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One last attempt at cracking franking credits issue

The government is going to have one last attempt at trying to reach an agreement with its Australian counterpart over the use of franking credits.

Wednesday, June 4th 2008, 5:08AM
Franking credits issued by Australian companies are essentially the equivalent of imputation credits from New Zealand companies. However, a point of on-going tension between the two countries for years has been that New Zealand investors cannot use franking credits, therefore they are being double taxed.

Revenue Minister Peter Dunne told the SiFA conference last week that the New Zealand government has always pushed for mutual recognition of franking credits, however the former Australian governments, led by John Howard, opposed the move.

Dunne said there are signs that the Rudd-government is "marginally less negative" than the previous administration.

"We have decided to have one last crack at it," Dunne said.

He said the two governments were about to go into a consultation process and the New Zealand government was keen to advance the concept of a single economic market.

Such a move to tidy up this area would be a significant benefit to New Zealand investors.

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