Ross Asset Management investors have claimed a “huge victory” after winning a tax refund test case against Inland Revenue, which could result in a “significant financial refund.”
A professional tax adviser has contacted us and is undertaking to try to obtain a full refund of taxes levied by IRD for RAM transactions. A copy of the offer letter can be seen here.
Professional Tax Assistance- Disclaimer – RAMIG advises our membership of any relevant offers of professional assistance. You should make your own decision whether or not to pursue any offer in discussion with the independent party making the offer. RAMIG does not have a direct financial interest in any such offer or process. However, if successful, any initiative offered may be generally beneficial for members.
RAMIG welcomes proactive advice from all professionals in the field, and will give notice to investors if appropriate.
There is a possibility investors in Ross Asset Management may be eligible for tax return refunds.
Investors in the Wellington-based investment company have raised concerns over tax paid to the Inland Revenue Department on what could turn out to be fictitious returns.
PwC receiver John Fisk is expecting to file a court application to have the company liquidated, which means investors who have enjoyed ‘inflated returns’ may be targeted.
Inland Revenue could face claims for millions in tax refunds if clients of Ross Asset Management can satisfy it that their “income” never existed.
Investors now face the prospect of recovering less than 3 cents in every dollar they thought they had with Ross.
But according to expert claims, those who drew a regular income from their investments – which was taxed – may get a refund if they can satisfy the IRD that they were in fact simply getting their original deposits back.