Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 
3595 posts

Uber Geek
+1 received by user: 960

  # 1732445 7-Mar-2017 12:43
Send private message



Can someone please confirm the fund management fees for me? I can see on their faq that it is 0.30%, @canaletto mentions 0.31% and their disclosure statement mentions both 0.31%.


I am trying to get my head around understanding some of the different schemes out there, and Simplicity is the first one I have found that has extra fees in their disclosure statement that is not clear on their website. Ie, the faq states 0.30% yet the disclosure states 0.31%. Also can anyone confirm the fees still need GST applied to them? Ie $30pa+12.5% and 0.31%+tax?





Can't answer your specific question, but just to confirm GST in NZ is 15% (increased from 12.5% in 2010!).

4330 posts

Uber Geek
+1 received by user: 94

Lifetime subscriber

  # 1732456 7-Mar-2017 12:55
Send private message

Quite right, mind is going numb after spending the last few hours reading kiwisaver disclosure statements and provider websites.


404 posts

Ultimate Geek
+1 received by user: 310

  # 1732459 7-Mar-2017 12:58
Send private message

The fee, for all simplicity funds, is 0.3% +$30.


4330 posts

Uber Geek
+1 received by user: 94

Lifetime subscriber

  # 1732562 7-Mar-2017 15:09
Send private message

According to an email I got from Simplicity;


Our management fee is 0.30% per annum and we allow for another 0.01% which could relates to expenses that may occur but to date have not been incurred or charged. You can safely use 0.31% in any comparison and we would still come out cheaper by a considerable margin.


After a bit of to-ing a fro-ing, I got the following reply about GST.


As we understand it only certain components that make up the management fee may attract GST. You can't apply GST to the entire fee as this is not necessarily correct. Here are articles which looks at this issue in more detail; 





Looking at the following link from IRD, administration charges are financial services and therefore are exempt from GST



So as best I understand it;


Their management fee should be calculated at 0.31%, tho they have no had to charge the 0.01% fee to date, so 0.30% is technically correct.


GST will not be charged on the annual $30 fee.


GST is not charged on the management fee as a whole, but the IRD may change the rules surrounding that, and it may be charged on certain aspects only.

930 posts

Ultimate Geek
+1 received by user: 195


  # 1732985 8-Mar-2017 12:48
Send private message

FYI Simplicity is now also offering investment funds.

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

1 | 2 
View this topic in a long page with up to 500 replies per page Create new topic

Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:

Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:

Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:

News »

HPE to acquire supercomputing leader Cray
Posted 20-May-2019 11:07

Techweek starting around NZ today
Posted 20-May-2019 09:52

Porirua City Council first to adopt new council software solution Datascape
Posted 15-May-2019 12:00

New survey provides insight into schools' technology challenges and plans
Posted 15-May-2019 09:30

Apple Music now available on Alexa devices in Australia and New Zealand
Posted 15-May-2019 09:11

Make a stand against cyberbullying this Pink Shirt Day
Posted 14-May-2019 20:23

Samsung first TV manufacturer to launch the Apple TV App and Airplay 2
Posted 14-May-2019 20:11

Vodafone New Zealand sold
Posted 14-May-2019 07:25

Kordia boosts cloud performance with locally-hosted Microsoft Azure ExpressRoute
Posted 8-May-2019 10:25

Microsoft Azure ExpressRoute in New Zealand opens up faster, more secure internet for Kiwi businesses
Posted 8-May-2019 09:39

Vocus Communications to deliver Microsoft Azure Cloud Solutions through Azure ExpressRoute
Posted 8-May-2019 09:25

Independent NZ feature film #statusPending to premiere during WLG-X
Posted 6-May-2019 22:13

The ultimate dog photoshoot with Nokia 9 PureView #ForgottenDogsofInstagram
Posted 6-May-2019 09:41

Nokia 9 PureView available in New Zealand
Posted 6-May-2019 09:06

Motorola Solutions joins local partners to deliver advanced communications network in New Zealand
Posted 30-Apr-2019 21:50

Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.

Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron

Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.