ANSWER ID:12189The default KiwiSaver employee contribution rate is 3% of an employee's gross pay, but they can choose to contribute a higher rate of 4% or 8%.4, 6, 8 or 10%. How much KiwiSaver can be contributed? The default employer contribution rate is also 3%, but employers can choose to contribute more if they want to. Here's how to adjust KiwiSaver contributions in MYOB Payroll. UI Expand |
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title | To adjust the employee KiwiSaver contribution rate: |
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| - Go to the Maintenance command centre and click Maintain Employees.
- Click Select Employee.
- Click the Pay Defaults/Totals tab.
- For the KIWI (KiwiSaver) pay code, enter the new rate in the Rate column.
In this example the rate has been changed to 4%, which has been entered as 0.04000
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title | To adjust the employer KiwiSaver contribution rate: |
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| - Go to the Maintenance command centre and click Maintain Employees.
- Click Select Employee.
- Click the Compulsory Deductions tab and alter the rate as required.
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| Employer Superannuation Contributions Tax - From 1 April 2012 the Employer Superannuation Contributions Tax (ESCT) exemption no longer applies and ESCT needs to be calculated on the entire employer contribution.
- Any voluntary employer contributions are also subject to ESCT. Voluntary employer contributions include any contributions you make:
- over and above the compulsory employer contribution rate
- to employees aged under 18 or over 65 years of age (and who have been member for more than five years)
- to employees on a contribution holiday, or
- to employees who are on leave without pay.
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