In this episode of Money Made Simple, Jennie and Liv dive into the not-so-sexy but super important topic of tax – specifically how it works inside your KiwiSaver.
Tax might not be everyone’s idea of a good time (trust us, we get it), but understanding the basics can make a big difference to how confident you feel about your KiwiSaver. Whether you've noticed your balance dropping in March, or you're just trying to figure out what a PIR is, this episode is for you.
This episode covers:
- Where, when and how your KiwiSaver is taxed
- What PIE funds are (hint: nothing to do with food unfortunately) and how tax works inside them
- The difference between how NZ and international investments are taxed
- Why you still pay tax even when your fund has made a loss
- How your Prescribed Investor Rate (PIR) affects your tax bill – and how to check it’s right
- What happens when you move overseas or have a kids’ KiwiSaver fund or joint investment fund
- Why paying more tax could actually be a good thing!
Resources mentioned in this episode:
- IRD’s PIR Calculator – work out your correct PIR
- Sorted – online resource for financial planning tools and information
- MoneyHub’s tax guide
- Canstar's blog – Is KiwiSaver Taxed?
- Simplicity’s tax FAQ
At the time of year, tax is one of the most common topics our Investor Services team gets asked about – and for good reason. So tune in and get the lowdown on KiwiSaver tax (with a few very average tax jokes thrown in for good measure - sorry in advance).
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Disclaimer: This podcast contains personal opinions and is intended to provide educational information only. It doesn't relate to your particular financial situation or goals and is not financial advice or recommendations. Simplicity New Zealand Limited is the issuer of the Simplicity KiwiSaver scheme and investment funds. For product disclosure statements please visit Simplicity's website simplicity. kiwi.
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