Page Comparison - KiwiSaver savings suspension (v.7 vs v.8) - Ace Payroll

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Employees can apply to take a contributions holiday by submitting a form to Inland Revenue. If their holiday is approved, Inland Revenue will advise you of the holiday and you will need to suspend your employee’s KiwiSaver payments.

You do not need to continue making employer contributions while your employee is on a contributions holiday, but you can if you want to.

Contributions Holidays

A contributions holiday is a break KiwiSaver members can take from paying contributions into their KiwiSaver account.

Members can apply for a contributions holiday after they have been a member of KiwiSaver for 12 months. In some circumstances they can apply for an early contributions holiday. A contributions holiday can last from 3 months to 5 years.

Members can apply to take a contributions holiday by submitting a Contributions holiday form (KS6) to Inland Revenue.

If you employee’s holiday is approved Inland Revenue will advise you of the decision and you will need to suspend your employee’s KiwiSaver contributions. Inland Revenue will advise you when the holiday ends and you need to restart these contributions.

You do not need to continue making employer contributions while your employee is on a contributions holiday, but you can if you want to.

Whilst on a contributions holiday, an employee can resume and then stop their contributions by giving notice to their employer.

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title	To set a contributions holiday

From the front screen, click Employee > Modify Employee Details, select an employee then click KiwiSaver.
Or, from anywhere in Ace Payroll press the F3 key, then click KiwiSaver.
Under Contributions Holiday click the blue text.
Click On KiwiSaver Holiday. A green tick appears.
If Inland Revenue has told you a date on which the contributions holiday will end, click further notice and set the date.
The holiday will end and payments will automatically resume on that date.
If you want to continue making contributions to your employees account while they take a contributions holiday, click Employer Contributions. A green tick appears.
You are not required to make contributions during the holiday.
Click Go.

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title	To end a KiwiSaver contributions holiday

From the front screen, click Employee > Modify Employee Details > KiwiSaver.
Or from anywhere in Ace Payroll press the F3 key, then click KiwiSaver.
Under Contributions Holiday click the blue text.
Click On KiwiSaver Holiday. A red cross appears.
Click Go.