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Kiwisaver employer contribution figures not matching the employer tax credit figures on the IR345 report (New Zealand)

When there are Kiwisaver Employer Contributions being processed for an employee, the software calculates an Employer Tax Credit (ETC) for each pay. For each month there is a limit to the maximum ETC that can be claimed for an employee, as specified by IRD and the limit is affected by the number of calendar days in the month.

The ETC monthly limit calculation is:

$20 x (number of calendar days in the month/7) = monthly limit e.g. $20 x (30/7) = $85.71

If the Kiwisaver Employer Contributions do not match the ETC figures this will normally be due to the following two reasons:

  • If an employee has Kiwisaver Employer Contributions that exceed the limit for that month then the software will only calculate up to the limit for the month. Any excess Kiwisaver Employer Contributions will not have any ETC value calculated for them.
  • If an employee is under 18 or over 65 ETC's are not to be calculated for them. In the software the Birth Date field in Employee Maintenance controls this situation. If there is an incorrect date entered so the employees age is incorrect, the software will calculate ETC's as appropriate.

Need more help? You can open the online help by pressing F1 on your keyboard while in your software.

You can also find more help resources on the MYOB Exo Employer Services Education Centre for Australia or New Zealand.

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