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MacQuarie reFleXion trust June 2007

Discussion in 'Managed Funds & Index Funds' started by Mark I, 2nd Feb, 2014.

  1. Mark I

    Mark I Member

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    Any investors have an opinion on the offer from Macquarie to buy-back units in the 2007 variation.
    The value of the numbers in the worked examples appear derisory.
     
  2. Mark I

    Mark I Member

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    the Feb 2014 buyback appears to be another Macquarie long-bow.
    according to my FP, the early buy back is to take advantage of a 50% CGT discount.
    tax accountant says all investments held a year or more receive a 50% CGT discount...

    I'm reeling from investing in $1.8K per month for seven years and only minimal Div 16E tax write-offs to claw back a massive loss.
     
  3. Mark I

    Mark I Member

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    Decided to sell-up and take a hit.
    I would be interested to hear opinions from other investors.
    Macquarie will not be on my investments in future.
     
  4. Pinvest

    Pinvest New Member

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    Perth, WA
    Maquarie Reflexion

    Ever since I entered the reflexion trust in June 2007 it has been a battle to get any decent information out of Macquarie - it is all smoke and mirrors. I now believe that the fund was never going to make money for the client. I was very naive going into this investment I'm afraid.

    My investment has now reached the maturity date and not a word from macquarie stating this or a final report summarizing the investment performance. Just $0 shown in the online GearUp portal.

    reFleXion Trusts - June 2007: MR xxxxxxxxxxx 2186821
    Underlying Market Value : $0.00 +

    Facility Summary
    Portfolio Market Value $0.00
    Loan Balance $0.00
    Portfolio Equity $0.00


    Portfolio Summary
    This account has no holdings

    I'm glad to be rid of Maquarie so I can move on.:mad:

    I would like to hear if there are any class actions against macquarie regarding this investment.

    Regards

    Pinvest
     
  5. Mark I

    Mark I Member

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    Hi Pinvest.
    Considering the business model Macquarie operate with, their administration is not the best.
    It always took 3 months after June 30 before they provided a statement to complete tax returns.
    In contrast, their collections team are very quick.
    I'd like the chance to speak about share our experiences. Send me a message if you want
    Mark
     
  6. Sadinvestor

    Sadinvestor New Member

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    Macquarie Reflexion june 2007 offer

    Hi all investors of Macquarie Reflexion june 2007 offer,
    Can you please post your concerns because iam thinking of a possible class action against Macquarie because the dodgy sales person sold me this investment without considering my best interest and i have lost thousands of dollars that i contributed over the last 7 years.
     
  7. gemudford

    gemudford Member

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    MacQuarie reFleXion trust June 2007

    Yes id be interested to know, what questions will be asked of Mac Bank, and if there is moves of a class action remembering this fund was flogged off during the height to some pretty dodgy stuff going down pre GFC.

    luckily i didn't have a lot invested. NO distributions for 7 years (did anyone get any????) got a mere $800 dollars capital gain back just a few weeks ago.
    happy to discuss share detailed info with anyone.
    very disappointed and suspicious.
     
  8. gemudford

    gemudford Member

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    i didn't take any offers/variations up during the entire 7 years. BTW. loved how each had its own hefty admin fee..
     
  9. Pinvest

    Pinvest New Member

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    Assessable Tax Distribution of $20,710.07 received

    On the 24th September I received an amended 2014 tax summary stating that my investment received an Assessable Tax Distribution of $20,710.07 (tax reference 13U), however there was no cash payment or capital return. I have an email from Jonas Berglund (Manager) stating that there were no distributions! To me this is just further evidence that the fund was poorly administrated.

    I will be investigating this and will post my findings.

    Gemodford, to answer your question, I didn't receive any capital return. Did you participate in any variations?
     
  10. diggerati

    diggerati New Member

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    Reflexion Trust 2006

    All

    Do any of you have a clear view of what was meant to be specified in the 2012/13 Tax return in relation to the maturity of the Reflexion 2006 fund? I have a large income line from Macquarie that I wasn't expecting (I didn't get any actual money) that Macquarie claims relates to the 16E deductions over the period of the investment. However the total of the 16E deduction is about half of what the income is that's been declared resulting in a big whack of new tax to be paid to the tax man.

