NZX RELEASE
21 March 2014
Favourable tax ruling on internalisation payment
Following the internalisation of the Manager in December 2013, Kiwi Income Property Trust sought a binding ruling from
Inland Revenue on the tax deductibility of the $72.5 million payment made to Commonwealth Bank of Australia for the
relinquishment of its fund and property management arrangements.
As anticipated in the Notice of Special Meeting dated 20 November 2013, Inland Revenue has ruled that the payment is
deductible for tax purposes, reducing the net cost of this payment to $52.2 million.
ENDS