Frequently asked questions:
- Account Questions
- Investment Portfolio Management Questions
- KiwiSaver
- Product/Choosing Products Questions
- Questions about InvestNow
- Tax Questions
- Term Definitions
What are the fees for the InvestNow KiwiSaver Scheme?
InvestNow doesn’t charge any fees for you to invest in the InvestNow KiwiSaver Scheme. Fees that are charged vary by the underlying fund manager and can be found here. These fees are the estimated total fund charges (including GST) which are made up of:
- Management & administration charges, including Manager’s basic fee and other management and administration charge and;
- Performance fees
Fees have been estimated using the information provided by underlying fund managers and by reference to the underlying fund’s disclosure documents.
Where can I see which funds are in my portfolio?
You will be able to see the funds you have selected for your KiwiSaver under the ‘Dashboard’ when you are logged in.
It’s important that your RWT rate is correct, particularly for investing in Term Deposits (TDs).
Follow these simple steps to confirm you have provided the correct RWT for your InvestNow portfolio.
Select the “Profile”icon:
Select the “Edit” link for Investor Details:
Update the RWT rate if needed. If you are not sure what the rates of RWT are, we have an FAQ for that, including a link to the IRD for more information.
Why am I not receiving my Passcode as a text message?
If you have elected to receive your Passcode via text, but they are not coming through, please check our Service Status page to see if there is an issue at our end. When we do experience issues with the Passcode text service we will switch everyone to email until the issue is resolved.
If there is no known issues at our end, please check that you are able to receive text messages from other numbers/services – if not, it may be an issue with your mobile phone service provider (check their website for any service updates).
Alternatively, please contact us on 0800 499 466 or contact@investnow.co.nz (8:00 am to 5:00 pm Mon-Fri, excluding national public holidays) and we can look into it further from our end.
How do I make changes to my KiwiSaver portfolio?
You can change your allocation of funds under the ‘My Portfolio’ tab. This will show your current portfolio.
To change your portfolio, please follow these steps
- Click the ‘Change your portfolio’. Select the funds you would like to include in your portfolio, then click ‘Next’.
- Select the percentage you would like for each fund and click ‘Next’. Please note that this must add to 100%.
- You can then select either “Apply change to your current investment mix and future contributions”, which will rebalance your entire portfolio (selling and buying as necessary) to the new weightings, or “Apply change to future contributions only”, which will not affect your existing funds but will be applied to all future contributions.
- Download the PDS document and check the box marked ‘I have read, understood and accept the latest Investment statements or Product Disclosure Statement’.
- Click ‘Confirm’ and a successful notification will appear once the change has been completed.
You can change your investment plan for your KiwiSaver at any point and there is no limit on how many times you can change. Please note that a buy/sell margin or swing price adjustment may apply when funds are bought and sold as part of a rebalance.
How do I apply for a withdrawal e.g. first home, hardship or serious illness?
If you are looking to make a withdrawal, please contact us via email at contact@investnow.co.nz or by phone via 0800 499 466.
How often can I change the funds in my KiwiSaver portfolio?
You can change your investment plan for your KiwiSaver at any point and there is no limit on how many times you can change. Please note that a buy/sell margin or swing price adjustment may apply when you buy/sell funds.
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.
How do I join the InvestNow KiwiSaver Scheme?
For existing customers, please sign in to the KiwiSaver login form using your email and existing password here.
For new customers, please open an individual InvestNow account here.
Once your account is active, you will be able to log in using the KiwiSaver login and set up your KiwiSaver account.
Which funds charge a buy and/or sell spread?
You can see which funds charge a buy and/or sell spread here.
What is swing pricing?
Swing pricing only applies to the InvestNow Milford Conservative Fund and InvestNow Milford Balanced Fund.
A swing price is applied to mitigate dilution in investment value due to transaction costs attributable to other investors buying or selling funds interests. On each valuation day the Underlying Milford Funds apply a swing factor adjustment to the price for investor applications and withdrawals. Subject to a threshold being met, the price is adjusted up or down based on the direction of the net investor flows. If net flows are positive, the price will swing up and if net flows are negative, the price will swing down.
The indicative swing factor adjustments for the Underlying Milford Funds are detailed in the InvestNow KiwiSaver Scheme Fees and Charges document.
How do I make a voluntary contribution?
You can view the Public Trust bank account details for making a voluntary contribution by clicking ‘Deposit’ under the ‘Make a One-Off Contribution’ heading when you are logged into your InvestNow KiwiSaver Scheme account.
From your internet banking, you can simply search for InvestNow KiwiSaver Scheme as the payee in the bill payment register and complete the details. You can then save this for future contributions, or set up an automatic payment.
Payment can also be made directly to Inland Revenue by selecting the Pay Tax option in internet banking (choose the KSS tax code).
To buy term deposits you need to have available funds in your InvestNow transaction account. You can deposit money to your InvestNow transaction account from your nominated bank account. Please note that the minimum amount for a term deposit purchase is $2,000.
To buy a term deposit, please follow these steps:
- Go to the Invest page
- Identify the bank and term for the term deposit you wish to buy, then click the rate
- Enter the dollar amount you wish to invest (you need to have at least this amount of available cash in your transaction account)
- Select your preferred rollover option – ‘Do not reinvest’, ‘Principal only’, or ‘Principal & interest’
- Click the Download link to read the bank’s Terms and Conditions
- Click the check box to show that you have accepted the Terms and Conditions
- Click “OK”
You can cancel a buy order until 12pm of the current business day. If you placed an order after 12pm on a business day or on a non-business day, you can cancel the order until 12pm on the next business day.
How long does it take my KiwiSaver funds to be transferred to InvestNow?
Once you have completed your account opening and your current KiwiSaver provider has received the switch notification, your funds should be transferred within 10 business days.
What if I want to take a break from contributing to KiwiSaver?
If you want to take a break from contributing to KiwiSaver, you can apply for a savings suspension (previously known as a contributions holiday) by contacting the IRD.
If you’ve been in KiwiSaver for less than a year, you will need to provide them with evidence of financial hardship. Otherwise, you can apply for a savings suspension for up to a year without providing a reason, and there is no limit to how many times you can do this.
For more information, please refer to the IRD website.
How do I switch my KiwiSaver to InvestNow?
You will first need to set up your KiwiSaver account with InvestNow. Please refer to our FAQ here. Once your account is open, we will organise the transfer of your KiwiSaver to the InvestNow KiwiSaver Scheme, which takes approximately 10 business days.
What is the Performance Chart?
By clicking on the ‘Performance’ title, we provide a simple bar chart which shows the returns for each asset you currently hold, since inception of your portfolio. This can be filtered by either percentage or dollar return.
What is a diversified fund?
A diversified fund invests in a range of asset classes, regions, and/or industry sectors. Each of these assets have different characteristics eg their values may not all rise or decline at the same time. Investing in a range reduces the potential risk that anyone sector/region/industry can have on the overall performance of the fund – spreading the risk.
Diversified funds can be built to align to specific risk profiles, for example, Conservative, Balanced or Growth.
Is there a minimum or maximum number of funds I must have in my KiwiSaver portfolio?
The minimum number of funds is one and the maximum number of funds you can have in your InvestNow KiwiSaver Scheme portfolio is limited only by the number of funds we offer (currently 28).
What does the KiwiSaver Summary provide?
The KiwiSaver Summary provides a high-level overview of your portfolio, including details such as:
Your contributions – Contributions you have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow).
Employer’s contributions – Contributions your employer(s) have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow).
Government contributions – Contributions the government have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow).
