Tax News

How is the % of Superannuation calculated?

We got this question from a reader

"I have tried everywhere to find how the government arrives at the amount of superannuation that is paid is it 60 or 66 percent of the average wage
(55,000) a year before or after tax? Nowhere is it stated on the web."

Thanks for your email and interesting enquiry. The relevant legislation is the New Zealand Superannuation and Retirement Income Act 2001 (copy attached).