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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