Other contributions – Any other contributions your employer(s) have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow).
Gains/(losses) after fees – any gains or losses, after management fees, you have made in your KiwiSaver portfolio since joining the InvestNow KiwiSaver Scheme.
Tax refund/(paid) – any taxes paid/refunded since joining the InvestNow KiwiSaver Scheme. Note that this excludes any Portfolio Investment Entity (PIE) tax that is accrued but not yet paid or refunded.
Many of our customers have asked if InvestNow offers accounts for children – the answer is yes.
Due to the specific requirements around setting up these accounts, we recommend that customers contact us during the set up process and we will help them through it.
We can even do the whole set up process from our end if the required details are emailed to us.
Here is what is needed to set up a child’s account with InvestNow:
- A unique email address for the child, and everyone linked to the account. If the child doesn’t have an email, we can use a dummy address e.g. childsname@investnow.co.nz and set them up from our end.
- A proof of ID:
- Drivers license
- Passport
- Birth Certificate
- As it is unlikely that a child’s address will appear in any credit databases or land ownership records, we will accept proof of address in the parent or guardian’s name. Alternatively, the IRD letter confirming their IRD number would be suitable as proof of address.
- Tax details:
Some other things to note, with regards to Children’s accounts:
- We can have multiple members on one investor account. The parent or guardian who will be managing the account should be set up as a member, which means they need to go through ID verification (either manually or using automatic online verification). They can have authoriser access with the child’s membership set as view-only, or you can have two or more people required to authorise each transaction.
- We can link a member (with the same email address) to multiple investor accounts. This is useful for people with more than one child with an account, or who have a personal, trust or company account as well. Simply contact us by email or phone to request this.
- We can change email addresses and change authorisation levels on request. So once the child is old enough to manage the account themselves you can email us and get it linked to their email address and give them the authority to use the account.
We hope you find the above information useful.
Don’t hesitate to contact us (contact@investnow.co.nz or 0800 499 466 8:00am to 5:00pm Mon to Fri, excluding public holidays) if you want to discuss this or any other matter with us.
Whose KiwiSaver scheme am I joining?
The InvestNow KiwiSaver Scheme is managed by InvestNow’s parent company, Implemented Investment Solutions (IIS).
Implemented Investment Solutions Limited, based in Wellington, is a specialist investment management company focused on meeting the specific needs and requirements of New Zealand investors and clients. Our objective is to provide our clients with access to world-class investment solutions and opportunities, while ensuring that these are easy to use and understand.
For more information visit http://iisolutions.co.nz/about-us/
Currently we offer term deposits from the ANZ, Bank of New Zealand (BNZ) and Southland Building Society (SBS Bank). We are working with several other banks as well.
InvestNow currently offers term deposits with the following terms:
- 1 month
- 3 months
- 6 months
- 9 months
- 12 months
- 18 months
- 2 years
- 3 years
- 4 years
- 5 years
Please note that not all terms are available for all banks.
We make the most recent rates available for purchase at 12:00 pm each business day.
We send all term deposit requests to the appropriate bank at 12:00 pm each business day. Once we have received confirmation that the bank has created your term deposit, your Orders page will show that your order is complete, and the term deposit will appear on your Holdings page. This will generally happen by close of business on the same day that the request is sent to the bank.
We do not offer compounding interest payments for individual term deposits. Term deposit interest is paid back to your transaction account.
However, you can choose to automatically roll over a term deposit at maturity, including both the principal and interest in a new term deposit.
Yes, you can change what happens to your term deposit when it matures. Just go to the ‘Holdings’ page and click ‘Edit’ beside the term deposit you want to modify, then select either ‘Do not reinvest’, ‘Principal only’, or ‘Principal & interest’.
You can change the rollover option up to the day before your term deposit matures.
You can access two forms of performance data for the funds we offer – the performance returns for funds you hold in your InvestNow portfolio, since you have held them, or historical performance data going back up to 10 years, where available.
Performance Data for My Funds
On your PERFORMANCE page we provide a simple bar chart which shows the returns for each asset you currently hold, since inception of your portfolio – you can sort this by the name of the asset or the value of the $ return. We also provide, at the top of the page, the $ return(s) for any assets you no longer currently hold (click the image below to review the detail of what’s displayed).
Historical performance data for all funds offered on InvestNow
We provide monthly tables, including charts for the most recent month, detailing the historical performance for all funds currently available on InvestNow. You can access those tables here.
If you have elected to have your term deposit automatically roll over, we will create a new term deposit for you and confirm when this has happened.
Depending on the bank your deposit is with, the new term deposit will either be created on the maturity date or the next business day.
If you have not chosen an automatic rollover option, your principal and interest (net of withholding tax) will be paid to your InvestNow transaction account. Please note that interest is not paid on funds in your transaction account, so you will need to arrange a new investment or load a withdrawal.
We may, at our discretion, and in conjunction with the bank your term deposit is with, allow you to break your term deposit and return the funds to your Transaction Account.
Call us on 0800 499 466, email us on contact@investnow.co.nz or use the Contact Us form with details of the term deposit you wish to break.
We will then obtain a quote from the bank your term deposit is with to determine the break fee and adjusted interest amount. We will contact you to advise if your term deposit can be broken, the costs and timeframes.Some banks require up to 31 days’ notice to break a term deposit. InvestNow may charge an additional break fee of up to $99.
On the day that your term deposit matures, the funds from the maturity are credited to your transaction account. At 11:30 am on the same day, your new term deposit order will be created and sent to the bank. Before 11:30am you will be able to see the matured term deposit funds in your account, but please note that if you withdraw or spend these funds, the new term deposit will not be created.
If you wish to retain the funds from your term deposit, please modify the rollover instructions to ‘do not reinvest’ prior to the maturity date.
The identity and documentation requirements for a trust account are more detailed compared to other types of account. The following requirements are specific to trust accounts:
- A copy of the trust deed (this does not need to be certified)
- ID for all trustees and anyone else who has control over the trust e.g. protectors, directors of a trustee company
- Dates of birth for any named beneficiaries
- Proof of address in the trust’s name, e.g. a bank statement or a rates bill
- A brief explanation of the source of wealth for the trust, including a broad estimate of the trust’s overall wealth
- Some form of supporting documentation for the source of wealth for the trust, for example a letter from an accountant or solicitor, financial statements, sale and purchase agreement, business accounts etc
Source of wealth information for trusts
We are required to ask for information relating to the “source of wealth” for trusts. Typically, for a trust this might include things like financial accounts for a business the trust owns, evidence of sale of a property or a business, payslips, or information relating to an inheritance.
Requesting this level of information reflects our obligations under the AML-CFT Act 2009 and the guidelines set by the Financial Markets Authority (FMA). We will ask for this information when an account is opened, and may need to ask for more information on an ongoing basis.
Should we ask you for such information in the future, the regulations and guidelines state that our obligation is to develop an understanding of the size and nature of the wealth of a family trust and, importantly, how it was acquired. We aren’t expected to verify the entire financial history of a family trust, or identify every asset it holds. However, the law requires us to be satisfied that the nature and size of a customer’s wealth matches what we know about them.
If you ever have questions about this or any other matter please don’t hesitate to contact us on 08700 499 466 or at contact@investnow.co.nz (Mon-Fri 8:00am to 5:00pm, excluding national public holidays).
Buy/Sell spreads
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 the transaction costs of buying or selling the underlying assets of a fund, so that these costs are not borne by other investors in the fund.
