class action coming, page-27

Hi molonski,

I'm very sorry to hear about the change of circumstances. You are right - its been a shocking year all round. Sadly more to come next year I suspect.

GTP and TIM were always a case of 'invest in the business and not in its products'. Like buying bank shares rather than depositing money in its accounts.

The trick was always to buy the stock when the laws were confirmed in 2004 and then ride them up because of the ludicrous profits they were booking from their tax-advantaged product range.

The problem with the products (be they timber or anything else) was that the average fees being deducted from most schemes (not just GTP / TIM) was around 50% of the capital.

The worst we ever saw was 74%.

Now, how the hell can anyone ever make a case that this was a product worth investing in. But it was bloody lucritive for the promoters.

Even if the High Court overruled the ATO re horticultural schemes then the government would immediately legislate to kill them once and for all. The ALP always agreed in principle with Costello and Dutton that these schemes were a tax rort.

That didn't stop owning the shares being a good thing for a while.....

The shame of it is that it will prove to punters once again that investing in agriculture is a mugs game - just at the time that global agriculture needs investment more than ever....

Should catch up some time if you are in the city any time ?