My expectation is that when I retire I will be able to withdraw all the money and say put it in the bank, earning some interest.
Bank interest is always taxable.
My understanding is that I have been paying tax on my KiwiSaver over the life of my membership.
When I have to fill in an Income Tax Return, I assume I have to declare the proceeds from KiwiSaver as income.
What is the IRD going to tax me on. The Bank Interest or the KiwiSaver income (or both).