Portfolio Investment Entities (PIEs) sadly I don't like to speak poorly of something introduced by Labour but the Government’s(Michael Cullen's) purpose in enacting the regime was to ensure that tax issues were not an impediment to New Zealanders saving for their retirement via its flagship KiwiSaver initiative.
I guess the idea was to set your PIR rate and forget about it as you then did not need to include it in your income tax return. Still valid if you have the right PIR but it was always wrong that if you had a PIR too low you had to return the income and pay the tax shortfall BUT if your PIR rate was too high you could not get the excess tax refunded. Looks like it will take another Labour government to fix this injustice.
https://www.stuff.co.nz/business/113...nt-tax-refunds
With all the talk about Twyford cocking up Kiwibuild I honestly prefer it too denying that there is any housing crisis. Someone trying to do something and cocking it up is better than doing nothing. Although that said I am not sure what it is costing us all from our tax dollars.
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