KiwiSaver Update Tool - Details tab (NZ)

Payroll | Superannuation | KiwiSaver Update Tool | Details tab

Summary

Note: The KiwiSaver Update Tool command appears in New Zealand databases only.

The KiwiSaver Update Tool command automates the process of updating the employer's and/or the employee's contribution when the required minimum is not met.

Fields

Query:

Select a query to filter employees or accept the "Default" value to update all employees. We recommend that you update employees by pay period because they may have different Application Date values. For example, update all weekly employees, then all monthly employees.

Employee:

Select an employee or leave blank to update all employees. You can select current employees only (termination date is blank).

Update New Min. Employer (%) Contribution:

Yes/No field that determines whether the Employer (%) contribution is updated. If you select "Yes", enter the new minimum amount, which must be greater than zero.

Include Employer's Salary Sacrifice (%) in calculation:

Yes/No field that determines whether salary sacrifice contributions are included in the employer's contributions.

Update New Min. Employee(%) Contribution:

Yes/No field that determines whether the Employee (%) contribution is updated. If you select "Yes", enter the new minimum amount, which must be greater than zero.

Include Employee's Salary Sacrifice (%) in calculation:

Yes/No field that determines whether salary sacrifice contributions are included in the employee's contributions.

Application Date:

Mandatory field. The new contribution values apply from the first pay period starting on or after 01/04/2013 so the Application Date could vary according to the employee's pay period. For example, if your first weekly pay was 31/03/2013-06/04/2013, you would enter 07/04/2013. Your first monthly pay would normally start on 01/04/2013 so you would enter this date.

The tool will update only current Employee Super Fund records that are active on the Application Date. It will not update records with a Start date that occurs after the Application Date.

Important: The Application Date must occur after any open or closed pays in the database. You can run the KiwiSaver Update Tool for dates in unopened pay sequences only..

Use only KiwiSaver and Complying Funds in calculation:

Yes/No field that determines whether employer contributions to superannuation funds that are neither KiwiSaver nor complying funds are included when calculating the Current Total Employer %. Set this field to "No" if the employer contributes to other funds that meet the criteria specified in KiwiSaver Update Tool - RSS Superannuation Funds.