Sharing of information about KiwiSaver members
Changes to legislation that allows information to be shared between IR and a KiwiSaver member's provider. Applies from 21 Dec 2010.
Section 220B of the KiwiSaver Act 2006 and section 81(4)(t) of the Income Tax Act 2007
Changes have been made to allow information to be shared between Inland Revenue and the member's KiwiSaver provider. This will improve the accuracy of information held, particularly when a member's personal details, such as an address change.
If a member updates their contact information they should tell both their scheme provider and Inland Revenue. Often members do not realise they have to tell both, or assume that telling one is sufficient.
Section 220B allows key data about a KiwiSaver member's address, date of birth, and tax file number to be shared by Inland Revenue and the member's scheme provider on an ongoing basis.
This will improve the accuracy of contact details held by Inland Revenue and scheme providers, and so better facilitate communication of vital KiwiSaver information, such as investment statements, annual reports and contribution holiday letters.
The new rules apply from 21 December 2010.