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 ended 30 June 2018. The distribution is 3.70 cents per stapled security for the period ended 30 June 2018 and will be paid on 4th September 2018.
PROPERTYLINK (HOLDINGS) LIMITED
No dividend was declared for the half year ended 30 June 2018.
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):
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 2018.
Component cents per unit
(cents per unit)
(cents per unit)
(cents per stapled security)
(refer to Note 1)
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 1.3707 cents per unit for PAIP and 0.2262 cents per unit for PT (refer to Note 1), and relates to the income year ended 30 June 2018.
No part of the distribution in respect of the period ended 30 June 2018 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 2018 will be shown on the Annual Taxation Statement, which will be issued in September 2018.
PLEASE NOTE: this information is provided to assist Custodians/ Nominees and other MITs, and not Australian resident individual investors.
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 2018 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 2018 amounted to 1.3707 cents per unit for PAIP and 0.2262 cents per unit for PT.
Securityholders should seek their own tax advice regarding the fund payments.