News Round Up
Gst now payable on management fees, More money for the super fund, EQC goes offshore, New deposit rates.
Sunday, November 4th 2001, 8:55PM
GST now payable on management fees
As reported earlier this year the industry and IRD were in discussion over the issue. (Read the Earlier story here)
These discussions have resulted in a 'concession' being reached. IRD has agreed not to backdate the charges as long as managers start applying gst from November 1.
The percentage of the management fee liable for gst is 10%.
Superannuation funds are exempt from gst.
More money for the super fund
The Government is putting aside $1 million to promote its New Zealand Superannuation fund to the public.
The campaign will be informational in nature, and is scheduled for the first half of next year. It will feature a household leaflet drop supported by television advertisements.
To read more about the Government's plans click here
Do you think the Government should be spending money promoting the fund? Vote in our new pollhere.
EQC goes offshore
The Earthquake Commission is to diversify its $4 billion Natural Disaster Fund by investing up to 35% of its funds in global equities.
Finance minister Michael Cullen says the move makes sense: "In the event of a major earthquake, these investments would provide an important buffer as they would hold their value and could be sold quickly."
The remainder of the Fund would continue to be held in New Zealand in government stock and cash.
New deposit rates
UDC has made changes to some of its deposit rates effective November 5.
The new Secured Term investment rate for 2 years is 5.25%, minimum $25,000. Interest is paid yearly.
The telephone call account rates are: 4.70% for amounts of more than $100,000. 4.55% for amounts between $20,000 and $100,000, and 4.05% for $5,000 to $20,000.
The UDC Secured Term Investment 5 year is 6.15%, minimum amount $25,000.
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