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FATCAT. Opps I mean FATCA

Friday 2nd of December 2011

To put it simply the USA is going to impose fines on any financial company, investment portfolio or custodial service who do not collect tax for them and pay to the Inland Revenue Service.

Why is the rest of the world bowing to this draconian imposition from the USA? Are we all running scared – and from what I ask?

I bet there are quite a few countries that totally ignore this imposition and tell the USA to run and jump.

Anyway, back to FATCA, what does it mean for us?

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Latest Comments

ACT wants to make KiwiSaver earnings tax exempt

Another politician not doing their research. The top Prescribed Investor Rate (PIR) is 28% and not all returns are taxed. For the 12 months ended 31/03/26 my KiwiSaver Balanced-Growth Funds (50/50) had a combined return 11.07% and a dollar gain of $15,932. Based on my PIR of 10.5% and according to Acts' calculations I should have paid PIE tax of $1,532. The PIE tax I actually paid was $159. I could go on but I won't.

11 hours ago Oh My Gosh

ACT wants to make KiwiSaver earnings tax exempt

Kiwisaver scheme definitely needs an overhaul, and this is a good start. To further incentivise Kiwisaver, contributions could be tax-free but put a cap. Say, for income up to $100k or $120k (with periodic review).

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