Income from a portfolio investment entity (PIE) that is not locked in (non-locked-in PIE) is treated as income for Working for Families and student loan purposes.
You need to let us know about your PIE income if you've received 1 or both of the following.
- Income attributed from a term deposit or managed fund that allows you to access or withdraw your funds (sometimes called a cash PIE, on-call PIE or PIE term deposit).
- Dividends from listed PIEs, if they’re not already showing on your income tax return or assessment.
Let us know about your income
To let us know about this PIE income, complete the ‘Adjust your income’ service in myIR.
If you do not have myIR, fill in the Adjust your income - IR215 form and send it to us.
Do not include locked-in income
When you’re adjusting your income for Working for Families or student loans, do not include PIE income that is locked in (you cannot readily access it), like KiwiSaver and other locked-in superannuation funds.
If your non-locked-in PIE income was not included in your individual income tax assessment or IR3, you need to tell us by using the ‘Adjust your income’ service or the IR215 form.
Ruby receives Best Start payments for her new baby. She has a PIE deposit with her bank, which is not locked in as she can access the funds when the term expires.
Ruby needs to include the income she receives from her PIE deposit by using the ‘Adjust your income’ service in myIR or completing an Adjust Your Income - IR215 form.