FIF deemed rate of return set for 2013–14
Hon Todd McClay
26 June 2014
rate of return set for 2013–14
Todd McClay has announced that the deemed rate of return for
taxing foreign investment fund (FIF) interests has been set
at 7.99% for the 2013–14 income year, up from 6.91% for
the previous income year.
The deemed rate is set annually
and is one of the methods that can be used to calculate
income from FIF interests.
The rate is based on an average
of the five-year Government bond interest rate at the end of
each quarter, plus a 4% margin.
The rate was set by Order
in Council earlier this
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Novopayout: Government-Owned Company To Take Over School Payroll
After lengthy negotiations, the Ministry of Education and the existing school payroll provider, Talent2, have settled both on the amounts payable by Talent2 towards the costs of remediating the Novopay service and a new operating model for the school payroll system.
The new model involves a new government-owned company taking over the operation of the payroll service, and Talent2 licensing the core Alesco software to that company.
The settlement provides for Talent2 to pay the Ministry between $18 million and $22 million, made up of $7 million in cash and other considerations including a license for the Alesco software and discounted fees for the support and maintenance of this software. More>>