What is PIR Rate (Prescribed Investor Rate)?
The PIR (Prescribed Investor Rate) is the tax rate applied to your KiwiSaver investment earnings. It ranges from 10.5% to 28% based on your income.
Detailed Explanation
Illustrative — Your PIR determines how much tax is deducted from your KiwiSaver investment returns. The three PIR rates are: 10.5% (taxable income $15,600 or less AND taxable + PIE income $53,500 or less), 17.5% (taxable income $53,500 or less AND taxable + PIE income $78,100 or less), and 28% (above those bands). It is important to have the correct PIR—if it is too low, you may face a tax bill.
Example
Illustrative example — If your KiwiSaver scheme fund earns $1,000 in returns and your PIR is 28%, you will pay $280 in tax, leaving you with $720 in net returns.
Frequently Asked Questions
How do I find my correct PIR rate?
Check your taxable income and PIE income for each of the past two years. A year supports the 10.5% rate if taxable income was $15,600 or less and taxable + PIE income was $53,500 or less; the 17.5% rate if taxable income was $53,500 or less and the combined total was $78,100 or less; otherwise 28%. If the two years support different rates, the lower rate applies.
Can I change my PIR rate?
Yes, contact your KiwiSaver provider to update your PIR. You should review it annually.
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