    Thoughts?

    Also any further on any action against Macquarie especially if you were invested in via an intermediary or a third party financial planner and not Macquarie's own planners?
     
  11. Adamphilp

    Adamphilp New Member

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    Hi,
    Was just wondering how you went with your tax? Did you have to pay the income tax on the amount you never got to see?
     
  12. Adamphilp

    Adamphilp New Member

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    Hi,
    Wondering how this turned out? I received $8000 at maturity and I'm being taxed on $27900? I was 21 when I had my arm twisted into this investment, did I not read the fine print?
     
  13. andrew0803

    andrew0803 Member

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    I will be testing the legality of my reflexion trust investment and claiming damages etc. My litigation is likely to commence in March 2015. My legal advice that i received a few weeks ago was that here are some really interesting aspects about the legal status of the the reflexion trust. Its not 100% sure but its worth a court challenge to Mac Bank.:)
     
  14. Jimi May

    Jimi May New Member

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    16E deductions are ultimately a timing difference for tax and net to zero over the life of the investment. They reduce any captial gain or loss on the return for final position as benefit has already been taken in prior years.

    The issue with paying tax on income you haven't received relates to the loan payback at maturity. So you have to declare a relatively large amount for distribution income, but the actual distribution (cash in bank) is then significantly less due to paying back the loan amount at maturity.

    Seems to me the capital protection element of the investment is partly because you are forced to pay backa a premium on the loan, as well as having paid interest on the loan for several years.
     
  15. andrew0803

    andrew0803 Member

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    litigation against MBL

    The advice from Maurice Blackburn is that investors have a reasonably good case against MBL. Litigation to commence shortly.
     
  16. Euro

    Euro New Member

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    Have you started your litigation process yet? I had invested in Reflexion 2007 and although I received no money I am now also hit by a huge tax bill. I was in contact with Maurice Blackburn last year and subsequently rang Macquarie to 'register' but as I went through an 'independent' financial adviser they said I wasn't eligible?? My accountant has serious concerns and suspicions re this investment and particularly relating to the 16E deductions. I will now contact Maurice Blackburn to discuss my options. I would like to know what the others have done in the past few months/year.
     
  17. Albert

    Albert New Member

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    Macquarie Reflexion - sick and doggy

    I am facing a large tax bill for money not seen from Macquarie Reflexion. Over 7 years, paying hundreds and thousands of dollars for prepaid interest for $0 return, then facing a large tax bill. Any advices are welcome from MAC Relflexion investors on dealing with Macquarie paper gain on tax return, please.

    Any progress on court action against Macquarie, a supposed to be reputable organization but with very doggy practice that designed this kind of so-called 'investment' (so shameful that they attract ordinary investors to loose huge amount of money for their own gain, very sick indeed), should have a class action against this doggy guy, and make more people aware, not become a victim again.
     
  18. BumFuzzle

    BumFuzzle New Member

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    .....

    I would be interested to hear any information on this as im having similar issues with my reflexions maturing this year and lumped with a non - primary income of $18K which I have not seen in any form just the dividends of two funds which was a poor return
     
  19. hawd69

    hawd69 Member

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    Huge Tax bill on Macquarie Reflexion

    Hi All,

    I too have invested (through an advisor) into the Macquarie reflexion trust (june 2008) and then took up the variation.

    This matured in June 2015 and now when doing my tax return, I have been hit with a whopping tax bill.

    Ive contact maurice Blackburn after having read this thread. Not sure how far it will get me, but if you are reading this, go lodge a complaint there too.

    Macquarie Private Wealth | Lawyers | Maurice Blackburn

    This appears to have been a shoddy investment as the product seems to never have been able to make more money than what was required to be paid.
     
  20. gemudford

    gemudford Member

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    MacQuarie reFleXion trust June 2007

    yep also just got call from Tax office re: bill for assessable income that i did not recieve.

    keen to know how everyone went dealing with this. also any further info re: legal options.