NZ cents per share |
NZ Residents on top of marginal tax rate of 33% |
Australian Residents on top of marginal tax rate of 46.5% |
Australian Residents on 15% tax rate |
Other Non Residents(9) |
|---|---|---|---|---|
|
Dividend declared NZ imputation credits(2) NZ supplementary dividend(3) Australian franking credits(4) |
18.0000 0.0000 - - |
18.0000 - 0.0000 0.0000 |
18.0000 - 0.0000 0.0000 |
18.0000 - 0.0000 |
| Gross dividend for NZ tax purpose | 18.0000 | 18.0000 | 18.0000 | 18.0000 |
|
NZ tax 33% (5) NZ non-resident without tax 15%(6) |
(5.9400) - |
- (2.7000) |
- (2.7000) |
- (2.7000) |
| Net cash received after NZ tax | 12.0600 | 15.3000 | 15.3000 | 15.3000 |
|
Australia tax (46.5% and 15%) (7) Reduced by offset for NZ non-resident withholding tax Less Australian franking credit offset |
- - - |
(8.8200) 2.7000 0.0000 |
(2.7000) 2.7000 0.0000 |
- - - |
| Net cash dividend to shareholders after tax | 12.0600 | 9.1800 | 15.3000 | 15.3000 |
Record date: 27 March 2015Payment date: 15 April 2015
Dividend Reinvestment Plan price: NZ$8.5201 / A$8.3250
Notes
This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.
2. No imputation credits are attached to this dividend.
3. A supplementary dividend is only payable to non-New Zealand shareholders if the dividend is fully or partly imputed. It has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT) on that part of the dividend which has imputation credits attached. As noted above, no imputation credits are attached to this dividend. Accordingly, no supplementary dividend is payable.
4. There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil.
5. For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 33%. Accordingly, for those shareholders, a deduction of 5.94 cents per share will be made on the date of payment from the dividend declared of 18.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a credit for the difference between the 33% RWT deduction and their marginal tax rate.
6. NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.
7. This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 46.5%, including the Medicare levy. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.
| The Australian tax is calculated as: | 46.5% rate | 15% rate |
| Gross dividend for NZ tax purposes | 18.0000 | 18.0000 |
|
Plus franking credits |
0.0000 | 0.0000 |
| Gross dividend for Australian tax purposes | 18.0000 | 18.000 |
| Australian tax | 8.8200 | 2.7000 |
8. This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia. Shareholders resident in other countries are encouraged to consult their own taxation adviser.