Tax time is just around the corner, and we're here to make the end of the financial year as easy as possible for you. We'll take care of all calculations, reporting and processing of any payments owed/made.
Here's a timeline of what to expect as we transition to the new financial year:
Date | What's happening |
Up until Monday 25 March | Please ensure your Prescribed Investor Rate (PIR) and Resident Withholding Tax (RWT) is up to date on your Kernel account. |
Around Tuesday 26 March
| Around this date we will send you a 2023/24 PIE tax estimate.
This is so you can decide whether you would like to take specific action to pay your tax, or have us take care of it as noted below. |
Up until 12pm Tuesday 2 April | You have until this date to; a) deposit money into your Kernel wallet, b) sell down any existing holdings to cover any tax owed, or; c) do nothing and wait for us to sell down units from your largest holding, to cover any tax owed. |
After Wednesday 3 April | Tax will be paid to the IRD on your behalf and our team will prepare your annual tax report. |
Please note:
During tax time (shortly after 31st March), you will see two numbers in your wallet - your available balance and your balance. Your available balance will include the amount outstanding for tax, likely a negative number. After any tax owed is paid via a cash deposit or fund redemption, this number will clear.
If you have an Auto-invest, this may not occur or be stopped
Due to the processing of tax owed through your wallet balance, any active auto-invest orders may stop, should money deposited into your wallet for an auto-invest be allocated towards tax.
Where can I see my tax payment?
Towards the end of April, you will be able to see the tax payment under the 'Transactions' tab within the Kernel platform. This will show once the payment has been processed with the IRD.
When will I receive my tax statement?
You will be able to view and download your Kernel tax statement via the 'Reports' tab, on your Kernel profile, towards mid-May.
What happens if I am owed a tax refund?
If you are owed a tax refund, this will be credited to your wallet at the end of April.
What if I joined part way through the year or have already paid some tax in my Kernel Funds?
The tax amount we estimate and deduct at the beginning of April is the outstanding amount due at year end. If you have sold units in a fund in the year, you may have already paid some tax as part of that process. Similarly, if you join Kernel or invest in a new fund during the year, the tax amount has been prorated based on your time and amount in the fund.
Have other tax questions? Check out our Tax FAQs.