Tax Statements 2010
Tax Return Guide
Distribution History Schedules (Westfield Holdings, Westfield Trust &
Westfield America Trust)
Mailed to all holders who received one or more of the following:
The Westfield Group (WDC) distribution paid on the 31 August 2009
The Westfield Group (WDC) distribution paid on the 26 February 2010
What distributions/dividends are included in the 2010 Tax Return?
The Dividends/Distributions reflected in the Westfield Group 2010 Tax Statement and Tax Summary are as follows:
Westfield Group dividend/distribution paid as at 31 August 2009
Westfield Group dividend/distribution paid as at 26 February 2010
The Tax Statement and Tax Summary cover all the dividends and distributions paid to members by Westfield Holdings, Westfield Trust and Westfield America Trust during the period 1 July 2009 to 30 June 2010. There was no dividend paid by Westfield Holdings during this period. Please note that the year end of Westfield Trust and Westfield America Trust for taxation purposes is 31 December. Accordingly, the distribution for the six months ended
30 June 2010 (as an interim distribution for the calendar year to 31 December 2010) that is to be paid in August 2010 should be included in your 2011 Tax Return. Dividends paid by Westfield Holdings are taxable in the income year in which they are paid.
Why have I been sent 2 tax statements?
There is one named Tax Statement and one named Tax Summary
- Tax Statement – this shows the taxable amounts of your distributions and the appropriate labels for these amounts to be included on the Australian tax return for individuals. Australian resident individuals should use this statement together with the 2010 Tax Return Guide to complete their 2010 Tax Return
- Tax Summary – This is a summary of the Australian taxation consequences of the distributions you received.
In what Tax Return do I include my August 2010 distribution and dividend and when will this be paid?
The Westfield Group’s distribution for the 6 months to June 2010 will be paid on 31 August 2010. This distribution
(an interim distribution for the calendar year to 31 December 2010) should be included in your 2011 Tax Return.
The reason for this is that:
- the year end of Westfield Trust and Westfield America Trust for taxation purposes
is 31 December; and
- dividends paid by Westfield Holdings are taxable in the income year in which they are paid.
Why do I get a Tax Statement? What about my Dividend Statement?
If you were previously a Westfield Holdings investor, you would have used your Dividend Statement to complete your tax return. Following the merger, Westfield Holdings Shares are stapled to Westfield America Trust units and Westfield Trust units as part of the Westfield Group. Westfield Group distributions include distributions from each entity in the group. Accordingly, Westfield Group will send you an annual Tax Statement in July each year, providing details of all distributions paid during the year. This includes the information contained on your Dividend Statement.Westfield Trust and Westfield America Trust Distribution Statements do not contain the taxable components of the distributions however estimates of the tax deferred components are given at that time. However, as stated on the distribution statements these estimates are not to be used in the completing of your Tax Return.The only document that should be used to complete your Tax Return is the annual Tax Statement which is despatched in July each year.
If I sell my Stapled Securities, how do I calculate my capital gains tax?
A Westfield Group Stapled Security comprises three separate assets for capital gains tax purposes (one Westfield Holdings share, one Westfield Trust unit and one Westfield America Trust unit). For capital gains tax purposes you need to apportion the cost of each stapled security and the proceeds on 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 Tangible Assets of the individual entities.The historic Net Tangible Asset apportionment for entities in the Group are reflected in the table below.
|31 Dec 04||9.24%||49.86%||40.90%||100%|
|30 Jun 05||7.11%||51.95%||40.94%||100%|
|31 Dec 05||8.05%||51.66%||40.29%||100%|
|30 Jun 06||8.02%||54.90%||37.08%||100%|
|31 Dec 06||7.38%||58.43%||34.19%||100%|
|30 Jun 07||7.54%||59.22%||33.24%||100%|
|31 Dec 07||8.07%||62.46%||29.47%||100%|
|30 Jun 08||6.83%||65.29%||27.88%||100%|
|31 Dec 08||5.70%||65.72%||28.58%||100%|
|30 Jun 09||4.63%||71.32%||24.05%||100%|
|31 Dec 09||4.01%||74.59%||21.40%||100%|
Where do I get a copy of the “Personal Investors Guide to Capital Gains Tax” or other ATO publications referred to in the Tax Return Guide?
You can download this from the ATO website or phone the ATO for a copy on 13 28 61.
Where can I get the breakdown of the taxation amounts on a percentage basis?
This information is available at Investor Services on the Westfield Group website:
/investors/taxation-information/ and click on Westfield Group taxation Components.
What are the tax deferred amounts shown on the Tax Summary?
These represent the tax deferred amounts of the distributions by Westfield Trust and Westfield America Trust. Broadly, this represents the difference between the total cash distribution from the Trusts and the assessable amounts in respect of the distribution.
Investors are required to make a cost base reduction from the tax deferred amount of Trust distributions. Where can this been seen?
We have shown the tax deferred amounts of distributions you received from Westfield Trust and Westfield America Trust on your Tax Statement. These amounts are generally not assessable income in your current tax return however, the tax deferred amounts reduce the cost base of your respective units in Westfield Trust and Westfield America Trust. If your cost base is reduced to nil any further tax deferred amounts may be taxable as a capital gain.
What is so important about the information on NTA?
The Westfield Group Stapled Security comprises three separate assets for Australian capital gains tax purposes. Each stapled security comprises one share in Westfield Holdings, one unit in Westfield Trust and one unit in Westfield America Trust. For CGT purposes you need to apportion the cost of each stapled security and the proceeds on 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 tangible assets of the individual entities.The NTA Table is updated each six months following the release of Westfield Group financial statements and can be accessed at: /investors/taxation-information/
Securities Purchase Plan
The securities purchased under the SPP were issued in February 2009 and ranked for distributions from 1 January 2009. Any distributions received in August 2009 or February 2010 on these securities are included in your 2010 Tax Statement.