egg. However, joining KiwiSaver without much consideration of your type of fund or investment goals can be detrimental to your final retirement balance. Here are three KiwiSaver mistakes to avoid: Choosing the wrong fund Sticking with your default fund is one of the biggest mistakes you can make with KiwiSaver. Many Kiwis do not realise they can change funds to better suit their age, investment goals and experience. It’s a good idea to check the fees and performance of your current fund […]

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The in’s and out’s of asset allocation

Posted on Mar 16, 2018 by admin

Deciding where to allocate your assets can be confusing and even daunting, particularly if you aren’t confident in your knowledge of the current financial sphere. Consider the following in’s and out’s of asset allocation to make the process much easier: Set goals Goal-setting is extremely important, particularly when it comes to your money. When deciding where to allocate assets, you should set both short-term and long-term goals. If you are planning to save for a vacation or a new car, this would be a short-term goal, a mortgage would be a medium-term goal and your nest egg would be a […]

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Making the most of share market volatility

Posted on Feb 16, 2018 by admin

When share markets drop, it is not uncommon for investors to feel threatened and anxious about their investments. Luckily, there are strategies you can adopt when share markets fluctuate, in order to use the volatility to your advantage. Consider the following: Patience One of the greatest tools you can have when it comes to investing, in any market, is patience. Many investors react when there’s market volatility and start shifting their money and pulling their investments, ultimately resulting in them losing their money. You need to be patient and understand that the nature of share markets is for them to […]

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Secrets to a savvy SMSF

Posted on Jan 17, 2018 by admin

Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone. If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to. Stay informed You can’t expect your SMSF balance to be the most profitable for you in your retirement phase if you don’t remain educated on the vastly changing compliance laws. Remaining up-to-date with these changes, and how they impact upon your nest egg is an essential aspect of making your SMSF work for you, your […]

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NZ Super and Veteran’s Pension recipients and overseas travel

Posted on Dec 7, 2017 by admin

For those who receive NZ Super or the Veteran’s Pension, travelling overseas may have implications on these payments. If you travel overseas for more than 26 weeks and are not residing in an overseas country, you will need to pay New Zealand tax on the payments receive, provided you receive one of the two payments without tax deducted prior to your travels. To do this correctly and remain compliant under regulations stipulating by the Inland Revenue Department, you will need to file an Individual tax return (IR3) as you have received income that has not been taxed at source. This […]

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Finding the best KiwiSaver fund for employees

Posted on Nov 15, 2017 by admin

Since an employee’s retirement savings outcome is ultimately impacted by decisions made today, some employers may feel the need to help their employee’s find a fund that best suits their financial situation. It is more than likely that the majority of employees respond to this challenge by simply choosing one at random. For employees that avoid making this decision, the Inland Revenue Department usually assigns a fund at random for them. The number of New Zealanders who enrol in some kind of KiwiSaver fund is growing at a rapid pace. And with almost two hundred KiwiSaver funds currently on offer, […]

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KiwiSaver continues to grow

Posted on Oct 13, 2017 by admin

Since KiwiSaver started ten years ago, KiwiSaver members have built up total assets of more than $40 billion dollars and 2.7 million New Zealanders have joined the scheme, according to the FMA’s annual KiwiSaver report 2017. Based on returns as at 31 March 2017, total assets were up $7 billion from $33.8 billion in 2016. Investment returns of $2.7 billion were more than double those of 2016. For the second year running, the number of transfers (between providers) is higher than new members joining the scheme. The FMA’s findings raise alert for the number of default KiwiSaver providers who are […]

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KiwiSaver provider backs compulsory super

Posted on Sep 14, 2017 by admin

New Zealand’s biggest KiwiSaver provider ANZ is backing compulsory super after new research finds that just 53 per cent of New Zealanders who earn less than $50,000 are members of KiwiSaver. Although the research found that 80 per cent of those surveyed who earned more than $100,000 were KiwiSaver members, many were not regularly contributing to the scheme. Since KiwiSaver was launched 10 years ago, 2.7 million people had joined, however, 375,000 working-age people have not enrolled in the scheme. ANZ is proposing that KiwiSaver is made compulsory. If it is not made compulsory, ANZ is suggesting all adult non-members […]

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