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Two Blondinis 
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Joined: 01 January 1900
Location: West Auckland
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 Posted: 31 January 2007 at 8:31am |
Thanks for the info Gen. No one told us about putting in a tax return for Caitlin (but then the bank didn't tell me to get her an IRD # so that she is taxed less - The dumb @ss at the bank said she would be taxed on MY income 
Lucky I stayed in touch with my antenatal girls who had just done the same or else poor bubs would be charged 33% tax instead of 18% which I still think is too much!
I think I'll have a shop around and look at high interest "can't touch for 10 years" accounts for her, at the mo BNZ are being pants!
As for the Kiwisaver - In theory it's a great idea! But what about those people that honestly live wage to wage and not through choice and couldn't possibly afford to drop 8% in wages. It's ok for us "financially comfortable" people but not everyone is as fortuntate.
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Paws
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Joined: 01 January 1900
Location: Auckland
Points: 5860
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Posted: 31 January 2007 at 8:35am |
When you claim back the interest it should be all or most of that 18% so you really will get most of it back.
And with the kiwi saver remember that it is still something that is opted into...if you can't afford you don't opt into it. That option is there for you.
If you do have any questions Toni just drop me a PM and I'll see if B can answer them re tax and accounts (he's a bank team manager and his bank is one of the providers for Kiwi saver in case anyone was curious.) 
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my2angels
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Posted: 31 January 2007 at 9:27am |
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yeah thats what i was thinking, some weeks we are fine but others we live from week to week. And isnt it more you have to opt out of it, like they automatically put you onto it but you have to ring them and say no you dont want to. I would rather I had the choice and say i wanted to be part of it then i would tell my employer to deduct it from my wages, not just that it will automatically happen (but i could be wrong about that side of it)
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busymum
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Location: New Zealand
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Posted: 31 January 2007 at 10:43am |
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I think you're right Robyn. For us, DH is just starting out in his career on a reasonably low income and we have three kids, so for now it's best for us to have savings that we can access if necessary--recently we did just that to get a bigger house and van.
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Paws
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Location: Auckland
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Posted: 31 January 2007 at 11:27am |
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According to the information B's work has been given you are NOT automatically put onto it...you choose if you want to do it or not. That's as far as we know anyway.
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AnnC
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Location: Taranaki
Points: 6796
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Posted: 31 January 2007 at 2:36pm |
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Toni - I work for the BNZ and they should of when opening the account told you about your daughter needing an IRD number. What account have you got - if its an achiever saver swap it for a Rapid save - its a higher interest rate only thing is it needs to grow its balance every month for the bonus interest - even if its just by 50c (and can't grow balance by interest alone). I know it sux about kids and ird but its because years ago when they didn't do that parents (or people) were puttng their money into their childs name to tax dodge so now thats why if not IRD number it gets taxed at parents rate. I don't agree with our savings interest being taxed but all the banks have to do it. Why bonus bonds are not taxed is because you don't get regular interest and i have had Bonus bonds for my kids for over 5 years and ended up taking all the money out as I never once won anything so I thought interest in a savings ac was better than nothing even if it was taxed.
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Ann
Also Mum to Josh (15) and Brooke (10)
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Bombshell
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Posted: 31 January 2007 at 10:01pm |
first - Kiwisaver is an opt in if you are already in employment...I wont be doing it cause we are already home owners etc and the big incentive is the ability to get a leg up towards first home etc down the track...
Also your employers have an obligation to let you know about it BEFORE it commences...so you should get letter or email or memo etc about it this week or at latest next week!
RE Bonus bonds - we love them and bubs is being set up - we were going to set her up an account ready for baby shower but then we would have had to have told everyone her name!!!
Anyways my gma on a widows benefit saved for 2 grandkids and put me through school and uni on them...she also won bits every now and then...
Dh and i buy them and also use them to save shortterm - eg his half yearly bonus last year we spent half and then put $2500 into BB for 6 months...we knew we had a no payments / interest free bill of that much to pay at end of that time and didnt want to spend it or have it tempting us...that lot didnt win anything but others have...and at end our $2500 was still there...no interest but no loss either...and it takes seven days for it to be released to your account so no incentive to whip it out and spend it!!!
