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ManagedFunds.nz

PIE funds

301 retail managed funds in New Zealand that are structured as Portfolio Investment Entities (PIEs). PIE structure caps investor tax at the Prescribed Investor Rate (PIR) — maximum 28% — which is lower than the top personal marginal rate (39%).

Filtered on the isPie flag in funds.ts; cross-validate via the per-fund page which links to the source PDS on the FMA Disclose register.

Quick answer

  • PIE tax is capped at your Prescribed Investor Rate (PIR) — a maximum of 28%, versus the 39% top personal income-tax rate.
  • There are three PIR tiers — 10.5%, 17.5% or 28% — set by your taxable income over the prior two years.
  • A PIE lowers tax drag if your marginal rate is 30%, 33% or 39%; it makes little difference if your PIR already equals your marginal rate.
  • 301 of the NZ retail managed funds tracked here are PIEs, drawn from the FMA Disclose register.
  • Most NZ-domiciled retail funds are PIEs; Australian-domiciled funds usually are not — they fall under the Foreign Investment Fund (FIF) rules instead.
  • The fund applies your PIR for you; for most investors on the correct PIR, PIE tax is a final tax with no separate year-end calculation on that income.

What is a PIE?

A Portfolio Investment Entity (PIE) is an NZ tax-status applied to a fund. Tax on fund income is paid by the fund at your Prescribed Investor Rate (PIR), capped at 28%. For investors on the 30%, 33% or 39% marginal rate, a PIE wrapper reduces tax drag relative to holding the same securities directly.

Not sure which PIR applies to you? Use the PIR calculator.

PIE versions of AU/US ETFs

11 overseas ETFs (ASX- or US-listed) have an NZ PIE fund that either holds the ETF directly (a feeder) or is a same-issuer, same-index PIE equivalent. Each page shows the relationship, the fee comparison with dated sources, and the FIF-vs-PIE tax mechanics.

VT · US-listed VOO · US-listed QQQM · US-listed SCHD · US-listed ESGV · US-listed A200 · ASX QLTY · ASX ETHI · ASX HETH · ASX FAIR · ASX CRED · ASX

Does a PIE fund suit you?

  • Consider a PIE fund if your marginal tax rate is 30%, 33% or 39% — the 28% PIR cap reduces the tax paid on fund income.
  • A PIE makes little difference if your PIR already matches your marginal rate (for example, a 10.5% earner).
  • Check your PIR first — an under-stated PIR can leave a residual tax bill. Use the PIR calculator.
  • Comparing an NZ PIE with an Australian-domiciled version? The Australian fund is usually taxed under the FIF rules, not PIE — see the PIE-equivalent ETF section above for the mechanics.

Methodology

PIE status is sourced from each fund's Product Disclosure Statement (PDS) and Quarterly Fund Update on the FMA Disclose register. Excludes KiwiSaver scheme funds (a separate scheme type) and wholesale-only offerings.

ManagedFundsNZ provides information only, not personalised financial advice. For tax-personalised guidance, see a Chartered Accountant or Inland Revenue.