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ANZ to compensate KiwiSaver members for processing errors

Australia & New Zealand Banking Group Ltd. will compensate members of KiwiSaver, a New Zealand government saving initiative, for missing out on their full tax credits due to "processing errors," Stuff.co.nz reported June 7, citing a spokesman of the bank.

The bank found that 51,000 KiwiSavers did not get their full tax credits, with some of the errors going back to 2009. Most of the underpaid amounts are expected to be NZ$50 or less.

In total, the bank is expected to pay NZ$2 million.

ANZ is making a claim on behalf of affected KiwiSaver members to Inland Revenue for the tax credits to be credited to their accounts. The bank expects the number of members who did not get their full tax credits to rise as it continues to investigate the matter.

The payments are expected to be completed in August.

As of June 7, US$1 was equivalent to NZ$1.39.