You may have received a letter or email from Inland Revenue suggesting you need to check or update the tax information Kiwibank has for you.

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.

Working out your PIR

We can’t give you tax advice, so we can’t tell you which PIR you should select. It’s your responsibility to select your PIR and advise us of any changes. We also can’t make retrospective changes to the tax already paid to Inland Revenue.

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 be one of the below, depending on your circumstances.

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 income (PIE income) was $48,000 or less

10.5%

  1. Your taxable income was $48,000 or less, AND
  2. Your income (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 requirements for 10.5% or 17.5%

28%

1 Excludes individuals who are a trustee of a trust. If you are 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.

You need to work out your income for each of the last two years. You can then choose the lower PIR for the current year.

Generally, an income year runs from 1 April to 31 March. You can find your previous year’s PIE income on your PIE tax certificate.

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

To check or update your PIR

Any changes you make will apply to both Kiwibank accounts and Kiwi Wealth KiwiSaver.

Internet banking

  • Login to internet banking

  • Click on “Settings”

  • Click on “Personal Details”

  • Scroll down to “Tax Details” – check or update your PIR / RWT

No IRD number loaded? You can add this yourself or if it’s incorrect contact us to update it.

Mobile app

  • Login to our app

  • Click on “Settings” from the side menu

  • Click on “Personal Details”

  • Click “Tax Details” – check or update your PIR / RWT

No IRD number loaded? You can add this yourself or if it’s incorrect contact us to update it.

No internet banking or mobile app access?

This communication contains general information only and is not investment or tax advice, as such you should not rely on it as the sole basis for any financial decision. Potential investors should seek professional advice as to whether an investment is right for them, including the taxation implications of investing in an investment.