26/04/2011
“We had to be sure that the tax treatment of the derivatives would align with the tax treatment of the underlying portfolio, and both be on the capital account,” Richards said.
“If the derivatives were on the income account, in some situations this process wouldn’t work, you’d lose all your franking credits for the entire year. It was important for us to ensure that wouldn’t happen.”
The institutions managing long-term savings might not be built to respond at the speed the world now moves. The gap between knowing and acting – which, ultimately, is where all risk lives – is one they can’t afford to keep open.
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