IRD stands for “Inland Revenue Department”. An IRD Number is a unique tax number given to you by the Inland Revenue Department of New Zealand so that you can pay the correct work taxes as you work in New Zealand.
When you buy or sell units in a fund, you may be charged a buy or sell spread. The buy spread is added to the unit price when you buy units, and the sell spread is deducted from the unit price when you sell units. For example: if you invest $10,000 into a fund with a 0.10% buy spread, the buy spread would be added to the price, bringing the starting value of your investment to $9,990.
Buy or sell spreads are intended to cover […]
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.
Cleared funds are monies in your Transaction Account that have been desposited from your nominated account and are available for fund purchases.
An Investor is the entity (Individual, Joint, Trust or NZ Company) that has an account with InvestNow. A client is an individual, or individuals, that have access to the Investor account. Clients can perform one of a number of roles (see Roles FAQ) and can have a number of permissions (see Client Permissions FAQ).
You can find out more on the IRD website.
Resident Withholding Tax (RWT) is a tax deducted from the gross amount of interest paid to you. It is deducted at the time when the interest is paid to your InvestNow cash account.
When you open an InvestNow account, you will be asked to select your RWT rate and IRD number.
If we do not have an IRD number your account will be taxed at the maximum “non-declaration” rate of 33%.
An investor’s PIR is the tax rate that will be applied to any income earned from a PIE fund. A PIR is similar to an individual’s Resident Withholding Tax rate, except that the top PIR is 28% whereas the top RWT rate is 33%. All investors are able to select their own PIR, and this is the rate at which their taxable income in a PIE will be taxed.
InvestNow is obliged to use the default PIR of 28% for individuals, unless one of the lower rates of 10.5% or 17.5% […]
When you open your InvestNow account you are asked to provide the details of a nominated bank account (nominated account). You deposit money into your InvestNow Transaction account from your nominated bank account and when you withdraw money from InvestNow it is transferred to your nominated bank account. The nominated bank account must be under your control.
We do not accept cheque or cash deposits.
Each InvestNow customer has a Transaction Account – it’s just like a bank account for money coming in and out of your InvestNow account.
Currently no interest is paid to you on your balance within the Transaction Account. We receive the interest on any money held within the Transaction Account. This interest is used to pay Costs associated with offering and operating InvestNow
You transfer money, from your nominated bank account, into your InvestNow Transaction Account to purchase Managed Funds. And when you sell Managed Funds, the sale proceeds are credited to […]