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Aaroona

3204 posts

Uber Geek
+1 received by user: 169


#182597 22-Oct-2015 17:08
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I signed up to Kiwisaver about 3 months ago- I hadn't previously been in the scheme, but decided now was a good time. So the three month stand down period has passed now, and whatever IRD had (money wise) was transferred to my preferred scheme - sweet.

I was checking in on my pay slip to see how much had been contributed so far, and my payslip indicated that my employer had matched me at 3% - so all fine there, too.
Then I went to check in at IRD (on their website) to see what the kiwisaver tab was showing. This is where it gets a little tricky;

Both kiwisaver (IRD) and my scheme provider are showing the same information as each other, in that, my contributions are significantly higher than my employer contributions.
I rang IRD and they had said that there is some unprocessed employer contributions from September.
The lovely lady on the phone also mentioned that employer contributions are taxed at the appropriate income tax rate when they are sent over (calculated at Yearly income + contributions to determine tax bracket).
So accounting for the unprocessed funds, and for tax, my numbers still don't quite stack up- not quite as significant difference as before, however, still not reconciling to me.

Maybe I've missed something somewhere (more than likely), but is this expected? Hs anyone else run into the same issue?


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robcreid
243 posts

Master Geek
+1 received by user: 86


  #1411261 22-Oct-2015 17:42
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I had the same issue with mine when I started.
I think it is because the cycle by which your employer pays IRD their contribution may be different to your pay cycle.

Here is what IRD say http://www.kiwisaver.govt.nz/already/track-contrib/match/

It makes it really hard if you want to reconcile all the payments.

I started maintaining a spreadsheet of my payslip contributions against what IRD showed and while individual amounts almost never seemed to match the total would eventually match.    


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