Contribution limit raised from $1000 to $2500, to a max of $10k

See clause 4: [www.legislation.govt.nz]

[Not so much a "Feature Request", but a "Feature Notification". Not sure if the facility to contribute that much has been added to the site yet.]



Edited 1 time(s). Last edit at 04/04/2011 12:38PM by gr.

Wow, thats pretty neat.

I wonder how the $10k limit will work.

If you have put in under $10k but your net worth is now over $10k - does that mean you can't put in any more money until it is below $10k again?

Or if it is total net contributions, if you have put in $10k over two years (and lost most of it) - does this mean you can never put any money in again?

It must be current net worth or total net contributions - and either way there seems to be potential perverse outcomes.

Oh, and we can probably expect a renewed complaint from the Problem Gambling Foundation

@eeyore

Good stock idea.

Quote
Eeyore
It must be current net worth or total net contributions

Clause 4 is pretty clear that the $10k is total net contributions.

• Your total deposits (money you have deposited, minus any withdrawals) cannot exceed $10,000.
• And, you can't deposit more than $2,500 in any six month period

Should be implemented in the net three weeks, all going well

Bleh, taking a bit longer than anticipated, new guys (who are great) getting up to speed and doing some systems stuff. Aiming to have this rolled out in three weeks.



Edited 1 time(s). Last edit at 05/25/2011 11:12AM by admin.

As per the legal definition it seems to me that, if say I put in $10,000 and win say $50,000, then I withdraw that $50000... my cumulative total therefore (as per legal definition) would be -$40,000

Was this supposed to be the case?

Eclipse Wrote:
-------------------------------------------------------
> As per the legal definition it seems to me that,
> if say I put in $10,000 and win say $50,000, then
> I withdraw that $50000... my cumulative total
> therefore (as per legal definition) would be
> -$40,000
>
> Was this supposed to be the case?
>

I guess that makes sense....

Alan.

Yes. One way to think about it is that you cannot lose more than $10k.