FAQs Archive - Page 7 of 14

What do I need to do if my account, or anyone associated with it, is also a tax resident of a country other than NZ?

In September 2013, in response to growing concerns about offshore tax evasion, G20 leaders announced an initiative to implement a new global Standard for Automatic Exchange of Financial Account Information in Tax Matters (in short, Automatic Exchange of Information, or AEOI).

AEOI impose these obligations on jurisdictions and financial institutions (for AEOI purposes, known as reporting financial institutions):

Collection – Reporting financial institutions must conduct due diligence of their account holders (including the controlling persons of certain account holders) to identify reportable accounts, and collect defined information for those reportable […]

By Mike Heath|2019-06-14T13:23:39+12:00June 29th, 2017|Account Questions, Tax Questions|Comments Off

How are my funds protected?

InvestNow client funds are held in an independent custodial account which is run and operated by Adminis, who have been appointed to provide custody services to InvestNow. This ensures that there is complete separation of client assets from InvestNow as a business. The custodial account is also structured to ensure that all assets, including the bank accounts, are ring-fenced from the custodian’s business. The custodian is audited annually and client accounts are subject to daily reconciliation.

InvestNow is a registered Financial Services Provider […]

Will I receive a tax report?

InvestNow produces a consolidated tax report which includes FIF calculations (FDR and CV methods) where required, and a summary of other taxable income including listed PIE dividends and term deposit interest. Note that a tax report is not provided for investors who only have holdings in PIE funds and do not have a zero PIR, as PIE tax is a final tax and so this information is not required for your tax return.

The InvestNow Tax Summary Report is a tax summary in order to assist the investor or their accountant […]

By Mike Heath|2021-04-08T18:14:18+12:00March 13th, 2017|Tax Questions|Comments Off

How does InvestNow make money?

Fund managers pay InvestNow to have their products on the platform, reflecting that they want investors to be able to readily and easily access their funds via InvestNow.

Any funds you choose to invest in have fund charges associated with them that are levied by the fund manager. The fund charges for funds on InvestNow are the same as you would experience investing directly with any of our fund managers. A small number of funds also have transaction fees* that InvestNow levies, which are applied in addition to the fund charges.

*More […]

By Mike Heath|2024-08-21T10:42:23+12:00February 12th, 2017|Questions about InvestNow|Comments Off

At the end of the tax year, if I have a PIE tax obligation, how is it paid?

If you have any outstanding tax liability payable at the end of the tax year, we will pay this to the IRD on your behalf.

Prior to the PIE tax year end, we will send you an e-mail with a provisional calculation of your tax obligation. This will be followed by another email in early April once the final PIE calculations have been completed. After around a week, we will debit your InvestNow transaction account for the amount of PIE tax payable. However, if you do not have sufficient funds available […]

By Mike Heath|2021-04-08T18:08:30+12:00February 6th, 2017|Tax Questions|Comments Off

How do I close my InvestNow account?

Because there are no fees or costs associated with your InvestNow account, even if you have no money or managed funds in the account, there is no need to close your account.

However, should you wish to do so please contact us on 0800 499 466 or contact@investnow.co.nz

By Mike Heath|2019-06-14T14:35:44+12:00January 9th, 2017|Account Questions|Comments Off

What is the difference between an Investor and a Member?

An Investor is the entity (Individual, Joint, Trust or NZ Company) that has an account with InvestNow. A member is an individual, or individuals, that have access to the Investor account. Members can perform one of a number of roles and can have a number of permissions.

By Mike Heath|2024-06-05T11:04:19+12:00January 9th, 2017|Account Questions, Term Definitions|Comments Off

Do clearance periods apply to my InvestNow account?

For deposits to your InvestNow transaction account, you can expect the funds to be available by 9am the following business day, if you complete the payment from your nominated account during business hours on the prior business day and if the correct reference code has been used. Note that this depends on processing times for your bank (our bank is BNZ) and that deposits made during the weekend may not be processed until Tuesday morning.

For withdrawals from your InvestNow transaction account to your nominated bank account, the cut-off is 4pm for […]

By Mike Heath|2023-11-09T10:51:03+13:00January 9th, 2017|Account Questions|Comments Off

How will tax on my Managed Funds be paid?

At the time you sell any units in a PIE managed fund or at PIE tax year end (31^st March) your PIE tax liability will be paid by InvestNow on your behalf and returned to the IRD.

For Australian-domiciled managed funds which are not PIEs, InvestNow does not pay tax on your behalf and you need to report income from these funds on your tax return. Your Tax Summary Report will contain a summary of the taxable income from these funds including both the Fair Dividend Rate (FDR) and […]

By Mike Heath|2021-04-08T18:07:50+12:00January 9th, 2017|Tax Questions|Comments Off

What is a Passcode?

Each time you login, we shall send you a unique one-time-use code – this is known as the Passcode. You can nominate to have the Passcode sent to you as an e-mail or as a text message.

It is the additional layer of security we have applied to the login process.

To login to your InvestNow account you need the following three items:

The e-mail address you used when you registered with InvestNow and opened an account
The password you selected for logging in
The Passcode

By Mike Heath|2019-06-14T13:35:58+12:00December 18th, 2016|Account Questions|Comments Off