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Boost for Government coffers courtesy of Super Fund

Author
Sam Thompson,
Publish Date
Thu, 9 Oct 2014, 8:13am
Beehive (Edward Swift)
Beehive (Edward Swift)

Boost for Government coffers courtesy of Super Fund

Author
Sam Thompson,
Publish Date
Thu, 9 Oct 2014, 8:13am

UPDATED 9:10am: A boost for Government coffers from tax paid by the Super Fund.

Its annual report shows New Zealand tax expenses for the year at ?$1.09 billion.

 

The fund considers the tax paid a return to the Crown.

Since its inception the fund has paid 4.36 billion dollars in tax.

In 2013, it contributed 10 percent of the total income tax paid by companies in New Zealand. ?

The Guardians of the New Zealand Super Fund are warning not to expect its exceptional returns, to continue.

finishing the year at 25.8 billion dollars after tax.

 

Chairman Gavin Walker says the run of strong fund returns of 17 percent per annum over the past five years, should not be considered normal.

The fund benefited from a strong share market rally in 2013/14, with a total return of over 19 percent.

It increased the Super Fund's coffers by $3.3 billion, finishing the year at $25.8 billion after tax.

Mr Walker is confident the fund will continue to deliver value for taxpayers, but we should expect more normal returns in the future.

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