News

Govt to close down managed fund tax loophole

Thursday 7th of August 2003
The Government made it clear yesterday that it wasn’t prepared to tolerate the use of tax-effective Australian unit trusts (AUTs).

In a speech delivered to the Institute of Chartered Accountants in Auckland, Finance Minister Michael Cullen said using AUTs instead of New Zealand based vehicles to get around paying tax was unacceptable.

"From the Government’s perspective this is unacceptabl...

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