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 half year ended 30 June 2017 (period ended 30 June 2017). The distribution is 3.62 cents per stapled security for the period ended 30 June 2017 and will be paid on 4th September 2017.

PROPERTYLINK (HOLDINGS) LIMITED

No dividend was declared for the half year ended 30 June 2017.

PROPERTYLINK AUSTRALIAN INDUSTRIAL PARTNERSHIP and PROPERTYLINK TRUST

Propertylink Investment Management Limited, the Responsible Entity (RE) of the Propertylink Australian Industrial Partnership (PAIP) and Propertylink Trust (PT):

  • considers that PAIP and PT are withholding managed investment trusts (withholding MITs) in relation to their income year ended 30 June 2017;
  • has made elections for PAIP and PT to be attribution managed investment trusts (AMITs) from 1 July 2016; and
  • gives the following notice to you as recipient of a payment of 3.62 cents per security for the period ended 30 June 2017.

The total fund payment portion received by a particular securityholder can be determined by multiplying the amounts below by the number of securities held by that securityholder at 30 June 2017

Component (cents per unit)

Component PAIP
(cents per unit)
PT
(cents per unit)
Total
(cents per stapled security)
Australian-sourced interest 0.004545 0.001258 0.005803
Fund payment
(refer to Note 1)
2.757916 0.927786 3.685702

The fund payments have been determined in accordance with Subdivision 12A-B of Schedule 1 of the Taxation Administration Act 1953, being the amount from which an amount would been required to be withheld under Subdivision 12-H of Schedule 1 of the Taxation Administration Act 1953 if the payment had been made to an entity covered by section 12-410 of that schedule. The fund payment is 2.757916 cents per unit for PAIP and 0.927786 cents per unit for PT (refer to Note 1), and relates to the income year ended 30 June 2017.

No part of the distribution in respect of the period ended 30 June 2017 is attributable to a fund payment from a clean building MIT.

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 12A-B of Schedule 1 to the Taxation Administration Act 1953. This subdivision deals with distributions from AMITs to foreign residents.

The RE of a withholding MIT that is an AMIT 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 the AMIT 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 12A-B 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 an AMIT 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.

Subdivision 12A-B requires any discount capital gains that form part of a distribution to be grossed up (doubled) in calculating the fund payment amount. Consequently, discount capital gains can in some cases result in the fund payment amount exceeding the actual cash distribution paid (as is the case with the June 2017 distribution made by PAIP and PT).

As a result of the calculation required under Subdivision 12A-B, the amount of the fund payments determined by Propertylink Investment Management Limited as RE of the PAIP and PT for the period ended 30 June 2017 amounted to 2.757916 cents per unit for PAIP and 0.927786 cents per unit for PT.

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

MIT Fund Payment Notice – Period Ended 31 December 2016 – Download PDF