The following fund managers do not charge either a buy or a sell spread for any of their funds:
- ANZ OneAnswer Single-Asset-Class Funds
- Devon Funds Management
- Elevation Capital
- Fisher Funds Management
- Harbour Asset Management
- Mint Asset Management
- Milford Asset Management
- Pie Funds Management
Spreads work differently for Smartshares, as they are are exchange-traded funds (ETFs) traded on the NZX. For ETFs which invest in New Zealand or Australian shares (e.g. FNZ) the spreads can vary during the day, and reflect the spreads on the underlying shares, i.e. the difference between the bid (buy) and ask (sell) prices for those shares on the NZX or ASX exchanges. For other ETFs which invest in an underlying fund (e.g. TWF) there is a fixed spread of $0.005 between the bid and ask prices.
For the other fund managers, the following table provides a breakdown of their buy and sell spreads. These figures are current as of March 2018:
| Fund | Buy Spread | Sell Spread |
|---|---|---|
| All Country Global Shares Index Fund | 0.07% | 0.07% |
| AMP Capital Australasian Property Index Fund | 0.27% | 0.27% |
| AMP Capital Australian Shares Fund | 0.20% | 0.20% |
| AMP Capital Commodities Fund | 0.15% | 0.15% |
| AMP Capital Core Global Shares Fund | 0.21% | 0.21% |
| AMP Capital Core Hedged Global Shares Fund | 0.21% | 0.21% |
| AMP Capital Emerging Markets Shares Fund | 0.25% | 0.25% |
| AMP Capital Ethical Leaders Balanced Fund | 0.19% | 0.19% |
| AMP Capital Ethical Leaders Conservative Fund | 0.13% | 0.13% |
| AMP Capital Ethical Leaders Global Shares Fund | 0.25% | 0.25% |
| AMP Capital Ethical Leaders Growth Fund | 0.24% | 0.24% |
| AMP Capital Ethical Leaders Hedged Global Fixed Interest Fund | 0.24% | 0.24% |
| AMP Capital Ethical Leaders NZ Shares Fund | 0.27% | 0.27% |
| AMP Capital Global Companies Fund | 0.30% | 0.30% |
| AMP Capital Global Listed Infrastructure Fund | 0.25% | 0.25% |
| AMP Capital Global Multi-Asset Fund | 0.18% | 0.30% |
| AMP Capital Global Property Securities Fund | 0.25% | 0.25% |
| AMP Capital Global Shares Fund | 0.17% | 0.17% |
| AMP Capital Global Short Duration Fund | 0.08% | 0.40% |
| AMP Capital Hedged Global Fixed Interest Index Fund | 0.25% | 0.15% |
| AMP Capital Income Generator Fund | 0.30% | 0.30% |
| AMP Capital NZ Cash Fund | 0.00% | 0.00% |
| AMP Capital NZ Fixed Interest Fund | 0.05% | 0.05% |
| AMP Capital NZ Shares Fund | 0.27% | 0.27% |
| NZ Shares Index Fund | 0.27% | 0.27% |
| AMP Capital NZ Short Duration Fund | 0.05% | 0.05% |
| Antipodes Global Fund - Long (PIE) | 0.08% | 0.08% |
| APN AREIT PIE Fund | 0.25% | 0.25% |
| APN Asian REIT Fund | 0.30% | 0.30% |
| Castle Point 5 Oceans Fund | 0.30% | 0.30% |
| Castle Point Trans-Tasman Fund | 0.30% | 0.30% |
| Hunter Balanced Fund | 0.08% | 0.11% |
| Hunter Global Fixed Interest Fund | 0.00% | 0.10% |
| Hunter Growth Fund | 0.10% | 0.11% |
| India Avenue Equity Fund - Retail Class | 0.50% | 0.50% |
| Legg Mason Brandywine Global Opportunistic Fixed Income Fund | 0.08% | 0.08% |
| Morphic Global Opportunities Fund | 0.25% | 0.25% |
| Nikko AM Concentrated Equity Fund | 0.29% | 0.29% |
| Nikko AM Core Equity Fund | 0.29% | 0.29% |
| Nikko AM Global Shares Fund | 0.07% | 0.07% |
| Nikko AM Global Shares Hedged Fund | 0.07% | 0.07% |
| Nikko AM Income Fund | 0.00% | 0.35% |
| Nikko AM NZ Corporate Bond Fund | 0.00% | 0.50% |
| Pathfinder Global Property Fund | 0.05% | 0.05% |
| Pathfinder Global Responsibility Fund | 0.05% | 0.05% |
| Pathfinder Global Water Fund | 0.05% | 0.05% |
| Platinum International Fund | 0.20% | 0.20% |
| Russell Emerging Markets Fund Class B | 0.35% | 0.40% |
| Russell Global Opportunities Fund $NZ Hedged Class B | 0.23% | 0.18% |
| Russell Global Opportunities Fund Class B | 0.18% | 0.13% |
| Russell Investments Global Fixed Interest Fund | 0.15% | 0.15% |
| Russell Investments Global Listed Infrastructure Fund - $NZ Hedged | 0.25% | 0.20% |
| Russell Investments Global Shares Fund | 0.18% | 0.13% |
| Russell Investments Hedged Global Shares Fund | 0.20% | 0.15% |
| Russell Investments Low Carbon Global Shares Fund Class A | 0.18% | 0.13% |
| Russell Investments NZ Fixed Interest Fund | 0.10% | 0.15% |
| Russell Investments NZ Shares Fund | 0.30% | 0.30% |
| Salt Investment Funds Enhanced Property Fund | 0.30% | 0.30% |
| Salt Investment Funds NZ Dividend Appreciation Fund | 0.30% | 0.30% |
| T. Rowe Price Global Equity Growth Fund | 0.00% | 0.00% |
| Vanguard International Shares Select Exclusions Index Fund | 0.07% | 0.07% |
| Vanguard International Shares Select Exclusions Index Fund (Hedged) - NZD Class | 0.12% | 0.12% |
If you have more than one InvestNow account we can link them so that you can access them all from a single e-mail address/login.
Please take a look at this page, to see how it works and what you need to do if you would like to use this functionality.
Elevation Capital Value Fund is priced once a month, on the last business day of the month – the “Valuation Day”.
If you buy or sell units in the fund on a day, before the Valuation Day of the current month, your order will be processed within 10 days of the Valuation Day in the month following.
For Buy orders, your cash will be sent to the application account for this fund and will remain there until the Valuation Day of the same month. This cash will not be available to you whilst it is in the application account.
Smartshares are listed securities on the NZX. Orders are placed through our broker, Craigs Investment Partners.
All Smartshares orders are aggregated by the Custodian at 12pm each business day and sent to our broker. Orders are executed on the market later that afternoon. Any orders loaded after this time will be processed the following business day.
Buy and sell requests are not matched – each is placed independently.
Minimum investment amount is $50, when part of a Regular Investment Plan, or $250 for one-off investments.
Buy Orders
Unlike other funds we offer, where buy orders are placed for a dollar value, Smartshares orders are placed in units. Also, unlike the other funds we offer, Smartshares are not available in partial units. Because of these two characteristics, buy orders for Smartshares are processed as follows:
- We need to allow for a scenario where the unit price increases between the time when you load your order and when it is traded by our broker. In such a situation, you would over spend.
- The Custodian will instruct the broker to spend the amount you have requested less circa 2 times the unit price of the specific Smartshare.
- Here is a simple example:
- You place a buy order for $600 worth of US 500 Fund, with the current unit buy price being $6.00.
- The Custodian will place a buy order for $600-$12 ($600 less 2 x $6)
Any residual funds from your purchase will appear as available cash in your InvestNow Transaction Account.
