It’s important to check your Prescribed Investor Rate (PIR) annually to make sure you’re paying the right amount of tax on your KiwiSaver account.
Why is this important?
- If you give us a PIR that’s too high, you may pay too much tax and you may not be able to claim back any overpaid tax.
- If you give us a PIR that’s too low, you’ll likely be faced with an unexpected tax bill from Inland Revenue.
We may be notified by Inland Revenue to update your PIR if they believe it is incorrect. We are required to apply this updated PIR. However, you can provide us with a different PIR if you believe it is incorrect.