Dividend Information   |   24 March 2016

2016 Interim Dividend Summary

2016 Interim Dividend Summary Table1

NZ cents per share
NZ Residents on Top of Marginal Tax Rate of 33%
Australian Residents on Top of Marginal Tax rate of 49%
Australian Residents on 15% Tax Rate
Other Non Residents8

Dividend declared

19.0000

19.0000

19.0000

19.0000

NZ imputation credits2

0.0000

 

 

 

NZ supplementary dividend3

 

0.0000

0.0000

0.0000

Australian franking credits4

 

0.0000

0.0000

 

Gross dividend for NZ tax purposes

19.0000

19.0000

19.0000

19.0000

NZ tax (33%)5

(6.2700)

 

 

 

NZ non-resident withholding tax (15%)6

 

(2.8500)

(2.8500)

(2.8500)

Net cash received after NZ tax

12.7300

16.1500

16.1500

16.1500

Australian tax (49% and 15%)7

 

(9.3100)

(2.8500)

 

Reduced by offset for NZ non-resident withholding tax

 

2.8500

2.8500

 

Less Australian franking credit offset

 

0.0000

0.0000

 

Net cash dividend to shareholders after tax

12.7300

9.6900

16.1500

16.1500

 

Record date: 24 March 2016

Payment date: 13 April 2016

Dividend Reinvestment Plan price: NZ$7.7658/A$7.0058

 

Notes

  1. 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 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 6.27 cents per share will be made on the date of payment from the dividend declared of 19.0 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 RWT deduction in excess of 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 49%, including the Medicare levy and the Temporary Budget Repair 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:

49% Rate

15% Rate

 

Gross dividend for NZ tax purposes

19.0000

19.0000

 

plus franking credits

0.0000

0.0000

 

Gross dividend for Australian tax purposes

19.0000

19.0000

 

Australian tax

9.3100

2.8500

 

  1. 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 advisor.