More than 50,000 of ANZ’s KiwiSaver members will receive an additional member tax credit due to processing errors amounting to about $2 million.
ANZ is making a claim on behalf of impacted KiwiSaver members to Inland Revenue for the additional member tax credits to be credited to those customers’ KiwiSaver accounts.
Those affected are people who have been members since 2009.
In addition, ANZ will credit their KiwiSaver accounts with the investment returns that would put them in at least the same position they would have been if the error had not occurred. ANZ expects payments to be completed in August.
While ANZ has identified 51,000 customers who are financially impacted by the error, the bank said exact numbers and amounts would not be known until the correction had been processed by Inland Revenue.
For most of those impacted members the underpaid amounts are expected to be $50 or less.