Sell Orders
Sell orders are placed in units and funds are credited to your InvestNow account upon settlement.
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 accounts.
- Reporting – Each reporting financial institution must report that information to their local tax administration.
- Exchange – Each tax administration must exchange that information with their jurisdiction’s tax treaty partners.
In order to meet our obligations under AEOI, InvestNow is required to collect and report certain information about the tax residence of our customers. If your tax residence is outside New Zealand, we may be legally obliged to pass on this information, and financial information about your accounts, to tax authorities in that jurisdiction.
For individual, we need to know the tax residence and the Taxpayer Identification Number (TIN) for the account holder (for children, this is the tax residence of the child rather than the parent/guardian(s) controlling the account).
For joint accounts, we need to know the tax residence and the Taxpayer Identification Number (TIN) for both account holders.
For trusts, estates or companies, we need to know the tax residence and the Taxpayer Identification Number (TIN) for all ‘Controlling Persons’. For a trust, this includes:
- the settlor(s)
- the trustee(s)
- the protector(s), if any
- the beneficiary(ies)
- any other natural person(s) exercising ultimate effective control over the trust (including through a chain of control or ownership)
For a company, this includes:
- the director(s)
- any shareholder(s) with an ownership interest of 25% or more in the company
Please contact us on 0800 499 466 or contact@investnow.co.nz should you have any questions.
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 in your Transaction account at the time, we will sell enough units from the largest holding in your portfolio to cover the tax liability.
Please note that we rely on you electing the correct PIR when you open an account – if your InvestNow PIR needs to be changed or is not correct, you can contact us to have it updated.
For Smartshares ETFs, PIE tax is always paid at 28% as they are listed PIEs. If you invest in Smartshares and have a tax rate lower than 28%, the excess tax paid by a fund may be able to be used to reduce the tax payable on other income that you derive at the end of each income year by including the distributions from the fund(s) in your tax return. Please refer to Smartshares’ Other Material Information – Tax document, available from the Disclose register, for further details.
Where a rebate exists we will credit this to your transaction account as part of our year end tax processes. PIE tax rebates are usually received in May.
For more information about how PIE tax works, please refer to our article “PIEs and PIE tax – your questions answered”.
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.
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 12pm for the withdrawal to be paid on the same day – otherwise the withdrawal will be processed on the afternoon of the following business day.
Please note that in some cases when you sell all units in a PIE fund and load a withdrawal for the total cash amount on the same day, the withdrawal may take an additional business day to be paid. This is because we need to calculate and deduct the final PIE tax for that fund.
At the time you sell any units in a PIE managed fund or at PIE tax year end (31st 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 Comparative Value (CV) calculations.
Your Tax Summary Report will reflect the details of all tax liability payments. We will produce a Tax Summary Report at PIE tax year end no later than 31st May, which can be downloaded from your My Documents page.
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 by PWC and client accounts are subject to daily reconciliation.
InvestNow is a registered Financial Services Provider. InvestNow is a wholly owned subsidiary of Implemented Investment Solutions (IIS). IIS is also audited annually by PWC, which also covers InvestNow as a subsidiary. Past annual reports of IIS are available on the Companies Office website.
There are a number of features to the security of your InvestNow account:
- As customers you are expected to follow best practice security measures e.g. not sharing passwords.
- We utilise two-factor-authentication for logging in to your account. This means we will send you a unique Passcode as part of the login process. You can select to receive the Passcode via e-mail or mobile phone. And it will expire after 5 minutes if you do not use it, at which time you will need to request a new Passcode.
- All sensitive information is encrypted.
- The InvestNow infrastructure uses layers of firewalls, routers and intrusion prevention devices according to industry best practice.
- We will routinely conduct security assessment to ensure that any vulnerabilities are identified and addressed. This assessment will be carried out by a 3rd party that specialises in information security.
Investnow’s parent, Implemented Investment Solutions (IIS), receives fees from the funds that it is a manager of (just like the other fund managers on InvestNow). Also, fund managers pay InvestNow to have their funds on the platform, reflecting that they want investors to be able to readily and easily access their funds via InvestNow. This does not result in any additional fees to you as the investor, as you simply pay the management fees associated with the funds that you select.
InvestNow produces a consolidated tax report showing:
- Foreign Investment Fund (FIF) Income, with both Fair Dividend Rate (FDR) and CV calculations detailed.
- PIE tax information (consolidated for all the PIEs you are holding) showing PIE tax assessed, tax credits used and PIE tax paid. For a zero PIR, this will include PIE taxable income and attributed tax credits.
- Any other sources of taxable income, deductible expenses or tax withheld on income payments will also be included.
The InvestNow consolidated tax report is a tax summary in order to assist the investor or their accountant in the preparation of their tax return. Clients can generate and download this report at any time from InvestNow.
Two Factor Authentication adds an extra layer of security when identifying a user by utilising a combination of two different components. e.g. your Password and a Passcode (a unique code we send you, via e-mail or text, each time you login).
Users must pass Two Factor Authentication before they will be allowed to login to their account.
Here are the rules for setting a Password:
- Passwords can contain any combination of letters, numbers and special characters e.g. !, *, & etc
- Your Password must be at least 8 characters in length (note that there is no maximum length), with at least
- 1 upper case letter
- 1 lower case letter
- 1 number or special character
Please note: your password can not begin or end with a white space character
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
You have five minutes to enter the security code, when logging in. After that you will have to request a new code. You can do this by either logging in again or click the link to request a new code.
The Invest page contains the following information for each fund:
- Name of the fund
- Fees – the Total Fund charges (including GST) which is made up of:
Total Management & Administration charges, including Manager’s basic fee and other management and administration charge
The data is sourced from The Disclose Register. - 1 Year & 5 Year performance data. This data is net of fees and before tax.
- Fund fact sheets, available for download
- Fund Product Disclosure Statement (PDS), available for download
We will be in touch with you prior to the expiry date of the document(s) you have used for the AML verification process, and will advise you to repeat the AML verification process with your new documents.
You will hear from us approximately one month prior to your original documents expiring, and will have one month, after the expiry date of the original documents, in which to complete the AML verification. If you do not complete this within the month, your account may be suspended until the task is completed successfully.
There are four different member types for InvestNow:
- Owner
- Accountant
- Auditor
- Viewer
Each member type can have either Authoriser permissions (has full delegated authority and access to the account and all functionality) or view-only where they are unable to process any transactions.
At the time of writing we offer funds from AMP Capital, ANZ Investments, Devon Funds Management, Elevation Capital, Fisher Funds, Harbour Asset Management, Hunter Investment Management, Mint Asset Management, Morphic Asset Management, Nikko Asset Management, Pathfinder Asset Management, Russell Investments, Salt Asset Management, Smartshares and Vanguard.
The range of fund managers and funds offered will change over time.
The list of funds we currently offer can be found here
Which managed funds pay distributions and how frequently do they pay them?
You have the option of either having distributions paid as cash into your Transaction Account or reinvested to purchase additional units in the relevant fund.
This preference is applied to all Funds in your InvestNow account.
AMP Capital
The AMP Capital Income Generator Fund pays a fixed monthly distribution.
The following funds pay a half-yearly distribution, calculated on or about 31 March and 30 September:
- AMP Capital All Country Global Shares Index Fund
- AMP Capital Australasian Property Index Fund
- AMP Capital Global Listed Infrastructure Fund
- AMP Capital Global Property Securities Fund
- AMP Capital Hedged Global Fixed Interest Index Fund
- AMP Capital NZ Cash Fund
- AMP Capital NZ Fixed Interest Fund
- AMP Capital NZ Shares Index Fund
The other AMP Capital funds available on InvestNow do not currently pay distributions, and all income is reflected in the unit price.
