Which pir to use

For tax advice relating to your specific circumstances, we recommend that you consult a professional tax adviser. In this case, the fund would have to apply the PIR that the Commissioner considers appropriate.

If you notify us of a change to your PIR after the beginning of the tax year, the tax payable by a fund on PIE income allocated to you will be recalculated using your new PIR. However, there will be no recalculation of any tax which has already been paid to the IRD on your behalf before we receive the notification.

Find out more. You'll need to use the PIR that applies to your situation so you're paying the right amount of tax. You'll also need to give them your IRD number. This rate could be higher than your PIR. This means you may receive a refund. Individuals who are New Zealand tax residents have different PIRs depending on their taxable income in each of the last 2 tax years. You'll need to work them out separately.

If they are different, you can then choose the lower of those PIRs for the current tax year. The table shows the income amounts that qualify you for each PIR in a tax year. You'll need to meet the amounts in both columns to be able to use that row's PIR. Temporary tax exemption.

There's no need to add income details if you've already added them to your myIR account. If any of your income types are not listed in your account, make sure you add them.

Update my income type. Log in to myIR. You can also see your PIR online if you are registered for internet access, or you can call us 27 87 37 to check. We will continue to use your last advised PIR until you, or Inland Revenue, tells us to use a new one. We will remind you each year to check that your PIR is correct.

If you tell us that your PIR is If it turns out that your PIR is actually higher, this income must be included in your tax return along with the corresponding tax credits. If your income changes during the year, it does not affect your PIR until the next year at the earliest. As long as we have your correct PIR, we will deduct the appropriate tax either Your PIR is The Your PIR for any year is calculated based on your total taxable income in the two prior tax years 1 April to 31 March.

You should check your total taxable income including any net PIE income for each year and then choose the year that gives you the lower PIR.

For example, for this tax year, 1 April to 31 March , you would check your total taxable income in the years 1 April to 31 March , and 1 April to 31 March The PIR you choose should be the lower of the two rates. Please note that recent amendments to tax law enable Inland Revenue to notify us to change your PIR based on their assessment of your taxable income.

The information provided is a general guide and does not take into account your personal situation. You should seek independent professional advice from a tax adviser or speak to Inland Revenue. Enter your details to 31 March for last year, and the year before.

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