Annual statement and tax certificates for the year ended 31 March 2020
Frequently asked questions
Account details and investment dashboard
Why don't my personal details reflect what I've told you recently?
The reports are based on data held as at 31 March 2020. If you updated your personal details after 31 March 2020, these will appear in next year's reports.
You can check your current account details and make changes by using the MAS investor portal. If you have not yet registered to use the portal, you can do so by clicking on the "Register a new account" button and following the simple instructions. If you have any questions, call us on 0800 627 738 or email firstname.lastname@example.org.
Why is my reported fund holdings and/or investment strategy not what I have now?
The reports are based on data held by our fund administrator, Link Market Services, as at 31 March 2020. If you told us to change your fund holdings and/or investment strategy after 31 March 2020, these reports will not reflect the changes.
You can confirm your current fund holdings and/or investment strategy by logging into the MAS investor portal. If you have not yet registered to use the portal, you can do so by clicking on the "Register a new account" button and following the simple instructions. If you have any questions, call us on 0800 627 738 or email email@example.com.
Projected retirement balance and weekly income
Where can I find out more information about how the projections are calculated?
The projections are based on rules set by regulation. You can find out more here.
Why don't I have a projected retirement balance and weekly income on my statement when someone else I know has received this information?
We aren't able to include a projection with your statement if:
- You were not a Member of the MAS KiwiSaver Plan or MAS Retirement Savings Plan for the whole year (1 April 2019 to 31 March 2020)
- You were under 18 years old at 31 March 2020
- You were over 65 years old at 31 March 2020.
Why is my projected weekly income nil?
Because of regulatory requirements, weekly income is rounded to the nearest $10. This means that if your projected balance is projected to be less than $5, it is rounded down to nil.
Why is my projected retirement balance nil?
Because of regulatory requirements, projected retirement balances are rounded to the nearest $1,000. This means if it is to be less than $500, it is rounded to nil.
Why am I paying tax when my investment return was negative?
The basis on which tax is calculated is different to the basis on which the investment return is calculated. The key differences are illustrated in the table below.
|Included in the calculation of tax income?|
|Capital gains/losses on Australasian shares||N|
|Y (but assuming you had a 5% total return – irrespective of the actual total return).|
Applying the table above to the performance of the various financial markets in the 2019-20 financial year, in a handful of cases due to the volatility of financial markets and the timing of Member transactions, there may have been tax to pay despite the Members account also having a negative investment return.
What is referred to in the line item 'Deductible expenses'?
This refers to the Fund(s) annual management fee and certain administrative charges. The total of these will not be the same as the fees referred to in the statement. The difference is third party fees that are incorporated into funds in which our funds may invest. These other fees are not directly paid by you and therefore do not qualify as a deductible expense.
Why is there no contributions or less contributions than I expected to my MAS Retirement Savings Plan account?
If you began working for a different DHB during the year, you need to advise your new employer to start contributions. Check with your new employer whether they have made this change.
Why was my KiwiSaver government contribution less than $521.34 when my contributions are shown as more than $1,042.86?
The government contributions in the statements related to your contributions for the year ended 30 June 2019. Your contributions in the statements are for the year ended 31 March 2020.
Why are my KiwiSaver contributions negative?
Inland Revenue (IR) can recover contributions made in error to your KiwiSaver account, such as overpayments by your employer. This does not happen very often and is generally for small amounts. If you have not made contributions during the year and IR recovers contributions from the previous financial year, your contributions may be negative. To find out more, talk to your employer.
My KiwiSaver account balance is below $5,000, why are my fees so high relative to my balance?
There is a minimum annual fee of $50. This is calculated and deducted quarterly. You will see this in the transactions record of your account if you log into the MAS investor portal. If you are not making contributions, this may result in the fees being greater than the return you earn, reducing the value of your account.
If you cannot find the answer you were looking for, please call us on 0800 627 738 or email firstname.lastname@example.org.
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