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Scoop
11-05-2025
- Business
- Scoop
What Should I Do With My Payrise?
Article – RNZ RNZ's money correspondent answers your questions. Susan Edmunds, Money Correspondent Send your questions to If I have a payrise and want to save that amount, should I up my KiwiSaver or do I invest in other funds, other ways? I think it depends a lot on your individual circumstances. If you're already focused on saving for a first home in KiwiSaver, for example, it can make sense to increase your contribution. But otherwise, you could be better to set up another investment that will run alongside KiwiSaver, without all the rules. Dean Anderson, who founded Kernel Wealth, points out that you should also consider whether your employer will match a higher KiwiSaver contribution rate. Some employers will match four percent, or more, and if that's available, it makes sense to make the most of it. If you don't, you're basically leaving that money on the table. Anderson said otherwise there aren't a lot of benefits to KiwiSaver compared to having your money in a different savings or investment plan. 'However, if you are someone who isn't disciplined at maintaining a separate and automated investment/savings plan, then increasing your contributions to KiwiSaver can be a good option to build up a retirement nest egg.' Whatever you choose to do, it is good idea to increase your savings as soon as you get a pay rise, and before you get used to it and would miss the extra money. Using it to pay off debt can also be a good idea. I'm thinking about starting up a side hustle on top of my normal job. What do I need to do about tax? Lots of people have 'side hustles' – businesses or streams of income that they earn alongside their main job. It's a good idea to get across the tax implications early, so you know what to expect. Inland Revenue (IR) does allow some leeway for 'hobbies' that occasionally provide income, but if you intend to make a profit from your side hustle, you need to be prepared to pay tax. That applies no matter how much profit you make. (Your profit is what you bring in, minus your expenses. If you have a lot of set up costs you might not actually make a profit for a while.) You will need to keep records and file income tax returns. You'll also need to pay ACC levies. You could keep a portion of what you earn aside in a different bank account to cover this. You might start out saving quite a bit, and then reduce it as you get a good understanding of what you're likely to need to pay. If you're likely to make more than $60,000 a year, you may also need to register for GST. When you're charging GST, you can also claim it back on purchases you make for your business. There are platforms that can help you work out your tax obligations, such as Hnry, but I'd recommend a meeting with an accountant at least initially to ensure that you have set everything up correctly and there is nothing that could catch you out in future.
RNZ News
25-04-2025
- Politics
- RNZ News
What to expect at Pope Francis' funeral
By Giselda Vagnoni , Reuters Photo: MARIKA KHABAZI / RNZ RNZ will live blog the funeral from 7:30pm The funeral of Pope Francis, who died this week at the age of 88, takes place on Saturday in St. Peter's Square. Here is a guide to how events are expected to unfold: More than 200,000 people are expected to attend the ceremony in the vast square in front of St. Peter's Basilica. So far, around 50 heads of state have been confirmed as attending, including US President Donald Trump and 10 reigning monarchs. Leaders from Italy, France, Germany, Britain, Ukraine, Brazil, EU institutions and Francis' home nation of Argentina have also confirmed their presence. On Friday evening, at the end of his lying-in-state in St. Peter's Basilica, Francis' coffin will be sealed in a private ceremony led by eight Catholic cardinals. The pope's face will be covered with a white silk veil and his body sprinkled with holy water. Papal items such as coins and medals that were minted during his pontificate will be placed into the casket. A special deed listing the key points of his 12-year papacy will also be placed in the casket. Francis asked to be buried in a simple zinc-lined wooden coffin, unlike his predecessors who were buried in three interlocking caskets made of cypress, lead and oak. On Saturday morning, the pope's coffin will be taken out of the basilica and into the public square for the funeral. The funeral Mass is due to start at 10am local time (8pm New Zealand time) with a choir singing introductory rites in Latin. Italian Cardinal Giovanni Battista Re will deliver the homily and lead the Mass, which is expected to be con-celebrated by 220 cardinals and 750 bishops and priests near the altar, and more than 4000 other priests con-celebrating in the square. At the funeral of Pope John Paul II in 2005, the sermon was delivered by German Cardinal Joseph Ratzinger, who would be elected 11 days later as Pope Benedict XVI. Re cannot enter the conclave that will elect Francis' successor as he is 91 years old, and he is not a papal contender. But Vatican-watchers believe he may still try to provide a guide for his fellow cardinals to follow. One prayer at the Mass will include petitions to God for all people and nations "to persevere in seeking the path of peace". In the "Final Commendation and Farewell", Re will commend the pope's soul to God and ask for consolation for the 1.4 billion member Roman Catholic Church. Near the end of the Mass, Re will say in Latin: "O God, faithful rewarder of souls, grant that your departed servant and our Bishops, Pope Francis, whom you made successor of Peter and shepherd of your Church, may happily enjoy forever in your presence in heaven the mysteries of your grace and compassion, which he faithfully ministered on earth." Re will then sprinkle the coffin with holy water and incense. At the end of the Mass, the choir will sing in Latin: "May the angels lead you into paradise; may the martyrs come and welcome you and take you into the holy city, the new and eternal Jerusalem." Francis will then be buried according to his wishes in the Basilica of Santa Maria Maggiore (St. Mary Major), to which he had a special devotion. The last pope to be buried outside the Vatican was Leo XIII, who died in 1903. The funeral cortege will travel to the basilica from St. Peter's at walking pace. Crowds are expected to gather along the route, which is about 5.5 km long and will pass by many of Rome's famed monuments, including the Colosseum. A group of poor people will be present on the steps leading to Mary Major to pay their final respects to Francis, reflecting his devotion to serving the poor and oppressed during his reign. The burial will be a private service, but visitors to the tomb will be allowed shortly afterwards. The tomb will be inscribed only with the Latin name for Francis, Franciscus. The papal funeral marks the first of nine days of mourning for the global Church. Another Mass of mourning will be held in St. Peter's Square on Sunday. That will be led by Italian Cardinal Pietro Parolin, who is often viewed as a leading papal contender. In coming days, the Vatican will announce the date for the start of the conclave that will choose Francis' successor. This secret meeting of cardinals is unlikely to be before 6 May. - Reuters
