KiwiSaver » Employee Obligations & Options » Self Employed or Sole Trader
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Self Employed or Sole Trader
What if you are self employed or a sole trader?
Self employed individuals who have not attained age 65 can choose their own KiwiSaver provider. Check out the full list of KiwiSaver scheme providers. You can order investment statements from the providers by contacting them by phone, email or web link. Once you have completed the enrolment form for your chosen scheme, including your chosen investment fund, and returned it, your chosen provider will notify Inland Revenue that you have joined KiwiSaver.
Contributions should be paid direct to your chosen KiwiSaver scheme provider.
Self employed are currently entitled to receive:
- $1,000 initial Crown contribution and,
- If over 18 years of age, $1,042.86 matched member tax credit if you contribute a minimum of $1,042.86 per annum (an average of $20 per week). This tax credit is calculated according to contributions paid during years ended 30 June. In the year of joining the full amount is pro-rated based on the date of joining - if joining on 1 January, 6/12ths of $1,042.86 ($521.43) would be the maximum credit for the year. In subsequent years the full credit of $1,042.86 could be received, even if the full member contribution of $1,042.86 is paid in June.
Access to your funds is restricted in the same way as if you are an employee. Benefits are normally payable at age 65 or after five years' membership if later. After three years of savings, the self employed are eligible for the first home subsidy. Savings withdrawn exclude any member tax credits and the $1,000 initial Crown contribution.