Tax Information

Tax Return Guide

Tax Return Guide 2016Opens in new window


Fund Payment Notice

1H17 Fund Payment NoticeOpens in new window

2H16 Fund Payment NoticeOpens in new window

1H16 Fund Payment NoticeOpens in new window

Fund Payment Calculation

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 Managed Investment Trusts (“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.

December 2016 Fund Payment

As a result of the calculation required under Subdivision 12-H, the amount of the fund payment determined by One Managed Investment Funds Limited as RE of the Residential Parks Trust No. 2 (“RPT2”) for the period ended 31 December 2016 amounted to 3.50 cents per unit. This has resulted in the cash distribution for the half year ended 31 December 2016, excluding that part of the cash distribution comprising interest, being less than the fund payment amount.

Financial Year 2016 Components Table

Distribution Components

Percentage of Cash Distribution

Dec-15

Jun-16

Annualised

Other Australian Taxable Income

32.28%

97.08%

68.40%

Capital Gains in relation to Taxable Australian Property - Discount Method (Doubled as required by s14-405)

0.00%

0.00%

0.00%

Capital Gains in relation to Taxable Australian Property - Non Discount Method

0.00%

0.00%

0.00%

Fund Payment

32.28%

97.08%

68.40%

Australian Interest Income (subject to WHT)

26.94%

28.29%

27.69%

Other Foreign Assessable Income

0.00%

0.00%

0.00%

Tax deferred

40.78%

-25.37%

3.91%

TOTAL

100.00%

100.00%

100.00%

Financial Year 2017 Components Table

Distribution Components

Percentage of Cash Distribution

Dec-16

Jun-17

Annualised

Other Australian Taxable Income

114.96%

Capital Gains in relation to Taxable Australian Property - Discount Method (Doubled as required by s14-405)

0.00%

Capital Gains in relation to Taxable Australian Property - Non Discount Method

0.00%

Fund Payment

114.96%

Australian Interest Income (subject to WHT)

13.41%

Other Foreign Assessable Income

0.00%

Tax deferred

-28.37%

TOTAL

100.00%

We have provided the components summary below to assist Custodians, Nominees and other MITs. This information should be read in conjunction with the Fund Payment Notices provided above. While every care has been taken in the preparation of this information, Gateway Lifestyle Group does not provide taxation advice and this information does not constitute personal advice. If you have any doubts about your tax position, or if you require any further information about your tax affairs or the completion of an Australian Income Tax Return, you should consult your professional adviser without delay.

Important Note: Australian resident investors should NOT use this information to complete their income tax return. Details of amounts that should be included in tax returns will be provided in the Annual Tax Statement mailed to you.

For withholding by Australian resident Custodians, Nominees and MITs:

  • the Dec-15 components should be used where you paid a distribution between 26 February 2016 and 25 September 2016 to foreign residents comprising RPT2’s Dec-15 distribution;
  • the Jun-16 components should be used where you paid a distribution after 26 September 2016 to foreign residents comprising RPT2’s Jun-16 distribution; and
  • the 2016 annualised components should be used where you paid a distribution after 26 September 2016 to foreign residents comprising both of RPT2’s Dec-15 and Jun-16 distributions.
  • the Dec -16 components should be used where you pay a distribution after 28 February 2017 to foreign residents comprising RPT2’s Dec-16 distribution.

Summary of Net Asset Values

Australian Capital Gains Tax

A GTY stapled security comprises two separate assets for capital gains tax purposes; a Residential Parks No.2 Trust unit and a Gateway Lifestyle Operations Limited share.

For capital gains tax purposes you need to apportion the cost of each stapled security and the proceeds of sale of each stapled security over the separate assets that make up the stapled security. This apportionment should be done on a reasonable basis.

One possible method of apportionment is on the basis of the relative net assets of the individual entities. For more information, see the ATO website - https://www.ato.gov.au/General/Capital-gains-tax/In-detail/Shares,-units-and-similar-investments/Stapled-securities-and-CGT/Opens in new window .

For the period from 15 June 2015 to 30 June 2016, the relative net assets of a GTY stapled security, are as follows:

RPT2 GLOL TOTAL
15 June 2015 100% 0% 100%
30 June 2015 100% 0% 100%
31 December 2015 100% 0% 100%
30 June 2016 100% 0% 100%
31 December 2016 100% 0% 100%
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