You pay tax on the money your KiwiSaver investments earn
If you earned less than $48,000 in both of the last two years you could be paying too much tax on your KiwiSaver account – and you won’t be able to get that money back.
What you should do now
- Check your KiwiSaver tax statement or annual statement to see what you’re currently paying (look for something called a PIR – prescribed investor rate)
- Find out what you should be paying on the Inland Revenue website or ask your provider.
- If you’re paying the wrong tax rate, ask your KiwiSaver provider to change it. You can usually change your PIR online.