Claire Brabant

2 months ago | lexology.com | Lloyd Kavanagh |Jeremy Muir |Claire Brabant |Zena Razoki |Ken Ng

The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill (Bill) had its first reading in Parliament last week, to (at least at this stage) broad cross-party support, and was referred to the Justice Select Committee. This follows the relevant Cabinet Paper released last year, which we discussed at the time. Public submissions on the Bill are now being called, with a closing date of Friday, 28 March 2025.

Sep 1, 2024 | lexology.com | Andrew Ryan |Simon Akozu |Lloyd Kavanagh |Jeremy Muir |Claire Brabant |Sue Wong

On 30 August 2024 Inland Revenue released a draft interpretation statement entitled “GST treatment of fees paid in relation to managed funds”. A key conclusion in that guidance is that fees payable to the manager of a managed fund for services supplied to investors are not subject to GST as they are consideration for exempt supplies of financial services. This is the opposite position to a legislative proposal in 2022 that would have made all fund manager services subject to GST at 15%.