PHOTO: SUPPLIED Vast numbers of people have paid tax incorrectly on what may be their largest taxable asset, according to IRD’s shock find.
Inland Revenue says 450,000 people have been paying the wrong rate of tax on their KiwiSaver accounts and other managed funds.
There will be tax bills coming in the post for many, with some running into at least the hundreds of dollars.
Inland Revenue spokeswoman Gay Cavill said an overhaul of the tax system in April meant Inland Revenue was now better able to see what rate of tax people should be paying on their KiwiSaver accounts and other investment savings.
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