Sue Wong

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%.