Ive always owned BBs - who knows I might win a big one one day!!! I do recall winning $100 in BB draw when i was 8 or ten years old...that was HUGE!!!
As for BNZ - Toni I agree - dont start me...we are with them...but not for much longer!!!  (sorry Ann!)
Edited by Bombshell
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my2angels
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Posted: 01 February 2007 at 7:07am |
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Forgot to mention about the saver thing, I think the government put $1000 into it if you join up? again could be wrong about that.
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my2angels
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Posted: 01 February 2007 at 7:18am |
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Here is a website on the Kiwisaver
www.kiwisaver.govt.nz
It says its really for retirement! but you could be eligable for assistance with a home deposit.
"KiwiSaver offers a first home deposit subsidy of $1,000 each year of membership in a scheme, up to a maximum of $5,000. To be eligible you must have been saving through a KiwiSaver scheme for at least three years and meet criteria. Income and house price caps will apply.
The first home deposit subsidy is administered by Housing New Zealand and will be available from 2010. To find out more visit the Housing New Zealand website."
It also if you start a new job after July 07 then you are automatically opted in but if you are already in employment then you can volunterily opt in.
Seems to really tie up your money though, what if you have an emergency that isnt classes as emergency by there standards.
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Two Blondinis
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Posted: 01 February 2007 at 7:53am |
sounds a bit dictator style to me because the Govt would rather pay their MPs $$$$$$ and build a million more motorways than put tax payer's money to good use and keep the govt pension going!
So who gets the interest on the Kiwi saver? Is that taxed too? I bet it is!
Who would have thought my question would have turned all political? 
Yes we are with the rapid save account and she gets the bonus interest as well. But BNZ started on the wrong foot with me. Took TWO HOURS to set up her account (great when you've got a Newborn! ever BF'd in front of your new bank manager? ). Then when we got her first statement through, we were all excited and wanted to put it away in her "My Firsts" Box. *MR* Caitlin Lilly AND THEN (yes it gets worse) when I called them to say they'd made a mistake and needed to change it to "Miss" as per the birth certificate they wanted a copy of for their records, I was told that I couldn't do it on the phone and had to go back to my Branch. Got to the branch, told "only the customer can request this"  "well since your customer is only 2 weeks old I don't think she's going to be requesting any changes on her account any time soon!" *inserts lots of swear words* We finally got it changed but had to wait for her files to be found with her birth certificate and then that had to be sighted by the manager!
Go BNZ!  
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AnnC
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Location: Taranaki
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Posted: 01 February 2007 at 1:32pm |
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thats terrible.... you shouldn't have to of done so much of that they could of id'd you over the phone. if i was still at work i would of lodged a complaint on your behalf.. please don't judge BNZ as a whole because of certain branch.. geez you'd think i was still at work lol
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Ann
Also Mum to Josh (15) and Brooke (10)
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Bombshell
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Posted: 01 February 2007 at 10:21pm |
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Ann ive judged them on 4 branches, 2 managers, numerous customer service people, and "personal bankers" (yeah right!!!) and too many F ups with our accounts...and total lack of understanding (in our expereince) of trusts, companies and how much income people earn!!! I dont send my clients in their direction anymore...and after my leave we are totally refinancing with another bank...couldnt even start to tell u issues like Toni...
Kiwi saver...yep it is basically an aim for retirement scheme...wonder how long it will last really??? but the home loan may help some people...shame we dont have the first buyers deposit scheme here like they do in perth etc...now being given like $15000 to start your first home would be amazing step up for so many wouldnt it?
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AnnC
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Posted: 02 February 2007 at 1:26pm |
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i only work for bnz not own it so not offended either way.
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Ann
Also Mum to Josh (15) and Brooke (10)
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Two Blondinis
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Posted: 02 February 2007 at 2:27pm |
I'm sure there are lovely people (like Ann) who work for BNZ. I was just a bit unfortunate that I got to deal with the worst of the worst of the worst 
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Bombshell
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Posted: 03 February 2007 at 2:55pm |
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LOl Toni dont come out east auckland way to the branches then....OMG!!!
Must look into the tax number thingey for bubs too....
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Bonus Bonds
