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Budget 2025 | The Government has introduced changes to Working for Families and KiwiSaver as well as introducing Investment Boost: an immediate tax deduction when acquiring new business assets. Find out more: www.budget.govt.nz

Listed portfolio investment entities (PIEs) are companies listed on a recognised exchange in New Zealand that have registered as a listed PIE. They pay dividends to their investors and are taxed at their own basic rate.

Becoming a listed PIE

Your company is a listed PIE if it:

  • is listed on a recognised exchange in New Zealand
  • has registered as a listed PIE (it cannot be a multi-rate PIE).

Eligibility to be a portfolio investment entity

However, you can also register as a listed PIE if your company:

  • is not yet registered on a listed exchange, but plans to be
  • has 100 or more shareholders
  • has applied to the Financial Markets Authority for exemption to disclose its intention to become a listed company in a product disclosure statement
  • has satisfied us that it has received the required consents.

Time limits for unlisted companies

Once you have registered your unlisted company as a listed PIE, you have 2 years from its start date to become listed on a recognised exchange in New Zealand.

If the company does not become listed, it will stop being a listed PIE from the last day of the 2-year period.

Become a portfolio investment entity

Tax advantages and requirements

Listed PIEs do not file periodic PIE returns, annual reconciliations, or investor certificates. They file income tax returns and pay tax at their basic tax rate.

Listed PIEs may pay dividends to their investors. Resident individuals or individual trustees can choose whether to include the dividend in their income tax return. Other investors include the fully credited dividends in their returns.

Listed PIEs do not pay resident withholding tax (RWT) on their dividends.

Unlike multi-rate PIEs, listed PIEs do not calculate tax at their investors’ prescribed investor rates and they cannot pass losses on to investors.

Last updated: 01 Apr 2025
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