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Bloody hell... RWT? PIE?

Bloody hell... RWT? PIE?

Old Aug 4th 2011, 11:02 pm
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Default Bloody hell... RWT? PIE?

Just had my IRD number so updated my Kiwibank details online...


...it then asked me what my RWT and PIR rates are... I looked at the IRD website and still confused!

Any ideas?

RWT really baffled me... PIR seems to depend on your previous years income... since I wasn't here do I just use the 10.5% rate?

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Old Aug 4th 2011, 11:10 pm
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Default Re: Bloody hell... RWT? PIE?

Originally Posted by rick78 View Post
Just had my IRD number so updated my Kiwibank details online...


...it then asked me what my RWT and PIR rates are... I looked at the IRD website and still confused!

Any ideas?

RWT really baffled me... PIR seems to depend on your previous years income... since I wasn't here do I just use the 10.5% rate?

Residents Witholding Tax I guess.
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Old Aug 4th 2011, 11:15 pm
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Default Re: Bloody hell... RWT? PIE?

I guessed that much

Any idea what I should put? I know everyone is different... the website is just so confusing.
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Old Aug 5th 2011, 12:57 am
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Default Re: Bloody hell... RWT? PIE?

Hi Rick
I take it you've looked at this page on the IRD site:
http://www.ird.govt.nz/rwt/receiving/how-much/

The way I see RWT is that you look at how much you are expected to earn in this tax year and base the rate on that. If you do not set a rate you will be taxed at 33%. I am assuming you are salaried.
As you will have worked for less than a complete tax year then you will probably be owed some tax back at the end of this current tax year. You would be wise to work this out at the end of the year and fill in a tax return which will correct any over or underpayment of RWT and allow you to claim any refund due. As resident for less than one whole year then you have to do the full IR3/tax return thing, no quick easy way!
I pay the lowest amount of RWT which is by default anyway but then I am always due an income tax refund.

As for PIR and PIE. I did figure that out when I joined Kiwisaver but it is now just a misty blur in my mind....
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Old Aug 5th 2011, 6:54 am
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Default Re: Bloody hell... RWT? PIE?

sorry if this sounds like a dumb question... but do you only do/get these tax refunds when you're a 'permanent resident' (whatever its called now). We're still on a WTR visa (residency is being dealt with) so I presume we are not entitled to tax refunds?
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Old Aug 5th 2011, 6:58 am
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Default Re: Bloody hell... RWT? PIE?

Originally Posted by Persephone View Post
Hi Rick
I take it you've looked at this page on the IRD site:
http://www.ird.govt.nz/rwt/receiving/how-much/

The way I see RWT is that you look at how much you are expected to earn in this tax year and base the rate on that. If you do not set a rate you will be taxed at 33%. I am assuming you are salaried.
As you will have worked for less than a complete tax year then you will probably be owed some tax back at the end of this current tax year. You would be wise to work this out at the end of the year and fill in a tax return which will correct any over or underpayment of RWT and allow you to claim any refund due. As resident for less than one whole year then you have to do the full IR3/tax return thing, no quick easy way!
I pay the lowest amount of RWT which is by default anyway but then I am always due an income tax refund.

As for PIR and PIE. I did figure that out when I joined Kiwisaver but it is now just a misty blur in my mind....
thanks for that link... so basically check your salary on the table and select the appropriate %... in which case its 33%

however 4 months have already gone so I do scrape into the lower band

As for PIR and PIE or whatever... it seems to be based on your previous years income... it was zero here so I'll select the appropriate %

cheers!
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