Is your Prescribed Investor Rate (PIR) tax rate set correctly?
Just like you pay tax on the wages or salary you earn, you also need to pay tax on the income you receive on investments such as the AMP KiwiSaver Scheme.
With KiwiSaver, the rate of tax you pay is called a Prescribed Investor Rate (PIR) and the rate is largely determined by how much you earn. The current tax rates for KiwiSaver are 28%, 17.5% and 10.5%. It's a good idea to check you are using the right PIR as paying tax using the wrong tax rate is like carrying the wrong size hiking pack - you're either carrying too little or too much.
To ensure you are carrying the right load, use our simple PIR guide.
Inland Revenue can directly notify AMP where it considers that you are on the wrong PIR. In this case, we are obliged to update your profile with their suggested PIR. You can subsequently give us a call if you think the Inland Revenue have got it wrong. If this happens, we also recommend you contact Inland Revenue to ensure they have the correct income details for you.
If your PIR is too high you may pay too much tax. However, from 1 April 2020 you may be able to claim overpaid tax back from the Inland Revenue.
If your PIR is too low, you’ll likely end up with additional tax to pay to Inland Revenue.
If you’d like to change your rate today, head to My AMP to log in.
If you have trouble accessing these settings, you can call us at 0800 267 005 Monday to Friday, 9am-5pm.
If you'd rather use a form, you can download one here.
AMP Wealth Management New Zealand Limited is the issuer and manager of the AMP KiwiSaver Scheme (the 'Scheme'). The Supervisor of the Scheme is The New Zealand Guardian Trust Company Limited.
For more information, download a copy of the AMP KiwiSaver Scheme Product Disclosure Statement and Fund Update Booklet, which have been lodged on the Scheme's offers register entry at companiesoffice.govt.nz/disclose
While care has been taken to supply information on this website and within the chatbot tool that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission. The content provided is intended to be used as information only and does not constitute personalised advice. Before acting on any of the results provided, we recommend that you seek advice which takes your individual circumstances into account.
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