Savers in for $250m tax gain

Wednesday 17 November 2004

Savers could be about $250 million a year better off under sweeping changes to the tax treatment of investment income foreshadowed yesterday.

By The Landlord

Finance Minister Michael Cullen indicated broad support for most of the recommendations of independent adviser Craig Stobo.

Stobo's job was to see if a consensus could be found for cleaning up an area of tax law known for distortions and inconsistencies.

Cullen said no decisions had been made as yet.

The Government's position would be spelled out in next year's Budget because of the significant cost in lost revenue - a rough estimate was $250 million a year.

But Cullen is on record as supporting scrapping the capital gains tax on share trading profits made by managed funds used by superannuation schemes.

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