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KiwiSaver and your PIR (Prescribed Investor Rate)

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KiwiSaver and your PIR (Prescribed Investor Rate)


Did you see the recent news story where IRD is now able to check if your KiwiSaver account is on the correct PIR tax rate..??

The recent IRD technology update has allowed them to compare your PIR against your taxable earnings to see who’s cheating the system.
I recommend you make sure it’s correct. If you don’t know how or what you should be on, I’m happy to help you.

What is a PIR rate? This the way the Govt can tax the earnings of your investments, like in your KiwiSaver account. Just the same as you pay tax on any bank interest earned or dividends from shares.

By giving you the ability to choose from 3 rates, 10.5%, 17.5% or 28% you are able to pay tax at the rate closest to your own income tax rate.

Mike Bennett AFA

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Mike Bennett

In 1985, after 7 years in the banking industry in NZ & London, Mike Bennett joined the Life Insurance Industry as an adviser. In 2001 he started “Acorn Insurance & Investment Ltd” with the key principle; “to satisfy the insurance and investment needs of New Zealanders with the best products and service possible”. To achieve the guiding principle of “best products and service” the “Acorn” uses various industry research tools to identify the best products and prices to meet our client’s needs. Acorn has agencies with most of New Zealand’s major insurance companies which means we are free to use whichever products best meet our client’s needs. Believing that if we get it right for our clients we will achieve win-win solutions. We also recognise that nearly all insurance solutions are a compromise between the benefits you’d like to have versus the premiums you’re prepared to pay – with this in mind we WON’T be trying to sell you more insurance than you need or want !!

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