KiwiSaver tax obligation

Last updated: 24/08/2017 08.50 AM

What is my KiwiSaver tax obligation?

The ANZ KiwiSaver Scheme and ANZ Default KiwiSaver Scheme are both Portfolio Investment Entities (PIEs). This means that the scheme’s taxable income is shared by its members based on the number of units they hold.

Your Prescribed Investor Rate (PIR) is your tax rate for PIE attributed income. The PIE uses your PIR to calculate and pay tax on your behalf on your share of the income attributed to you from the PIE.

We pay this tax on your behalf from your KiwiSaver account by cancelling units in your KiwiSaver account equal to the value of the tax you need to pay. We will do this:

  • at the end of the tax year (following 31 March)
  • when you withdraw, transfer or switch all of your savings from a fund
  • at any other time when the value of your units is insufficient to cover your accrued tax liability.

In certain circumstances the schemes receive tax refunds. When they do, we add units to your KiwiSaver account equal to the value of your share of the tax refund.

You can use our online PIR Change Request Form to update your PIR, if necessary.

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