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  1. #81
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    Lots of snobbery/ hate towards sharsies on this forum.

    Have not used the platform myself yet but I see they are going to offer US shares. Does anyone know if these will be subject to FIF rules? or does the fact you do not actually own the shares mean it will be exempt?

  2. #82
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    Quote Originally Posted by ratkin View Post
    Lots of snobbery/ hate towards sharsies on this forum.

    Have not used the platform myself yet but I see they are going to offer US shares. Does anyone know if these will be subject to FIF rules? or does the fact you do not actually own the shares mean it will be exempt?
    I'd expect so wouldnt you, beneficial interest even if it is as you say.
    I agree I do have a certain resentment to Sharesies but am using it as an experiment. Its pretty ok. No depth would be the worst thing though you can buy that now at $10/mth.

    You know I think the reason I resent it is because I didnt think it could be done, and now that it has I am jealous I never had it haha.
    For clarity, nothing I say is advice....

  3. #83
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    Interesting to see how to us shares aspect of this is planned for.
    Last edited by Panda-NZ-; 21-08-2020 at 10:02 AM.

  4. #84
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    Quote Originally Posted by ratkin View Post
    Lots of snobbery/ hate towards sharsies on this forum.

    Have not used the platform myself yet but I see they are going to offer US shares. Does anyone know if these will be subject to FIF rules? or does the fact you do not actually own the shares mean it will be exempt?
    Another outfit is called Hatch that is already offering trading in US equities.

    Some years ago I went to a local NZ Shareholder Assn here in Christchurch. They had a representative talk about their Sharsies business. I asked specifically about FIF and what happens and who is responsible about reporting etc. The presenter did not really answer my question so I assumed they did not know. Something tells me is it's entirely up to the client to report to IRD under FIF once they go over that $50K NZD threshold. Sharesies and Hatch only do the minimum requirement such as W8BEN reporting requirements etc.

  5. #85
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    Quote Originally Posted by SBQ View Post
    Another outfit is called Hatch that is already offering trading in US equities.

    Some years ago I went to a local NZ Shareholder Assn here in Christchurch. They had a representative talk about their Sharsies business. I asked specifically about FIF and what happens and who is responsible about reporting etc. The presenter did not really answer my question so I assumed they did not know. Something tells me is it's entirely up to the client to report to IRD under FIF once they go over that $50K NZD threshold. Sharesies and Hatch only do the minimum requirement such as W8BEN reporting requirements etc.
    I think you will find you are correct. Sharesies and Hatch are no more no less like Direct Broking and ASB. Just a facilitator of a trade. It is up to the client to report to the IRD. Always has been the case. I think there are many new investors in NZ who have no idea what FIF is or even what trading profits are.
    Last edited by blackcap; 09-08-2020 at 07:38 AM.

  6. #86
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    Quote Originally Posted by blackcap View Post
    I think you will find you are correct. Sharesies and Hatch are no more no less like Direct Broking and ASB. Just a facilitator of a trade. It is up to the client to report to the IRD. Always has been the case. I think there are many new investors in NZ who have no idea what FIF is or even what trading profits are.
    To be fair FIF is a diabolical invention that needs a massive overhaul. This 50k limit is ridiculous as is the big long list of what is, and is not exempt, it one big confusing mess.

  7. #87
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    Quote Originally Posted by ratkin View Post
    To be fair FIF is a diabolical invention that needs a massive overhaul. This 50k limit is ridiculous as is the big long list of what is, and is not exempt, it one big confusing mess.
    Totally agree. If they made the limit $1m it would make more sense. At that level you have the economies of scale to hire an accountant/software to work it all out for you. Anything under that is a joke.

  8. #88
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    Info re this from Sharesies, to those who registered interest in US shares:

    FIF tax
    If you have over $50,000 NZD invested in overseas investments, youíll be subject to the Foreign Investment Fund (FIF) tax rules. If youíre in this situation, Sharesies wonít be handling your tax for you and you should seek tax advice.
    If you have less than $50,000 NZD invested in overseas investments, you donít need to worry about this!

    Quote Originally Posted by blackcap View Post
    I think you will find you are correct. Sharesies and Hatch are no more no less like Direct Broking and ASB. Just a facilitator of a trade. It is up to the client to report to the IRD. Always has been the case. I think there are many new investors in NZ who have no idea what FIF is or even what trading profits are.

  9. #89
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    Someone previously suggested the strong market recovery could've been due to sharesies. Mainly novice investors just throwing some cash into stocks without any knowledge.

    Will make today very interesting as we see trading commence, I imagine a lot of panic selling will happen if they are novice investors.. Today might prove the theory true or false..
    Last edited by gains; 12-08-2020 at 07:34 AM.

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