Your income summary tells you how much distributable income you received or were owed, and the management fee on this income. It also shows you how much tax has been withheld and paid to IRD on your behalf. Te Tumu Paeroa is obligated to send you an income summary every year.
The amount listed in the income summary is the total amount of distributable income for all entities and individuals under Te Tumu Paeroa’s administration. If you receive distributable income, it is a proportion of this total based on how much money you held in the Common Fund at the end of each month.
You can request an income summary from past years but it costs $30 for the first requested year, and $10 for each additional year requested. This can be paid via credit card or through internet banking. Unfortunately we don’t accept cheques.
Distributable income is a share of the income received from all Common Fund investments less the management fees. The base management fee is currently set at 0.75% of the market value of the Common Fund. This fee is in line with the fee other fund managers’ charge for managing similar investments.
Distributable income is calculated monthly and based on the balance of your Te Tumu Paeroa client account on the last day of each month. It makes up a proportion of the total amount of funds held in the Common Fund.
Te Tumu Paeroa makes payments to clients’ bank accounts monthly when the amount meets certain minimum payment thresholds. Currently our threshold is $2.
You’re able to use the income summary to support an income tax return if you are required to complete one. For tax information please contact IRD and speak to a Māori Liaison Officer on 0800 227 774.