Asgard has announced it will be reducing the administration fees charged on managed funds within its eWrap product.
General Manager of Product with St George Wealth Dean Thomas said the fee reduction resulted from Asgard receiving a Private GST Ruling from the Australian Taxation Office that eWrap Investment is an ‘entity’ under GST law.
He said that from October 1, eWrap investors with managed funds in eWrap Investment would see a reduction to the net administration fees charged on their accounts of up to 7.5 per cent.
Thomas described the ruling as a big win for over 90 per cent of Asgard’s eWrap Investment clients.
