ATO hands down product ruling to Macquarie
TheAustralian Tax Office (ATO)has handed down its first ever product ruling to theMacquariebanking group for its Macquarie Instalments IMC series, confirming the group’s deductibility of interest for individuals and self managed superannuation funds.
According to Macquarie Equity Martkets executive director Jeff Weeden, this product ruling is a significant milestone for Macquarie in the five years since the group first introduced the product.
“With a broader client base investing in these products we see a product ruling as very important. Our investor spread is growing from its traditional client base to include more self managed superannuation funds looking for greater returns and also investors looking to unlock the value of their existing shares by converting them to instalments,” Weeden says.
There are now 11 active issuers of instalments with Macquarie representing 56 per cent of turnover for the year to date in 2002 according to ASX statistics. The other top five participants in this market had between 6 per cent and 9 per cent each over this period.
“We have witnessed phenomenal interest in instalments in a very competitive marketplace over the past few months with demand eclipsing previous interest in this product,” Weeden adds.
According to theAustralian Stock Exchangestatistics, instalment turnover for the first five months of 2002 is 2.4 times more than what is was for the same period last year. Turnover also increased by 1.7 times last year to $937 million compared with $537 million in 2000, the statistics found.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
