KFL - discount to diluted NAV

[Bjauck]

MRP PIEs like Kiwi savers and Bank term deposits ...one need to elect PIR ...if the correct PIR is used ALL year then nothing happens ...they are separate calculations from your other taxable income calculations ...ie PIE calculations of tax paid or tax liability dont spill over to overall taxable income calculations . But if your PIR for MRP PIEs is wrong then u can either have a separate PIE tax bill or refund . Eg your MRP PIE like bank term deposit deducted tax @28% while your actual PIR for the year is 17.5% as per IRD then u will get PIE tax refund ...its seperate from other refunds like RWT etc ...it will be simple 28-17.5 = 10.5% of the MRP PIE income for that year

Thanks I do understand the PIR can be selected - and the rate selected can be changed by the IRD now I believe. While the PIE income scheme is separate from other income tax it is linked in that the correct MRP PIR depends on your total income from all sources.

In simple situations, if someone’s total income is derived just from listed PIEs with the 28% pie imputation credit and no RWT deducted, then if their end of year tax liability is calculated at less than 28% of their income, then they get no cash refund as imputation credits cannot be cash refunded? However if the pie income had been from an MRP Pie with a 28% PIR then they could get a refund if the PIR should have been lower.

if someone derives listed Pie and MRP pie income only. Can MRP pie tax, with the correct PIR applied, be refunded if EOY tax calculation on the total gross income is less than PIE tax already levied and PIE imputation credit? I suspect not!

*I used refund as meaning a credit to your bank account/cash