Non-locked-in PIE is treated as income for Working for Families or student loan purposes.
You need to let us know about your PIE income if you've received:
- income attributed from a PIE that allows you ready access to your investment which is non-locked-in PIE income (such as a cash PIE, on-call PIE, or a PIE term deposit)
- dividends from listed PIEs, if they’re not already showing on your income tax return or assessment.
To let us know about this PIE income you need to complete either the:
- ‘Adjust your income’ service in myIR
- ‘Adjust your income - IR215’ form and send it to us.
Locked-in PIE income is not included as income for Working for Families or student loan purposes.
2020 and past tax years
If you did not have to include your non-locked-in PIE in your income tax return you need to tell us by completing the ‘Adjust your income’ service or IR1215 form.
George receives an inheritance of $400,000 and invests it in a cash PIE that is not a superannuation fund or retirement savings scheme.
He receives an annual income of $20,000 on that investment.
George includes the PIE income in his 2021 IR3 individual tax return.
He also has to include the PIE income of $20,000 as part of his income for Working for Families and student loans.