ANZ OneAnswer
No distributions are made from the funds. Income is re-invested in the funds.
Antipodes Partners
The Antipodes Global Fund – Long (PIE) does not currently pay a distribution.
APN Property Group
APN expect to make monthly distributions.
Devon Funds Management
Devon intends to pay distributions semi-annually for the Alpha, Trans-Tasman, and Australian Funds, and quarterly for the Dividend Yield Fund.
Elevation Capital Value Fund
Distributions may be paid annually.
Fisher Funds
These funds do not currently pay distributions.
Harbour Asset Management
The NZ Core Fixed Interest Fund, NZ Corporate Bond Fund, Income Fund and Australasian Equity Income Fund intend to pay distributions quarterly for the distribution periods ending March, June, September and December. The other Harbour funds do not pay distributions.
From October 2018 the Harbour Income Fund intend to pay distributions monthly.
Hunter Investment Management
The Hunter Global Fixed Interest Fund distributes six-monthly, in March and September.
India Avenue Investment Management
The Fund usually distributes income annually at the end of June.
Legg Mason
Legg Mason Brandywine Opportunistic Fixed Income Fund expect to make six-monthly distributions in respect of the periods ending on the last business day in March and September.
Milford Asset Management
The Milford Diversified Income intends to make distributions quarterly in February, May, August and November
Mint Asset Management
Currently Mint do not make distributions from either the Active Equity Trust or the Real Estate Investment Trust.
For the Diversified Income Fund, distributions are made quarterly following the last Business Day of March, June, September and December. Distributions are only made from the net income generated by the Fund and consequently the amount distributed can fluctuate.
Nikko Asset Management
The Concentrated Equity Fund and Core Equity Fund may pay distributions six-monthly for the distribution periods ending March and September.
The Income Fund, NZ Corporate Bond Fund and NZ Cash Fund may pay distributions quarterly for the distribution periods ending March, June, September and December.
Morphic Asset Management
The Morphic Global Opportunities Fund expects to make distributions semi-annually, however the fund may make interim distributions at any time. The net income of the fund available for distribution to investors will be determined as at 30 June and 31 December each year. Distributions are generally expected to be paid within 20 Business Days after 30 June and 31 December.
Pathfinder Asset Management
These funds do not currently pay distributions.
Pie Funds
Bi-annual income distributions from the Dividend Fund on or about 30 June and 31 December
Platinum Investment Management
Platinum International Fund pays an annual distribution as at 30 June. Platinum also has a discretion to make interim distributions during the financial year.
QuayStreet
The QuayStreet Income Fund pays distributions, at the discretion of the Manager. Distributions are generally made quarterly for the QuayStreet Income Fund.
Russell Investments – AUT Funds
Any income, excluding unrealised gains, of the Global Opportunities Funds and the Low Carbon Fund is usually distributed quarterly.
The Russell Emerging Markets Fund usually pays an annual distribution at the end of June.
Russell Investments
Russell Investments NZ Fixed Interest Fund, Global Fixed Interest Fund, NZ Shares Fund, Global Shares Fund and the Hedged Global Shares Fund intend to make six monthly distributions.
The distributions are expected to be made following the last valuation days in March and September.
Salt Asset Management – NZ Dividend Appreciation Fund and Enhanced Property Fund
Both intend to pay semi-annual distributions paid out of 72% of the net income (as determined by Salt) accrued for the preceding six month period. For this purpose, ‘net income’ generally means all dividend income received during the period, although we can change this at our discretion.
Distributions will be calculated within seven business days of the last day of each distribution on period (which end on 30 April and 31 October, respectively). Payments are intended to be made within five business days of the date on which the distribution is calculated.
Smartshares
All of the Smartshares ETFs we offer pay six-monthly distributions at June and December
Vanguard
Distributable income and net realised capital gains (if any) will be determined quarterly, as at 31 March, 30 June, 30 September and 31 December each year
When are my buy and sells completed?
The cut-off time for the receipt of buy or sell orders and cleared funds for all Funds is currently 12pm NZ time (Monday to Friday, excluding national public holidays).
If buy or sell orders are accepted before the cut-off time for a Fund on a valuation day, units will normally be issued or redeemed price determined at the end of that day.
Please note that this does not apply to Russell Investments, Antipodes Partners, Elevation Capital or Pie Funds:
- Russell Investments NZ PIE funds – for orders in these funds, if they are loaded before the cut-off time, units will normally be issued at the following day’s valuation.
- Antipodes Global Fund – Long (PIE) – for orders in these funds, if they are loaded before the cut-off time, units will normally be issued at the following day’s valuation.
- Elevation Capital – orders are processed monthly, please see FAQ here for more details
- Pie Funds Management – sell orders in these funds, if they are loaded before the cut-off time, will usually be priced after 8 working days and paid on the 10th working day
For some funds, there will be a buy spread and/or a sell spread – this is a charge built in to the buy or sell price that covers the costs of processing your order. You can see a list of the buy and sell spreads for InvestNow funds here.
Your buy and sell orders will usually be processed within the following timeframes (working days) for each of the Fund Managers (note that the first working day is the working day after you
have placed your buy or sell order, with that order having been placed and authorised before 12pm):
- AMP Capital
- The following funds have a 1 day settlement timeframe for buys & sells:
- Australasian Property Index Fund
- Ethical Leaders NZ Shares Fund
- NZ Cash Fund
- NZ Shares Fund
- NZ Fixed Interest Fund
- NZ Shares Index Fund
- NZ Short Duration Fund
- Listed Property Securities Fund
- The following funds have a 2 day settlement timeframe for buys & sells:
- All Country Global Shares Index Fund
- Australian Shares Fund
- Commodities Fund
- Core Global Shares Fund
- Core Hedged Global Shares Fund
- Emerging Markets Shares Fund
- Ethical Leaders Balanced Fund
- Ethical Leaders Conservative Fund
- Ethical Leaders Growth Fund
- Ethical Leaders Global Shares Fund
- Ethical Leaders Hedged Global Fixed Interest Fund
- Global Listed Infrastructure Fund
- Global Multi Asset Fund
- Global Property Securities Fund
- Global Shares Fund
- Global Short Duration Fund
- Hedged Global Fixed Interest Index Fund
- Income Generator Fund
- The following funds have a 1 day settlement timeframe for buys & sells:
- Antipodes Global Fund – Long (PIE) – up to 3 days for buy orders and up to 4 days for sell orders
- ANZ OneAnswer Single-Asset-Class Funds – 2 Days
- APN
- APN Asian REIT Fund – 2 days for buy orders and up to 4 days for sell orders
- APN AREIT PIE Fund – 3 days
- Devon Funds Management – 2 Days
- Elevation Capital – monthly, please see FAQ here for more details.
- Fisher Funds – 3 Days
- Harbour Asset Management (excluding T. Rowe Price) – 2 Days
- Hunter Investments – 3 Days
- India Avenue – up to 3 days for buy orders and up to 4 days for sell orders
- Legg Mason – 2 days for buy orders and 3 days for sell orders
- Milford Asset Management – 2 Days
- Mint Asset Management – 3 Days
- Morphic Asset Management – up to 5 Days
- Nikko Asset Management – 2 Days
- Pathfinder Asset Management – 3 Days
- Pie Funds.- 2 Days for buy orders and 10 working days for sell orders
- Platinum Asset Management – 3 days for buy orders, up to 4 days for sell orders
- QuayStreet – 2 days
- Russell Investments – 3 days for buy orders, up to 4 days for sell orders
- Salt Asset Management – 3 Days
- Smartshares – 2 days for buy orders and 3 days for sell orders
- T. Rowe Price Global Growth Fund – 3 Days
- Vanguard – 2 days for buy orders and up to 4 days for sell orders
Please note the Fund prices shown may differ from your buy or sell order unit price.
