No tax on KiwiSaver earnings.
ACT will give New Zealanders a better deal for retirement by removing the tax on KiwiSaver earnings.
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ACT's Plan
Other parties at this election want to make New Zealanders put more money into their KiwiSaver, leaving less in their back pocket to fund today’s cost of living. ACT is the only party proposing to stop taking money out of their KiwiSaver through taxes.
The biggest advantage of saving for retirement is time. Money invested early can earn a return, those returns can earn further returns, and over decades compounding can turn relatively modest contributions into a substantial nest egg. But KiwiSaver investment earnings are taxed every year. That does not just remove the tax paid today. It also removes every future return that money could have earned.
The Government currently taxes money growing inside KiwiSaver, then gives some savers a small annual Government Contribution back. The only real winner from this money-go-round is the bureaucracy that clips the ticket along the way. ACT would rather stop taking the money in the first place.
The Government should not be taxing people for doing the right thing. New Zealand should be a country where people are encouraged to work, save, invest and build assets of their own. ACT’s changes mean more of your investment returns stay invested, and more of your money is left to compound over your working life. That means a bigger retirement nest egg without forcing New Zealanders to give up more of their pay today.