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I am under 18 and enrolled in KiwiSaver. Do I have to make employee contributions?

YES. If you're under 18 and enrolled in a KiwiSaver scheme. As part of the Government 2012 Budget, the tax credit for children was repealed from 1 April 2012 and the entitlement to claim it was withdrawn in May 2012. This tax credit covered the tax on your first $2,340 of income from employment, so your employer may not have deducted PAYE or reduced the amount of PAYE deducted from your pay. This means if you: are under the age of 18; receive salary or wages, and are an existing KiwiSaver membe...

The Christchurch earthquakes have made more people think about taking out income protection insurance, according to a new survey.

The survey, by AC Nielson, says that 1 in 4 New Zealanders are more likely to take out income protection cover now than they were before the Christchurch earthquakes took place. Of the 700 New Zealanders surveyed, 25% said they are now more likely to take out insurance to protect their income following the earthquakes. The biggest change has been in the likelihood of under 25 year olds to take out cover (35%). Asteron Life, which commissioned the survey, says this is a very positive sign for th...

Cancer Insurance definitions on Trauma Insurance policies

Not all insurance policies are made equal.  There is a wide range of conditions that different insurers cover, and there is a huge variation on WHEN the insurance policy will pay out. This is particularly so for Cancer definitions on Trauma insurance policies.  Claims and payments for Cancer are the leading payment on Trauma insurance policies.  But you want to be sure that your policy will pay out if you are diagnosed with cancer. How do you make sure?  Firstly, make sure that you have dec...

Portability of KiwiSaver to Australia and of Australian Superannuation back to New Zealand.

The legislation to enable the transfer of superannuation savings between Australia and New Zealand has finally been passed in the Australian Parliament. As a result, from 1st July 2013 there will be ‘portability’ of superannuation between Australia and New Zealand.  The Bill outlines the taxation implications of transfers to Australia from New Zealand, which we will look at in a future post. The transferred savings to your New Zealand KiwiSaver must be identifiable as separate funds within...

Rays Story - Motor Neuron Disease - Case Study - [video]

With thanks to Ray, his family and Sovereign, this excellent short video shows how insurance cover works.  Ray was a Dentist in Dunedin, very active, running long distances, when he was diagnosed with Motor Neuron Disease. Although he had always seen his Life Insurance and Income Protection Insurance as a 'necessary evil' they made a real difference to being able to deal with his illness, and for his family, with his death.  They gave him dignity. http://www.youtube.com/watch?v=l9IUC2DNDq8 To...

Should you move your KiwiSaver between risk profiles?

According to the FMA report to 30 June 2012, there were 34,720 between investment funds in the previous year.  Of these changes, $41 million was taken out of 'Growth' (higher risk) investment funds and $36 million was added to 'Conservative' funds. $6.8 million was moved out of the 'default' scheme option. It is important that you understand what your personal risk profile is, and that you ensure that your KiwiSaver funds reflect that risk profile. When you join KiwiSaver, unless you choose yo...

What happens if you accidentally start a fire and burn down someones house?

What does this mean?  What is 'liability?'  In New Zealand, with the ACC system, we don't have a lot of experience with being 'sued' for our 'liability'. We have a 'no-fault' system for personal injury - which means that we are protected from continual personal law suits. ...

Claiming on your income protection insurance - how would it work?

Claiming on your income protection insurance ...

Terminal Illness Benefit - how to get your life insurance paid out without dying

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Time Saving Tips [infographic]

Some of these tips (which you have probably heard before, but it doesn't help to be reminded) will also save you money. Make your own lunch to take to work, great way to save time at work as well as money.  You can always have a break and have a wander while you eat, but it saves on the $10+ it often costs to buy lunch if you work in a city. Keeping a running shopping list (stuck to your fridge, or by your fridge) is also a great discipline to make sure you just buy what you need. ...

How does income protection insurance work?

Income Protection – what does it cover, how does it work? At Moneyworks, we are regularly asked how income protection insurance cover works. As an essential personal insurance, it is important that you understand how it works for you. We have covered some common initial questions below. How is the price calculated? This depends on a number of variables – most of which you can’t manipulate – as you need to tell the truth. Factors that are taken into account are: Your age Whether you ...

Why does health care cost so much? What does this mean for me?

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Tax Rebate on your Health Insurance premiums... Would it make you buy cover?

NZ First have a private members bill that they have presented to Parliament, proposing a rebate for health insurance for over 65's. New Zealand First believes its health insurance premium rebate plan will result in tax rebates of about $100 million. But MP Andrew Williams, who presented the Affordable Healthcare private member's bill to Parliament, said the policy would end up being fiscally neutral as there would be a reduction in state healthcare spending as people's insurers paid for more el...

24 Fun Facts About Beer [Infographic]

Enough of the serious money and insurance and KiwiSaver stuff. Here is something a little different - information on that basic food staple - BEER!! Yes, it really does strengthen bones! and of course, the first professional brewers were women (Comment added by editor Carey!) ...

Worried about your credit rating?

Times have been tough.  The bills haven't all been paid.  Your credit rating is dropping rapidly. ...

OnePath Funds - why do their funds have different returns?

OnePath have a great track record with their KiwiSaver funds.  They are the biggest fund manager (when you incorporate the ANZ and National Bank KiwiSaver funds) for KiwiSaver. But why do their funds have different returns? ...

Is your Brain FAST or SLOW? [video]

Or both?? Yes, this is brainfood time - literally. Take 4 1/2 minutes to watch this video and give yourself some time to think about how your brain works. ...

Have you received a letter from your KiwiSaver manager to say your fund is changing?

What do you do?  ...

KiwiSaver Fees and Returns - an inverse relationship?

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KiwiSaver Performance - Morningstar Survey to 31/03/2013

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Fleecing the elderly

This is a good insightful series of articles in Sunday Star Times that we recommend you read. Door-to-door scammers are roaming the Waikato using dodgy goods and services to fleece unsuspecting victims of thousands of dollars. And consumer watchdogs say "toothless" legislation is letting them and others get away with dozens of scams. Just this week, an 83-year old Ngaruawahia woman was left to pay for shonky work after "gypsies", believed to be in the country on work visas, knocked on her door ...

So, you are 49 - time you don't need insurance? NAH!!

Things are getting tight.  Inflation is still there.  Costs are increasing, the family is getting older.  ...

Everyone needs a fighting fund for lean times [Martin Hawes]

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Mighty River Power, Energy Companies, Politics

Should our electricity supply and politics mix? This is a worthwhile read from JB Were, it is thought provoking and gives you some good background into the debate that will be ongoing for some time.The unintended consequences of the Labour/Greens power policy will be negative for New Zealand says JBWere. If you have any thoughts or opinions that you would like to share, visit us at our Twitter, Facebook or Linked In pages, and comment. ...

Random and expensive fees - how can you avoid them?

How often do you get frustrated by a fee that just seems stupid? This article by Diana Clement looks at some excessive fees and makes some suggestions abo ...