Most Cash Management Account transactions can be completed via the telephone. Funds can be deposited in, or withdrawn from your Account if notification is received by noon on any business day.
Withdrawals can be credited to your nominated bank account (including overseas bank accounts), paid by cheque, or credited to your Craigs Investment Partners Ltd account.
As of 1 October 2010, new tax rates were introduced. This means that Resident Withholding Tax rates were reduced. Under current legislation investors are required to provide their IRD number and re-elect their rate of taxation, being 10.5%, 17.5%, 30% or 33%.
Investors who fail to notify the Company of their requirements will have Resident Withholding Tax deducted at 33%. Overseas investors should discuss alternatives with their adviser.
To view the tax rates -
click here.
CIP Cash Management Nominees Limited*, a subsidiary of Craigs Investment Partners, was established in 2010 to hold funds on trust in Pooled Cash Management Accounts with ANZ National Bank Limited (“ANZ”).
CIP Cash Management Nominees Limited provides investors with competitive interest rates for on-call deposits in New Zealand dollars and selected foreign currencies.
Where instructed by you, we will administer funds held on your behalf in Pooled Cash Management Accounts with ANZ. Funds held on your behalf in the Pooled Cash Management Accounts will be recorded in Cash Management Accounts in your name.
*CIP Cash Management Nominees Limited holds the funds as bare trustee on our clients’ behalf in Pooled Cash Management Accounts with ANZ or any successor or other registered banks selected by Craigs Investment Partners. The Pooled Cash Management Accounts are unsecured debt securities of ANZ. The amounts held are recorded in a separate Cash Management Account in the name of each client.
The key factors that will determine your return will be the interest rate that you agree to invest your money at, the amount of principal you invest, the term of your investment, and any tax deductions.
You can withdraw part or all of the on-call deposits at any time. Should you wish to close your Cash Management Accounts you must notify CIP Cash Management Nominees Limited in writing.