KFL - discount to diluted NAV

[alokdhir]

When you receive a (non listed PIE company) Gross dividend 33% is deducted by way of a combination of Imputation Credit and RWT tax regardless of your personal marginal tax rate. With interest payments RWT is deducted at the rate you have selected.

At end of year if the credits and tax already paid exceed your calculated IT liability on returned income then any excess RWT and PAYE tax can be refunded. The same does not apply to the PIE tax already paid on for example bank pie funds or your KiwiSaver, which is non-refundable in that situation. As far as I am aware. Please correct me if I have that wrong.

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