SuperLife Invest, SuperLife Workplace Savings Scheme, SuperLife Superannuation Master Trust and the SuperLife KiwiSaver Scheme are Multi-Rate PIEs (“portfolio investment entities” or “MRPs”). This means we deduct tax at your Prescribed Investor Rate (PIR) from your taxable income before it is added to your accounts. We pay the tax to Inland Revenue on your behalf.
For individuals who are New Zealand residents, your PIR could be 10.5%, 17.5% or 28%. It is based on your total taxable income (including that from PIEs) in either of the last two tax years.
If you do not tell us your PIR, we are obligated to apply the default rate, 28%. If you are also not a tax resident in New Zealand, the 28% rate applies.
What is my PIR?
To determine your PIR, go to www.ird.govt.nz/roles/portfolio-investment-entities/find-my-prescribed-investor-rate
It is important to check annually that you are using the correct PIR to avoid a future tax bill or overpaying tax. You can check and change your PIR at any time in your member portal.
If you are unsure of your PIR, we recommend you seek professional advice or contact Inland Revenue.
The information in this section is intended as a general guide and does not take into account your personal circumstances or investment needs. For further information about PIR tax rates, please refer to the Inland Revenue website.
FAQs
Where can I find my current PIR?
You can find the PIR we currently use in each of your statements. The quickest way to check your PIR is online via the SuperLife member portal . If you’re not registered for member portal access, you can do so via the link above or call us on 0800 27 87 37 to get setup.
How can my PIR be changed?
You can change your PIR by letting us know your updated rate.
Inland Revenue can assess your PIR based on the information they have on your income. If they think your PIR is incorrect, they will advise SuperLife, and we must change it. However, if you then advise SuperLife of a different PIR, we must change it based on your advice.
When should I review my PIR?
Checking your PIR every year will ensure you’re paying the correct amount of tax.
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.
What if my PIR is wrong?
If you tell us that your PIR is 17.5% when it should have been 28%, or tell us 10.5% when it should have been 17.5% or 28%, we will deduct tax at the lower rate. If it turns out that your PIR is actually higher, you will be required to pay any tax shortfalls as part of the income tax year-end process and you may be subject to interest and penalties if the tax is not settled by the due date to Inland Revenue.
If you do not tell us your PIR, a default rate of 28% will be applied.
The Inland Revenue can also instruct SuperLife to change your PIR if they assess that it is incorrect.
How do I change my PIR?
To change your PIR:
- Online: www.superlife.co.nz
- Email This email address is being protected from spambots. You need JavaScript enabled to view it. and include your name, date of birth, SuperLife member number or your IRD number.
- Call us on 0800 27 87 37
What if my income changes?
If your income changes during the year, it does not affect your PIR until the next tax year at the earliest. Your PIR is based on the lower of your last two years’ annual income, whichever gives you the lower PIR.
Does my PIE income affect my own tax returns?
As long as we have your correct PIR, we will deduct at the provided tax rate from the taxable investment income allocated to your accounts. This means you do not have to include your PIE taxable income in your income tax return. However, if an investor has had their PIE income taxed at a PIR that is lower than the investor’s actual rate, the PIE income attributed to the investor should be included in their income tax return.
For taxpayers who file via MyIR Inland Revenue include this in your income tax return assessment automatically. The investor is allowed a credit for any tax liability already satisfied by the MRP in respect of that PIE income.
