DATE OF ISSUE: O9 JULY 1990
ESTATE MORTGAGE TRUSTS SUSPENSION OF INCOME ASSESSMENT
The purpose of this instruction is to advise that until further notice no income is to be assessed against any Estate Mortgage trust fund and to outline arrangements for the suspension of assessemnt of income for veterans holding these investments.
Names of the Trusts covered by this Instruction
2.Burns Philp, trustee for the Estate Mortgage managed funds, has advised that the March distribution of income to unit holders is in doubt and any further distribution of income is uncertain.This advice applies to all of the Estate Mortgage funds, namely:
Estate Mortgage Income Trust No. 1
Estate Mortgage Investment Trust
Estate Mortgage Depositors Trust No. 1
Estate Mortgage Depositors Trust No. 2
Estate Mortgage Depositors Trust No. 3
Estate Mortgage Depositors Trust No. 4
3.Assessment of income from these trusts is to be suspended until such time that an income distribution for the trusts has been made. Asset values for the investments are to continue to be held pending further advice from the trustee.
Pensioner Initiated Reviews
4.Pensioners who have written to the Department seeking reassessment of income from these investments should be reassessed as from the payday after receipt of the written advice.
Automatic Reassessment Run
5.Pensioners holding these investments who have been data collected onto the Managed Investments screen of the PIPS System will be reassessed via an automatic processing run to be made for payday 12 July 1990.
6.Payment advices for changes in entitlements as a result of this run will be produced automatically and will be delivered to each Branch for despatch to the pensioner.
Manual Reassessment
7.Those pensioners holding these investments who have not sought reassessment and are not yet data collected onto the Managed Investments screen will be reassessed on a case-by-case basis as they arise in process of review. These pensioners are to be reassessed as from the same date as the automatic run and arreas are to be payable from this date, 12 July 1990.
Contact Officer
8.The contact officer at Central Office for inquiries on this matter is Chris Lee, Income Support, phone 06 289 6081.
PETER HAWKER
NATIONAL PROGRAM DIRECTOR
(BENEFITS)