Check or update your tax information

If you need to check or update the tax information Kiwibank has for you, you can do this directly through internet banking or our mobile app – it's easy and fast.

Is your annual income greater than $180k?

From 1 October 2021, you can update your Resident Withholding Tax (RWT) rate to 39% within our mobile app or internet banking.

What is withholding tax?

Withholding tax is tax that's deducted from interest you earn on your Kiwibank accounts. Types of withholding tax include Resident Withholding Tax (RWT) and Non-Resident Withholding Tax (NRWT). We pay the withholding tax we deduct from interest you earn directly to Inland Revenue.

Resident Withholding Tax (RWT)

RWT is tax that's deducted from interest you earn if you're a New Zealand tax resident.

You can chose the RWT rate you would like us to use – for more information, please visit ird.govt.nz.

If RWT applies to you, and we don't have your IRD number, any interest earned on your accounts will be deducted at the non-declaration rate of 45%.

You can check or add your IRD number through our mobile app or internet banking. If you don't know your IRD number or need to apply for one, visit ird.govt.nz, or call IRD on 0800 227 774.

Non-Resident Withholding Tax (NRWT)

NRWT is tax that's deducted from interest you earn if you're a not a New Zealand tax resident. The NRWT rate will depend on the country of tax residence that you advise us.

If you're a non-resident, you can choose to have Approved Issuer Levy (AIL) deducted instead of NRWT. Learn more about AIL at ird.govt.nz.

What is Prescribed Investor Rate (PIR)?

If you have a Notice Saver, PIE Term Deposit, PIE Online Call or Kiwi Wealth KiwiSaver account you'll have a Prescribed Investor Rate (PIR) – this is the rate of tax you pay on PIE income earned and may be different to your resident withholding tax (RWT) rate.

We can’t give you tax advice, so we can’t tell you which PIR you should select. It’s your responsibility to choose your PIR and let us know any changes.

The information below is intended as a general guide only. For tax advice relating to your specific circumstances, you should contact Inland Revenue or a tax professional.

Working out your PIR (individual & joint investors1)

Your PIR will depend on your worldwide income for the last two income years. Generally, an income year runs from 1 April to 31 March. You can find your previous years' PIE income on your PIE tax certificate.

How to work out your PIR

If in either of the last two income years:

Your PIR will be:

  1. Your taxable income was $14,000 or less, AND
  2. Your taxable income (including PIE income) was $48,000 or less

10.5%

  1. Your taxable income was $48,000 or less, AND
  2. Your taxable income (including PIE income) was $70,000 or less

17.5%

  1. You’re not a New Zealand tax resident, OR
  2. You don’t meet the above requirements for 10.5% or 17.5%

28%

If your income calculation above for each of the last two income years results in two different PIRs, you can choose the lower PIR for the current year.

Joint account holders are treated as one account holder and the PIR applied to the account is the highest PIR of any joint account holder.

1 Excludes individuals who are a trustee of a trust. If you're investing as a trust, company, charity, incorporated society or other form of entity please refer to ird.govt.nz or seek advice from a tax professional.

How to check or update your RWT / PIR

You can do this using our mobile app, internet banking or by giving us a call. Any changes you make will apply to both your Kiwibank accounts and Kiwi Wealth KiwiSaver account.

It's best to check that you're using the right tax rate so that you pay the correct amount of tax. If your rate is set too low you may end up with a tax bill at the end of the year.

Mobile app

  1. Log in to our mobile app
  2. Click on 'More' then 'Settings'
  3. Click on 'Personal Details'
  4. Click 'Tax Details' – check or update your RWT/PIR.

Internet banking

  1. Log in to internet banking
  2. Click on 'Settings'
  3. Click on 'Personal Details'
  4. Scroll down to 'Tax Details' – check or update your RWT/PIR.

No internet banking or mobile app access?

  • Check your statements to see what PIR is used for your end of month interest – if this is correct you don’t need to contact us.
  • To make changes, call us on 0800 113 355 or from overseas +64 4 473 1133 between:
    • Mon - Thu: 7am - 9pm
    • Fri: 7am - 8pm
    • Sat - Sun: 8am - 4:30pm.
  • Kiwi Wealth KiwiSaver only? Visit kiwiwealth.co.nz or contact KiwiWealth Customer Services on 0800 427 384 or questions@kiwiwealth.co.nz.

Recent RWT changes

New 39% top personal tax rate introduced

From 1 October 2021, you'll be able to update your RWT rate to 39%, if your total taxable income in a year is over $180k, within our mobile app or internet banking.

End of year tax certificates no longer provided automatically

If you've provided us with your IRD number, you'll no longer be sent an end of year RWT / NRWT certificate from us. Information about your interest earned is available on your myIR account. If you don't have a myIR account, visit ird.govt.nz for information on how to set one up.

If you haven't provided us your IRD number we'll still provide you with a tax certificate.

If you'd like an RWT certificate from us, you can request one by contacting us on 0800 113 355 or from overseas +64 4 473 1133.

RWT exempt status and register

If you have RWT-exempt status, this will be shown on an online register on Inland Revenue’s website.

If Inland Revenue issued you an RWT exemption certificate previously, you should automatically appear on the register (unless your exemption has been cancelled, has expired or been revoked). We'll continue to treat you as RWT exempt if you've already provided us a copy of your exemption certificate and you appear on the exemption register.

If you've recently received an RWT-exempt status from Inland Revenue and would like us to apply the exemption to your accounts, you can call us on 0800 113 355 or from overseas +64 4 473 1133. You'll need to provide your IRD number so we can search and confirm your exemption status against the register before applying the exemption. If you don't appear on the register, we won't be able to apply exempt status to your account.