Orders will not be processed on public holidays, and there can potentially be other delays due to additional tasks being carried out by the fund managers – we would not expect these delays to be any longer than a few business days.
There is no functionality offered on InvestNow to facilitate this. If you want to switch from one fund to another, you have to sell the first one, wait until the sale proceeds are in your Transaction Account and then buy the second fund.
Yes – if you chose a dollar value for the sale, the sale can be no lesser than the indicative unit price for one unit. If you chose to sell a number of units, it has to be for at least one unit in the fund.
The minimum cash withdrawal amount from InvestNow is $1.
Cleared funds are monies in your Transaction Account that have been desposited from your nominated account and are available for fund purchases.
Yes you can.
You can have more than one account and you can be linked with more than one account – for example:
Mike wants to operate a Family Trust account plus a Joint account for him and his wife Julie. Mike can be linked to both accounts and can use the same e-mail address for both, although InvestNow will have to help with the set up when one e-mail address is linked to more than one account.
“Where a fund has not been active for at least 1 year, there is no performance data available.
The data is sourced from The Disclose Register. This is a register for offers of financial products and managed investment schemes under the Financial Markets Conduct Act 2013.”
On the Invest page we provide 1 Year & 5 Year performance data. This data is net of fees and before tax.
The data is sourced from The Disclose Register. This is a register for offers of financial products and managed investment schemes under the Financial Markets Conduct Act 2013.
This data is updated within the month following the corresponding updates on The Disclose Register (currently quaterly January, March, July & December).
The Disclose Register is provided by the New Zealand Companies Office and can be found at https://www.companiesoffice.govt.nz/disclose.
Yes you can.
Please request the off-market transfer request here. We will then prepare an off-market transfer form and email it to you (using the email address already linked to your InvestNow account) for you to sign and return to us. Please note that the original signed copy of the form may be required.
That’s something we will have to do for you.
Please follow these simple steps:
- Go to the Home Page (www.InvestNow.co.nz) and select the link for Resources in the main navigation
- Click Resources and then click Forms
- Select and download the form titled “Change of Details”
- Complete the relevant sections
- Sign, scan and e-mail the completed form to contact@investnow.co.nz
We will confirm the request has been action by return e-mail.
You can link one person to more than one account, but each account must be set up with an unique e-mail address.
That’s something we will have to do for you.
Please follow these simple steps:
- Go to the Home Page (www.InvestNow.co.nz) and select the link for Resources in the main navigation
- Click Resources and then click Forms
- Select and download the form titled “Change of Details”
- Complete the relevant sections
- Sign, scan and e-mail the completed form to contact@investnow.co.nz
We will confirm the request has been action by return e-mail.
You can call or e-mail us.
Our contact center is available on 0800 499 466 Mon-Fri 8:00am to 5:00pm, except national public holidays.
You can e-mail us on contact@investnow.co.nz. We shall respond to your e-mail within 24 hours, during normal working hours.
It is important to note that the investments that can be held through the service are subject to change. If you hold an investment and the InvestNow decides to stop supporting it, we will notify you. We may then determine that the investment will need to be sold or transferred into your own name.
Investments that are available through InvestNow are not guaranteed by InvestNow, any of the underlying investment managers, or any other person(s).
Please contact us immediately on 0800 499 466 or e-mail us at contact@investnow.co.nz.
Our contact center is available on 0800 499 466 Mon-Fri 8:00am to 5:00pm, except national public holidays.
Online security best practices today are:
- Use updated Anti-Virus Software
- Activate a Pop-Up Window Blocker, which may also include adjusting the settings to allow pop-ups from trusted websites and sources
- Regularly scan your computer for Spyware
- Only download programs or click links from known and trusted sources.
InvestNow is designed to work with the major internet browsers:
- InvestNow has been built specifically for Internet Explorer and Safari browsers.
- Internet Explorer version 8 and above or version 7 using V8 Compatibility Mode. The browser can be downloaded from http://windowsupdate.microsoft.com.
- Safari browser version 533.0 and above. The browser can be downloaded from https://support.apple.com/downloads/safari
- Google Chrome users with version 20.0 and above. The browser can be downloaded from https://support.google.com/chrome/answer/95346?co=GENIE.Platform%3DDesktop&hl=en-GB
- Firefox Version 11 and above. You can download this from https://www.mozilla.org/en-US/firefox/new/
Someone would need the following to login in to your InvestNow account:
- your login name, which is your e-mail address
- your password
- access to your e-mail account as we always send you a verification Passcode each time you log in, as an additional level of security (you nominate if the Passcode to either as a text message to your mobile phone or as an e-mail)
The first column contains the Return data from the prior complete month. For example between 1 January and 31 January, the Month return data will be from December. On 1st February the return data will be from January.
The 12 Months data, starting with the prior complete month, is a rolling twelve months of Returns data.
The Overall Returns data is from the date that the first Managed Funds purchased were attributed to your account, right up to the end of the prior complete month.
Prior to investing in any Fund you should read the disclosure material and research the Fund to ensure that it meets your specific investment needs.
It is good practice to get independent advice from an Authorised Financial Adviser (AFA) before making any investment. Note that the team at InvestNow Saving and Investment Service are unable to provide you with financial advice.
Websites such as sorted.org.nz are also a useful resource. Visit their “Investing & savings guide” for helpful information.
Your account balance is the value of your holdings. You can find these on the Holdings page once logged in to your account.
All you need is your e-mail address. Visit www.investnow.co.nz and click “Login”. If you can not remember your password, click the “I forgot my password” link and we will send you instructions to rest your password.
To change your Investor account name follow these steps once logged in to your account:
- Click on your profile icon
- Select “Edit” for “Investor Details”
- Change the name under the heading “Investor Name”
Click “Save” at the bottom of the page.
Then please send (scan and e-mail) us a copy of evidence of your change in name. We accept the following documents:
- Marriage certificate
- Deed poll
InvestNow is an online experience so we will not send you any statements in the mail.
When we prepare statements for you, for example at the end of the tax period, we shall upload these into your “My Documents” page. Once there you can view any documents by clicking the download button.
If you wish to run any reports yourself, you action this from the My Documents page – just follow these steps:
- Click “My Document”
- Click “Add reports to my documents”
- Select the type of report, the period and the end date for the report
- Click “Create” and the report will be added to your “Portfolio reports” in the My documents page.
- Click the download link to read and/or print the report
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).
To change your contact details follow these steps once logged in to your account.
Contact details for an Account:
- Click on your profile icon
- Select “Edit” for “Investor Details”
- Change the contact details
Click “Save” at the bottom of the page
Contact details for a Client:
- Click on your profile icon
- Select “Edit” for “My Details”
- Change the contact details
Click “Save” at the bottom of the page.
If we do not have an IRD number your account will be taxed at the maximum “non-declaration” rate of 33%.
You can find out more on the IRD website.
The current company tax rates are:
- 28% for income years 2012 and later
- 30% for income years 2009 to 2011
- 33% for income years 2008 and older
You can find out more on the IRD website.
The current rates of RWT are:
- 0% (in this case a current RWT exemption certificate must be provided)
- 10.5%
- 17.5%
- 30%
- 33%
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%.
You can see the full list of your transactions on the “Activity” page once you have logged on to your InvestNow account. You can view or print the transactions.
