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When you need to tell us about your portfolio investment entity (PIE) income

You will need to complete the Adjust your income – IR215 if your PIE income is from either a:

  • superannuation fund (like KiwiSaver)
  • retirement savings scheme     

and you are readily able to access your funds (non-locked-in PIE income). Your PIE provider can tell you if this applies to you.

When you do not need to tell us about your PIE income

You will not need to complete the Adjust your income – IR215 form if your PIE income is from either a:

  • superannuation fund (like KiwiSaver)
  • retirement savings scheme

and you cannot readily access your funds until you have reached a specified retirement age (locked-in PIE income). Your PIE provider can tell you if this applies to you.

2020 and past tax years

If you had to include any income from a portfolio investment entity (PIE) in your individual income tax return (IR3) and it's either a:

  • superannuation fund  (like KiwiSaver)
  • retirement savings scheme

you can take it out of your income for Working for Families and student loans because it is from a locked in PIE. Complete the Adjust your income – IR215 form.

A locked-in PIE is a retirement savings scheme that has a requirement that you do not have ready access to the funds until you reach a specified retirement age.

If you received any other PIE income that is not already included in your return, you will need to complete the IR215 to include it.

Example

In the 2021 tax year, Nick receives Working for Families payments for his 2 children and has a student loan. He has an investment in a managed fund that is not a locked-in PIE.

The PIE attributes $700 income to Nick's investment account. Nick provided a PIR that was not his correct rate, so a PIE calculation is required to assess the correct tax as part of processing his 2021 income tax assessment.

He has access to the funds (they are not locked-in), so he needs to include the $700 from his income for Working for Families and student loans.

He will need to complete the  Adjust your income IR215 form to include the PIE income for the purposes of both his Working for Families and student loan calculations.