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My question is on hybrids. Is it true that ASIC now believe these to be classified as Australian Equities? I completely agree with Paul’s comment to classified them as fixed interest and bonds (eg: new NAB issue). However, reports from places like BT Wrap classify them as equities. Where is the basis for this change of classification? I know they have equity like characteristics but if I were to classify them now as equities I would be outside my investment strategy.
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We are running a SMSF and were offered by Citibank a structured product with yield 6.5% (AUD) -8%(USD). We are not sure if this is an approved product for a Superannuation fund and wonder what your view is on structured products? Our understanding is that the Citibank structured product is based on the 4 big Banks performance and after 3 years if the any of the 4 Banks price is below 50% we will lose capital by the extent to which any bank price is below 50%. There is no Capital Gain to us if the bank prices rise.
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Paul, I’ve sold most of my bank shares but I still have some NAB and CBA. I am wondering whether or not to buy the NAB Capital notes 2. What is your advice on this subject?
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As we approach year end, can you explain the best way to minimise Capital Gains Tax? Specifically, to avoid paying CGT should I be looking to book sufficient losses to cover gross capital gains I’ve made (before applying the 1/3 discount for shares sold that I held more than 12 months), or do I only need to book losses to cover 2/3 of the gross capital gains in this case to make use of the 1/3 tax concession?
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I rolled over my super from First State Super. I received a statement from them showing 2 sections in the transaction details. One is Tax Component and the other Tax-free component.
Is the Tax component the same as Concessional contribution and the Tax-free same as Non-Concessional contribution?
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Are there real risks in going in for the NAB Capital Note 2 offer, or is it more that NAB have to disclose very improbable scenarios?
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