How can I update my tax details?
You can update your tax details in Westpac One® online banking, including your Prescribed Investor Rate (PIR). To update your PIR, you will also need your IRD number if you don't already have this.
- Once logged in to Westpac One, select 'Profile'
- Select 'Tax Details'
- Update the necessary details
- Click 'Save'.
More about Prescribed Investor Rate (PIR)
Your PIR is the tax rate applied to your Portfolio Investment Entity (PIE) investments. It's very important to let us know your IRD number and correct PIR. From the 2021 tax year end onwards, Inland Revenue will automatically assess your PIE tax liability if your PIR has been incorrect at any time during the tax year. If your PIR was too high, you may receive a refund for overpaid PIE tax from Inland Revenue. However, if your PIR was too low, you will be required to pay any PIE tax shortfall using the correct PIR to Inland Revenue.
For individuals, your PIR will be one of:
- 10.5%. If you're a New Zealand tax resident and in either one of the last two income years:
- Your taxable income (excluding income from PIEs) was $14,000 or less, and
- Your total income (including PIE income after subtracting PIE losses) was $48,000 or less.
- 17.5%. If you're a New Zealand tax resident and you don't qualify for the 10.5% rate but in either of the last two income years:
- Your taxable income (excluding income from PIEs) was $48,000 or less, and
- Your total income (including PIE income after subtracting PIE losses) was $70,000 or less.
- 28%. If you don't meet the requirements for the 10.5% or 17.5% rates (or you fail to notify a PIR or your IRD number), or you're not a New Zealand tax resident.
Income years generally run from 1 April in any year to 31 March the following year.
From 1 April 2020, Inland Revenue will assess your PIR based on the information they have on your income. If they think your PIR is incorrect, they will provide us with an updated PIR and we must update it for you. However, you can subsequently advise us of a new PIR if you think Inland Revenue has given us an incorrect PIR.
Non-New Zealand income counts when calculating your PIR
When you work out your PIR, you must include non-New Zealand sourced income in calculating your taxable income for any particular income year - even if you weren't a tax resident in New Zealand when that income was earned. This is especially important for new residents to consider. In some cases, new residents can elect out of this treatment. Simply visit Inland Revenue's website ird.govt.nz to find out more.