Withdrawals
You can cancel a Withdrawal instruction up until 12pm of the business day on which you raised the instruction. Where you have placed an instruction on a non-business day, you can cancel the order up until 12pm of the next business day. You will find your pending Withdrawal on the Orders page under Open orders and withdrawals. To cancel the withdrawal select the Cancel link.
To change your nominated bank accounts, follow these steps once logged in to your account:
- Click on “Account Settings”
- Click on “Edit” next to “Bank accounts”
- Click the green “+” symbol to add a new bank account. You need to enter an account name, bank name and account number. You can also specify whether it should be your default account for withdrawals, and you can enter an optional reference which would appear on your statement when you make a withdrawal. Click “Save” once you are sure the details are correct.
- To make changes to an existing nominated account, click “Edit” next to the account number. You can change the name, reference and whether it is the default nominated account, but if you need to make a correction to the account number itself, you need to contact us.
Before you can make a withdrawal to this new nominated account, you need to either make a deposit from that account, or send bank account verification (a copy of your bank statement, deposit slip or a clear screenshot showing the bank account name and number on your online banking) to us at contact@investnow.co.nz. Please note that your nominated account or accounts must be a New Zealand bank account under your direct control.
We only allow online deposits into your InvestNow Transaction Account.
You can establish a regular deposit to your InvestNow Transaction Account with an automatic payment from your nominated bank account.
If you have already made a deposit to your InvestNow Transaction Account, you use the same bank account and reference details when establishing your automatic payment. The reference is unique to you and does not change.
If you have yet to make a deposit into your InvestNow account, login and go to the Home page. Click on the Deposit funds link (can be found under Quick actions). A page will appear which provides the details you need to initiate a deposit from your nominated account.
You can operate multiple accounts, and multiple types of accounts, however the e-mail address, which is also you login name, is your unique identifier and is unique to each account.
You can access your InvestNow account at any stage after having started the “Join Now” process. You are able to invest in managed funds once your account is active and you have money in your InvestNow Transaction Account.
How do I obtain a certified copy of an identification document?
We are required by law to verify your identity as part of the account opening process and ongoing due diligence (Anti-Money Laundering and Countering Financing of Terrorism Act 2009).
Where we ask you to supply certified copies of your identification documentation, you can ask “Trusted Reference” persons from the following occupations to complete this verification.
- Justice of the Peace
- Lawyer
- Registered medical doctor
- Registered teacher
- Registered chartered accountant
- Kaumatua
- Minister of religion
- Member of parliament
- Notary public
- Employee of the police (who holds the office of constable)
- NZ Honorary Consul
To certify the documents, the certifier is required to:
- Confirm the identification documents are a true copy of the original
- Sign the certified copy and include their name, occupation and date.
- Full name and occupation of the Trusted Reference
When you provide certified copies of your identification, the certification should have occurred within the previous six months.
When you sell managed funds the proceeds of the sale are deposited into your InvestNow Transaction Account. Once there, you can then withdraw those funds by transferring them to your nominated account.
To raise a Withdrawal instruction click on the Withdraw funds link on the Home Page (can be found under Quick actions).
For security reasons there are certain fields and preferences that, after having initially been created, we lock down. These can be changed howeever we will have to action that for you.
To do this, please follow these simple steps:
- Go to the Home Page (www.InvestNow.co.nz) and select the link for Resources in the main navigation
- Click Resources and then click Forms
- Select and download the form titled “Change of Details”
- Complete the relevant sections
- Sign, scan and e-mail the completed form to contact@investnow.co.nz
- We will confirm the request has been action by return e-mail.
How do I determine my correct PIR?
You can find out more on the IRD website.
Currently, for resident New Zealand individuals, your PIR can be determined as follows:
Taxable income of $14,000 or less:
If, in either of the previous two income years your taxable income was $14,000 or less, and when combined with your PIE income or loss was $48,000 or less in the income year, then your PIR is 10.5%
If, in either of the previous two income years your taxable income was $14,000 or less, and when combined with your PIE income or loss was $48,001 to $70,000 in the income year, and you don’t already qualify for 10.5% then your PIR is 17.5%
If, in either of the previous two income years your taxable income was $14,000 or less, and when combined with your PIE income or loss was $70,000 or more in both of the previous two income years, then your PIR is 28%
Taxable income of $14,001 to $48,000:
If in either of the previous two income years, your taxable income plus your PIE income or loss was:
- $70,000 or less in the income year, your PIR is 17.5%, or
- $70,001 or more in both of the previous two income years, your PIR is 28%
Taxable income was more than $48,000:
If your taxable income was more than $48,000 in both of the previous two income years, your PIR is 28%.
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% has been selected.
We recommend that you consult your own tax adviser in relation to your managed funds
If you selected to have any income or distributions paid to you, and not reinvested in the same fund, any monies will be credited to your InvestNow Transaction Account.
If you had selected to have any income or distributions reinvested in the specific fund, this will happen automatically.
Your buy and sell orders are carried out according to the time frames specified in the “When are my buys and sells completed?”
Public holidays will cause small delays and there can potentially be other delays due to additional tasks being carried out by the fund managers – we would not expect these delays to be any longer than a few business days.
Yes you can cancel a Buy or Sell order up until 12pm of the business day in which you placed the order. Where you have placed an order on a non-business day, you can cancel the order up until 12pm of the next business day.
No you can not amend an order. If the order is still in a pending status then you can cancel it. You can then create a new Buy or Sell order.
You will receive a notification in a number of ways:
- The order will appear in the list of Completed orders on the Orders page
- The addition (invest) or reduction (sell) of units will appear in your Holdings.
InvestNow does not charge any transaction or admin fees for your InvestNow account.
InvestNow receives a fee from some of the fund managers for making their funds available on the InvestNow platform, reflecting that they want investors to be able to readily and easily access their funds via InvestNow. This does not result in any additional fees to you as the investor, as you simply pay the management fees associated with the funds that you select.
InvestNow also receives the interest on any money held within the Transaction Account, which helps to pay costs associated with offering and operating InvestNow. Transaction Accounts are intended to be used to fund investments into managed funds, or to facilitate withdrawals to your bank account following a fund redemption, distribution or any other payment. We will proactively alert clients to invest or withdraw cash if they have a positive cash balance.
InvestNow does not provide financial advice.
Prior to investing in any Fund you should read the disclosure material and research the managed fund to ensure that it meets your specific investment needs.
We believe it is good practice to get independent financial advice, and recommend that you get this. A list of Authorised Financial Advisers (AFAs) is available on the FMA’s website: www.fma.govt.nz
Websites such as sorted.org.nz are also a useful resource. Visit their “Investing & savings guide” for helpful information.
There is no minimum amount for deposits into your InvestNow Transaction Account.
Minimum investment amount for Managed Funds purchases is $50, when part of a Regular Investment Plan, or $250 for one-off investments
Here are the steps to sell managed funds:
- Go to the “Sell” page
- Identify the fund(s) you wish to sell and click the green “Sell” button
- You can choose to sell:
- a set dollar amount or
- a specific number of units for a managed fund you hold or
- all the units you hold in a managed fund
- Enter the dollar amount or number of units
- Click the “Sell” button
If you want to cancel your Sell order, you can select the “Cancel” link beside your Sell order on the Sell page. Or you can go to the Orders page and also click cancel alongside the Sell order in the Open orders list.
Note that you can cancel a Sell order up until 12pm of the current business day. Where you have placed an order on a non-business day, you can cancel the order up until 12pm of the next business day.
