MIT Fund Payment Notice

MIT Fund Payment Notice – Download PDF

NOTICE TO: CUSTODIANS/NOMINEE AGENTS AND OTHER MANAGED INVESTMENT TRUSTS (MIT)
The following provides details of the components of the Propertylink Group distribution for the period from completion of the initial public offering transaction on 15 August 2016 to 31 December 2016 (period ended 31 December 2016). The distribution is 2.7 cents per stapled security for the period to 31 December 2016 and will be paid on 3 March 2017.

PROPERTYLINK HOLDINGS LIMITED
No dividend was declared for the period ended 31 December 2016.

PROPERTYLINK TRUST
No distribution was declared for the period ended 31 December 2016.

PROPERTYLINK AUSTRALIAN INDUSTRIAL PARTNERSHIP
Propertylink Investment Management Limited, the Responsible Entity of the Propertylink Australian Industrial Partnership, declares that the Trust is a withholding MIT for the purposes of Subdivision 12-H of Schedule 1 of the Taxation Administration Act 1953 (Commonwealth) in respect of its income year ending 30 June 2017, and gives the following notice to you as recipient of a payment of 2.70 cents per unit for the period ended 31 December 2016.

Component Cents per unit

Component Cents per unit
Australian-sourced interest 0.0044
Fund payment (refer to Note 1) 1.8033

The fund payment, being the payment from which an amount would have been required to be withheld under Subdivision 12-H of Schedule 1 to the Taxation Administration Act 1953 if the payment had been made to an entity covered by section 12-410 of that schedule, is 1.8033 cents per unit (refer to Note 1) and relates to the income year ending 30 June 2017.

The proportion of the payment in respect of the year ending 30 June 2017 which is attributable to a fund payment from a clean building MIT is nil cents per unit.

These components are provided solely for the purpose of the withholding MIT non-resident withholding tax under Subdivision 12-H of Schedule 1 to the Taxation Administration Act 1953 (Cth) and the non-resident interest withholding tax under Subdivision 12-F of Schedule 1 to the Taxation Administration Act 1953 (Cth), and should not be used for any other purpose.

The taxation components for the distributions for the year ending 30 June 2017 will be shown on the Annual Taxation Statement, which will be issued in September 2017.

PLEASE NOTE: this information is provided to assist Custodians/ Nominees and other MITs and not Australian resident individual investors.

NOTE 1
The fund payment amount is calculated in accordance with Subdivision 12-H of Schedule 1 to the Taxation Administration Act 1953. This subdivision deals with distributions from MITs to foreign residents.

The Responsible Entity (RE) of a MIT must withhold tax from “fund payment” amounts in respect of distributions it makes during an income year. In determining the amount of the fund payment relating to a particular distribution, the RE of a MIT is required to take into account earlier fund payments made during the current year and changes in circumstances as the financial year progresses. The fund payment amount calculated under Subdivision 12-H may not necessarily be the same as the cash distribution paid.

The method of calculating the fund payment amount is different to the way that a MIT calculates its annual taxable and non-taxable components for income tax purposes. For example, the calculation of the fund payment amount does not include interest income or foreign source income. These amounts are however included in the calculation of the trust’s final annual taxable and non-taxable components for income tax purposes.

As a result of the calculation required under Subdivision 12-H, the amount of the fund payment determined by Propertylink Investment Management Limited as RE of the Propertylink Australian Industrial Partnership for the period ended 31 December 2016 amounted to 1.8033 cents per unit.

Securityholders should seek their own tax advice regarding the fund payment.