By Michael Coote
Friday 9th June 2000
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A letter circulated to the industry from Gerard Doherty, general manager retail business at Sydney-based Perpetual Investments, warns of a fees hike.
Perpetual will have to alter its trust deed for its cash management fund to permit an increase of its responsible entity fee from 1% to 1.094%, Mr Doherty writes.
Other Perpetual funds affected will be the industrial share fund, the fidelity global funds, the investor choice fund and the investor choice retirement fund. Short supplementary prospectuses will be issued to cover GST changes.
Fees and commissions of managed funds are subject to GST. Investors will get some relief as cost savings must be passed on to investors under the Trade Practices Act 1974 and according to guidelines published by the Australian Competition and Consumer Commission. Additional relief will come from reduced input tax credits, which the Australian Tax Office will allow on managed funds that have management expense ratios and entry fees.
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