News Round Up

Trusts and Estate Planning page, Fund withdrawal tax now law, UK trusts: To be, or not to be?, UDC's latest rates.

Sunday, September 24th 2000, 11:25AM

A page of news dedicated to trusts and estate planning is the next of a number of new additions to be added to Good Returns.

The page is scheduled to be launched on October 2. It will include all the latest news from the trust area, regular commentary from Tower Trust on events, plus a significant amount of background information on trusts, how they should be established and run.

Fund withdrawal tax passed
Parliament, on Thursday, passed the Taxation (FBT, SSCWT and Remedial Matters) Bill and the Securities Amendment Bill on their third reading. The latter amends the Securities Amendment Act and gives superannuation funds a year in which to update their publications to include information about the new fund withdrawal tax. (Look out for more information on the new law later this week on Good Returns).

UK Trusts: To use or not to use them? That is the question

One of the big issues facing advisers, investors and fund managers at the moment is what to do about the coming invasion of UK based managed funds?

A number of managers are promoting or are about to start offering tax-favoured UK unit trusts and Open Ended Investment Trusts in New Zealand.

Should you embrace them or ignore them? Find out more at a two-day funds Funds Management conference due to be held in Auckland on October 19-20. For more information email sfoster@iir.co.nz

Latest UDC Rates
UDC has changed a number of its investment rates, as from September 25. The changes are:

- Secured term investment, which is a fixed rate for three years: 7.25%
- UDC Telephone call account: 6.15% ($100,000 plus), 6.00% ($20,000-$100,000) and 5.75% ($5000-$20,000)
- UDC 3yr secured term investment: 7.25% (min $25,000)

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