Cover art for podcast NZ Guide To Financial Freedom

NZ Guide To Financial Freedom

302 EpisodesProduced by Ryan J Melton & Greg MoyleWebsite

Everything you need to know about business, money, and life. https://ryanjmelton.co.nz/

11:08

Tax Efficient Investments

Quick Fire Finance Of The Day:

"Recent articles in the Herald advise taxpayers to ensure that they use their correct PIR rates for their investment funds such as KiwiSaver.

None of the articles address the situation though where investment funds are held in the name of joint account holders with differing PIR rates.

It appears that the IRD recognise that most systems only allow for the inclusion of one PIR rate for a portfolio. In my case my wife and I are joint account holders of managed funds. My PIR rate is 28 per cent while hers is 17.5 per cent.

Bearing in mind that the IRD do not provide refunds for taxpayers whose PIR rate is too high (which is an inequitable situation in itself), it is only natural that I would choose 17.5 per cent as the PIR rate for our managed funds.

This means that I will need to advise in my own tax return that 50 per cent of the value of taxable returns achieved by the managed funds have been undertaxed, requiring me to pay a lump sum on assessment, with possible late payment interest.

Do you agree that taxpayers should be made aware of this shortcoming and not feel pressured to increase their PIR rates on their investments unnecessarily?"

If you're wanting your question answered on the podcast email me at ryan@oneplan.co.nz, send a voice message below or capitalise on our free online tools and advice:

Disclosure Statement available on request and is free of charge.


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