Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Resolving tax values in investment funds

BNZ Investment Management resolving tax values in investment funds

BNZ Investment Management Limited (BNZIM) has identified incorrect tax values in five of its investment funds that affect the total asset values of each fund.

BNZIM is taking steps to correct this and intends to ensure that customers’ investments will not be adversely impacted. To protect the interests of all investors, BNZIM has temporarily ceased accepting contributions into the five affected funds and instigated a comprehensive review. BNZIM will contact affected investors to inform them of their individual circumstances.

Two of the funds are the BNZ Balanced Fund and the BNZ Active Growth Fund. These funds hold a combined asset value of approximately $130 million. Approximately 1% of this value is represented by the incorrect tax values.

The other funds are the Future Lifestyle Plan’s Conservative Growth Fund, Balanced Growth Fund, and Dynamic Growth Fund. These funds hold combined assets of approximately $300 million. Approximately 2% of this value is represented by the incorrect tax values.

Investors who have withdrawn funds in the past have generally been advantaged and BNZIM will not be seeking any refund from them. BNZIM intends to recompense customers whose investments have been adversely impacted.

Withdrawals from the funds are being processed in the usual manner. However, the issue affects accurate valuation of the funds, so investors may receive a positive adjustment after making a withdrawal.

BNZ Investment Management Limited is a related company of Bank of New Zealand and National Australia Bank.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>