Colonial pays compo after messing up unit prices
Commonwealth Bank and Colonial must compensate unit holders for using incorrect unit pricing. The compensation may exceed $10 million. The errors arose from an incorrect allocation of imputation tax credits, the incorrect treatment of tax allowances, other tax related problems and processing irregularities that date back more than four years. Commonwealth Bank said most Colonial unit holders affected by the error had already been recompensed. But the bank found a second set of mistakes last year with the Colonial master trust and also with a Commonwealth Life super trust.