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Consumer's top 20 investments, Deductibility on donations a cop-out, Credit Union placed in interim liquidation, and Royal & SunAlliance posts improved profits.

Monday, May 18th 1998, 12:00AM

by Philip Macalister

Consumer's top 20 investments
Consumer magazine has produced its second annual listing of what it considers to be the top 20 investments, plus the five investment dogs.
The only new product in the listing this year is annuities, however Consumer has added a whole raft of managed funds in the cash management, diversified, international shares and New Zealand shares sectors.
Once again Consumer has placed paying off the mortgage and other debts at the top of the list, and it has firmly embraced index funds, adding the NZ Top 40 Fund to its top 20.
The dogs this year are gold, sunken treasure (as in the General Grant), unrealistic ostrich investments (are there any other kinds?), poor quality inner-city apartments and racing "investment" software.

Credit Union placed in interim liquidation
A question mark has been put over the $8.8 million of savings held by the Canterbury Port and Province Credit Union that has been put into interim liquidation.
Christchurch accountant David Crichton, who has been appointed liquidator, says all the union's bank accounts have been frozen.
Canterbury Port and Province has about 6000 members in Canterbury and Marlborough.
Interim liquidation differs from liquidation, and does not mean the union will automatically be put into liquidation.

Deductibility on donations a cop-out
Charities are calling for a change in tax laws to encourage people to donate more money to charitable causes.
"The present system is a cop-out," Presbyterian Support Services (Northern) spokesman Lee Schoushkoff says.
For the past eight years the maximum tax rebate to an individual or company making a charitable donation has remained unchanged at $500, yet the charities are doing more of the work which was once considered part of the Government's role.
Spicers research manager Aaron Hing says that based on the top tax rate of 33 per cent the maximum deduction of $500 equates to a gross donation of $1500. "So far during the 90s inflation has eroded this sum to $1250 in real purchasing terms."
"This buys a lot less food and bandages than it did eight years ago," he says.

Royal & SunAlliance posts improved profit
Royal & SunAlliance has says it has posted a strong profit performances in both its life operations and its fire and general business in the year ending December 31.
The life company increased its pre-tax profit 68.5 per cent to $2.7 million, while the fire and general business was up 111 per cent to $16.1 million.
The company says the life insurance industry is undergoing fundamental modification as it responds to the need for a change in attitudes to retirement provision and the mushrooming of investment options.
Its purchase of Norwich Union's life and funds management business occurred post-balance date, however the acquisition will give Royal economies of scale, a stronger fund management team and an increased distribution base.

« Aon and Jacques Martin do a dealGet your tax questions answered online »

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AIA - Back My Build 6.19 - - -
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China Construction Bank Special - - - -
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Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
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