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Tax Information Bulletin: Corrections

NZIT investments not exempt

In the Tax Information Bulletins, Vol 19, No 3 (April 2007) and Vol 20, No 4 (May 2008), we referred to investments in New Zealand Investment Trust plc (NZIT) that were exempt from being attributing interest under the new foreign investment fund (FIF)rules.

NZIT has advised that investments in the company do not meet the criteria for the exemption for the 2008 tax year. Investors in NZIT, therefore, need to take into account this investment when determining their tax obligations under the new FIF rules.

If a return of income has already been filed on the basis that the exemption applied, you should make a full voluntary disclosure of any tax shortfall due to the above change.