It has written to investors telling them it understands that they may have paid tax based on the values in their false RAM portfolio reports.
“As the actual RAM related investment values determined by the liquidators are lower than the values in the original reports, investors may seek to have their income tax returns amended.”
Investors can calculate the income they should have paid tax on by multiply the original filed income by a set range of percentages the IRD has allocated over the past five years. If an investor’s 2012 fair dividend rate income was $50,000 they reduce it by a multiple of 3.67% and will have a new income of $2860.
Income from the tax year ended March 31 2008 is reduced by a multiple of almost 30%, reducing the original RAM value for the year from $208 million to $61 million. Amended income tax returns will have deducted management fees similarly reduced.
Investors can also apply to have income tax returns amended to remove overseas interest and dividends if they can prove the amounts.
Ross Asset Management investors group spokesman Bruce Tichbon said it was a big win. “We estimate that about $15 million to $20 million will be refunded by the IRD.”
He said the group was still committed to realising the full amount of money stolen by David Ross.
Ross is being sentenced today in Wellington.
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