To buy managed funds you need to have cleared funds in your InvestNow Transaction Account – you deposit money in your InvestNow Transaction Account from your nominated bank account.
You use these funds to pay for the managed funds you purchase – please note that the minimum amount for a one-off managed funds purchase is $250.
Here are the steps to buy managed funds:
- Go to the “Invest” page
- Identify the fund(s) you wish to buy, click the fund and then click the green “Invest now” button
- Enter the dollar amount you wish to invest (note – you need to have at least this amount of available cash in your Transaction Account)
- Click the Download link to read the Product Disclosure document
- Read the Disclosure document
- Click the check box to show that you have read, understood and accepted the latest Investment Statement or Procuct Disclosure document
- Enter the dollar amount or number of units
- Click the “Invest” button
If you want to cancel your Buy order, you can select the “Cancel” link beside your Buy order on the Buy page. Or you can go to the Orders page and also click cancel alongside the Buy order in the Open orders list.
Note that you can cancel a Buy order up until 12pm of the current business day. Where you have placed an order on a non-business day, you can cancel the order up until 12pm of the next business day.”
Can I create a direct debit from my Nominated Account to my InvestNow account from within InvestNow?
Not currently – it’s on our list of enhancements for the service. We shall let you know once it has been developed.
In the meantime you have to transfer money into your InvestNow Transaction Account by online bill payment or direct credit from your Nominated bank account.
Cash balances in InvestNow Transaction Accounts do not accrue interest. InvestNow receives the interest on any money held within the Transaction Account, which helps to pay costs associated with offering and operating InvestNow, including bank fees (for example, a $0.15 fee for each and every deposit by a customer, and a $30 Telegraphic Transfer fee for each purchase of units in managed funds based in Australia) which are not passed on to our customers.
The interest that InvestNow receives is the Official Cash Rate (OCR) rate less 0.25%.
- A customer with an average daily cash balance of $2,000, assuming an OCR of 1.75%, the interest over a year would be approximately $30.21, before tax.
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A customer with an average daily cash balance of $5,000, assuming an OCR of 1.75%, the interest over a year would be approximately $75.52, before tax.
- A customer with an average daily cash balance of $10,000, assuming an OCR of 1.75%, the interest over a year would be approximately $151.04, before tax.
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.
InvestNow provides each customer with a Transaction account. You transfer money from your nominated bank account, into your InvestNow Transaction account and then use this money, once cleared, to pay for managed funds.
Here are the steps to deposit money into your InvestNow Transaction Account:
- Log on to your InvestNow account
- Select the “Funding Page”
- Click the “Deposit funds” link
- Enter the amount you want to deposit. Note that the minimum investment amount for Managed Funds purchases is $50, when part of a Regular Investment Plan, or $250 for one-off investments.
- A pop up screen will be displayed which shows you the Bank Account number and reference to include when making the transfer from your Nominated Account
You can deposit money in to your InvestNow Transaction account via online bill payment or direct credit. Please use the following details when setting up the payment from your Nominated bank account:
- Account Name: InvestNow
- Account Number: 02-1269-0042152-000
- Reference: Reference provided by InvestNow
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 your InvestNow Transaction Account – after which you can buy some more Managed Funds or transfer the money to your nominated bank account.
InvestNow does not charge any transaction or admin fees.
The investment managers on InvestNow will have different management fees and in-fund costs. You should read the relevant disclosure material for each specific fund to ascertain what the management fees, in-fund costs, buy and sell spreads (also commonly called entry and exit costs), and other costs and expenses are.
On the Invest page we display fees for each fund. These fees are the Total Fund charges (including GST) which is made up of:
- Total Management & Administration charges, including Manager’s basic fee and other management and administration charge
The data is sourced from The Disclose Register.
Once you have completed the online account opening process, including the identity and bank account verification, your account becomes Active.
You can now transfer money into your InvestNow Transaction Account and begin investing in managed funds.
The identities of individuals can be verified either offline or online. For offline verification you will need to supply the following documents as part of the account opening process:
- A certified copy of your drivers’ license, passport, or birth certificate
- Proof of address e.g. utility bill or a bank statement
The identities of Companies and Trusts require additional documents being supplied to InvestNow:
- Companies
- Certificate of Incorporation
- Trusts
- Trust Deed including any amendments
- Proof of address
- Bank deposit slip or bank statement
- We may also request evidence of the source of wealth for the trust
InvestNow is an online-only service. You open your account at www.investnow.co.nz – follow the “Join Now” instructions.
InvestNow offers the following account types:
- Individual
- Joint
- Trust
- NZ Company
While account holders need not be currently resident in New Zealand, a New Zealand bank account and a New Zealand IRD number are requirements to open an account. Foreign tax residents must disclose their countries of tax residence and their foreign Tax Identification Number (TIN).
To complete the joining process you will need to have your identity verified. You will need to have the required documents available when you create your account for the identity verification.
The identities of individuals with current New Zealand passports or drivers’ licenses can be automatically verified online using the Cloudcheck service offered by Verifi Identity Services.
The following information is required:
- Your full name, as it appears on your identity document
- Your address
- Your date of birth
- Details of your identity document:
- the passport number and expiry date or,
- the drivers’ license number and version number
Please note that your passport or drivers’ license must be current i.e. not expired or cancelled. A passport which has been cancelled and reissued cannot be verified online, even if it has not yet expired.
The address search checks your address against records held by the Companies Office, Land Information New Zealand and the Centrix credit reporting database. If your address is not held in any of these databases, the automatic verification service will return a message saying that your address could not be verified. If this happens, you can upload your proof of address (a bank statement or utility bill less than three months old) or provide it by email or post.
If you do not have current New Zealand-issued ID, you will need to follow the offline verification process instead.
You should read the Client Agreement carefully to ensure that you understand all of the terms and conditions of your agreement with us.
You should read the disclosure material for any fund before investing. We strongly recommend that you seek independent advice before making any investment.
InvestNow offers the following account types:
- Individual
- Joint
- Trust
- NZ Company
While account holders need not be currently resident in New Zealand, a New Zealand bank account and a New Zealand IRD number are requirements to open an account. Foreign tax residents must disclose their countries of tax residence and their foreign Tax Identification Number (TIN).
InvestNow provides a simple and efficient way to manage your managed funds investments. InvestNow does not charge transaction or admin fees (note – investment managers fees and costs are reflected in their unit prices).
InvestNow provides you with:
- Online account registration
- Online access to managed funds 24/7
- Access to a range of selected managed funds.
- Easy online access to your investment information, with comprehensive reports and statements
- You can contact us Mon-Fri 8:00am to 5:00pm (excludes national public holidays)
- A near-paperless experience with all information held online
- We handle the administration
InvestNow is brought to you by Implemented Investment Solutions (iisolutions.co.nz).
Implemented Investment Solutions Limited, based in Wellington, is a specialist investment management company focused on meeting the specific needs and requirements of New Zealand investors and clients. Our objective is to provide our clients with access to world-class investment solutions and opportunities, while ensuring that these are easy to use and understand.
For more information visit http://iisolutions.co.nz/about-us/
InvestNow offers access to the managed funds of a select range of investment managers. The range of funds and managers offered will change over time as we review their suitability for InvestNow.
For a full list of the current range of managed funds please visit investnow.co.nz/who-we-are/our-fund-managers/
InvestNow is an online managed funds service. It allows you to buy and sell managed funds online 24/7 at www.InvestNow.co.nz
InvestNow offers access to the managed funds of a select range of investment managers. The range of funds and managers offered will change over time as we review their suitability for InvestNow.
InvestNow does not charge and transaction or admin fees.
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