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Disclaimer

A copy of the Investment Statement for the FirstChoice KiwiSaver Scheme is available here or by calling 0800 1ST CHOICE (0800 178 246).

Calculate your Prescribed Investor Rate

The Government made changes on 1 October 2010 to align Prescribed Investor Rates (PIRs) with personal tax rates. It's important to take the time to read the table below to check you are on the correct PIR.

PIE regime
The FirstChoice KiwiSaver Scheme is a portfolio investment entity ( PIE ). This means that the FirstChoice KiwiSaver Scheme will pay tax on your share of the taxable income earned by the Investment Funds at your PIR.

Calculate your PIR

Your PIR is the rate at which your share of taxable income earned in a PIE will be taxed.

Your PIR can be determined as follows:

New Zealand Tax Resident Individuals Your PIR is:
You are eligible for this rate if in either of the last two tax years to 31 March:
your taxable income was $14,000 or less;
AND
your taxable income plus your PIE income was
$48,000 or less.		 10.5%
You are eligible for this rate if the above row does not apply to you and in either of the last two tax years to 31 March:
your taxable income was $48,000 or less;
AND
your taxable income plus your PIE income was
$70,000 or less.		 17.5%
You are eligible for this rate if in both of the last two tax years to 31 March:
your taxable income was more than $48,000;
OR
your taxable income plus your PIE income was more than $70,000. 		28%
Other Investors Your PIR is:
Non New Zealand Tax Resident Investors 28%
Examples of non-PIE taxable income: Examples of PIE taxable income:
  • Salary, wages, bonuses, commission, NZ Super, student allowances, parental leave, tips and gratuities;
  • Rent;
  • Royalties;
  • Withholding payments; and
  • Dividends and interest.
  • Taxable income from a PIE compliant KiwiSaver scheme; and
  • Taxable income from other PIE compliant managed funds.
Deductions are available for PIE tax losses.

If you do not provide the Manager with your PIR and IRD number, then any taxable income allocated to you will be taxed at 28%.

If you advise us of a change in your PIR, the new PIR will apply to your share of taxable income earned in the FirstChoice KiwiSaver Scheme that has not already been taxed.

If your PIR changes and you do not advise us during the current tax year, or you provide us with the wrong PIR, you may end up paying too much tax on your share of taxable income or you may have to file a tax return and pay further tax (together with any interest and penalties). Where tax on your share of taxable income has been overpaid as a result of you providing an incorrect PIR, the overpaid tax cannot be recovered.

There is no impact on eligibility for family assistance, student loan repayment obligations or child support payment obligations as a result of investing in the FirstChoice KiwiSaver Scheme.

Additional information can also be obtained by contacting us on 0800 1ST CHOICE (0800 178 246) or email firstchoice@asb.co.nz

Disclaimer
The information shown on this page does not constitute specific tax advice to any person. ASB Group Investments Limited ("ASBGI") recommends that investors seek independent advice. None of the Trustee, or ASBGI, its related companies, nor their directors, officers or employees accept any liability for any loss or damage of any kind arising out of the use of or reliance on the information provided in the above diagram, including without limitation, any loss of profit or other damage, direct or consequential.

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