Making payments to Inland Revenue: KiwiSaver
For self-employed people
The contract you have with your scheme provider will probably set out a minimum annual sum and the payment periods that apply, such as monthly or quarterly. You'll be able to make any amount of voluntary contributions, in addition to the minimum, as regularly as you like.
If you want to stop contributing for any period of time you'll need to agree this with your scheme provider.
If you're paying your contributions through us you can:
- use the "Pay Tax" option through your internet banking, or
- set up an automatic payment using an Automatic payment authority form (IR586).
Your scheme provider may also accept your contributions directly.
If you later start earning a salary or wage, contributions will start being deducted from your pay at your contribution rate.
Further information on KiwiSaver for the self-employed is available in Self-employed - Your guide to KiwiSaver (KS12).
Internet banking - "Pay Tax" option
You'll need to include the following details when making contributions through your internet banking:
- your IRD number
- tax type "KSS"
- period "0".
Extra member contributions
You can make voluntary lump sum payments whenever you like. Once you've made a lump sum payment it's "locked in" until you're eligible to withdraw your savings. If you want to pay a lump sum to us you can:
- choose the "Pay tax" option on your internet banking service, or
- send a cheque to us.
Your scheme provider may also accept lump sum contributions.
In your first three months
If you haven't chosen a KiwiSaver scheme, any extra contributions you make need to be paid through us in your first three months. We'll pay interest on these contributions. The interest rate is currently 1.59% after tax. This means the tax is deducted before the interest is paid into your account and it's exempt income for tax purposes. Interest will be paid to your scheme provider along with your contributions.
Date published: 27 Jun 2014