Wrap Text
Final distribution
Irongate Group (JSE: IAP)
Comprising Irongate Property Fund I (IPF I, ARSN 162 067 736) and Irongate Property Fund II (IPF II, ARSN 644 081 309), established in Australia
and registered with ASIC as managed investment schemes
Operated by Irongate Funds Management Limited (ACN 071 514 246; AFSL 290 909) (Responsible Entity)
IPF I is registered as a foreign collective investment scheme in terms of the Collective Investment Schemes Control Act No.45 of 2002
ISIN: AU0000046005
(IAP or the Fund)
SENS ANNOUNCEMENT
5 May 2021
Final distribution
Notice is hereby given of a final distribution for the six months ended 31 March 2021,
declaration number 16, of:
- 4.53061 AUD cents per security pre withholding tax (WHT)
- 4.08155 AUD cents per security post WHT
Tax of 0.44906 AUD cents per security (being 9.91175% per security) will be withheld from the
final distribution paid to non-Australian securityholders holding securities on the Fund’s South
African sub register. Amounts will also be withheld from non-Australian securityholders holding
securities on the Fund’s Australian sub register.
The salient events and dates relating to the final distribution are as follows (all times and dates
are Johannesburg time, unless otherwise indicated):
Event 2021
Declaration date Wednesday, 5 May
Cross border movement of securities between the Fund’s Monday, 24 May
South African sub register and the Fund’s Australian sub
register ceases at the close of business in South Africa or
Australia (as applicable)
Announce AUD into ZAR currency conversion rate(1) for Monday, 24 May
payment of the final distribution to securityholders on the
Fund’s South African sub register, by 11h00
Last day to trade cum distribution on the JSE(2) Tuesday, 25 May
(Johannesburg time)
Securities trade ex-distribution on the JSE Wednesday, 26 May
(Johannesburg time)
Last day to trade cum distribution on the ASX Wednesday, 26 May
(Sydney time)
Securities trade ex-distribution on the ASX Thursday, 27 May
(Sydney time)
Record date Friday, 28 May
Cross border movements of securities between the Monday, 31 May
Fund’s South African sub register and the Fund’s
Australian sub register recommences
Payment of final distribution Friday, 11 June
Footnote:
(1). Exchange rate calculated on Monday, 24 May 2021 (for release on SENS by 11h00).
(2). Securities may not be dematerialised or rematerialised between commencement of trade on the JSE on Wednesday,
26 May 2021 and close of trade on Friday, 28 May 2021, both dates inclusive.
Fund payment amount applicable to the final distribution for the six
months ended 31 March 2021
This information is only applicable to foreign securityholders and other entities that are obliged
to withhold tax on payments made to foreign residents. Australian-based securityholders should
rely on tax statements that are due to be mailed by Wednesday, 30 June 2021. For
completeness, tax will be deducted from payments made to an Australian resident where the
Australian securityholder does not provide an Australian business number or tax file number.
This distribution includes a fund payment amount of 0.44906 AUD cents per security. The fund
payment has been determined in accordance with Subdivision 12A-B of Schedule 1 to the
Taxation Administration Act 1953, being the amount from which an amount would have been
required to be withheld under Subdivision 12-H of Schedule 1 to the Taxation Administration Act
1953 if the payment had been made to an entity covered by section 12-410 of Schedule 1 to the
Taxation Administration Act 1953. The fund payment relates to the six months ended 31 March
2021.
The Fund declares that IPF I is an Attribution Managed Investment Trust for the purposes of
Subdivision 12-H of Schedule 1 of the Taxation Administration Act 1953 in respect of the
income year ended 31 March 2021.
Distribution information for the half year ended 31 March 2021
This information is only applicable to foreign securityholders and other entities that are obliged
to withhold tax on payments made to foreign residents. The distribution for the half year ended
31 March 2021 is being made from IPF I. There is no distribution component from IPF II.
Breakdown of the Total cash Component Component New
distribution components distribution subject to subject to Zealand
for the half year ended 31 fund other non- sourced
March 2021(3) payment resident Income
withholding withholding
Net rental income 2.91252 2.91252 - -
Capital gains - - - -
Total fund payment (incl 2.91252 2.91252 - -
capital gains)
Interest income 0.12185 - 0.12185 -
Foreign income(4) 0.34872 - - 0.34872
Non-assessable amount 1.14752 - - -
Total distribution 4.53061 2.91252 0.12185 0.34872
Foreign tax paid - - - -
Footnote:
(3). All amounts shown as AUD cents per security.
(4). The foreign income component of the distribution is subject to New Zealand corporate tax.
Distribution information for the year ended 31 March 2021
Breakdown of the Total cash Component Component New
distribution components distribution subject to subject to Zealand
for the year ended 31 fund other non- sourced
March 2021(5) payment resident income
withholding withholding
Net rental income 5.66425 5.66425 - -
Capital gains - - - -
Total fund payment (incl 5.66425 5.66425 - -
capital gains)
Interest income 0.22484 - 0.22484
Foreign income(6) 0.69434 - - 0.69434
Non-assessable amount 2.33657 - - -
Total distribution 8.92000 5.66425 0.22484 0.69434
Foreign tax paid - - - -
Footnotes:
(5). All amounts shown as AUD cents per security.
(6). The foreign income component of the distribution is subject to New Zealand corporate tax.
General securityholder tax information for securityholders holding
securities on the Fund’s South African sub register
The Fund and its management arrangements are structured to meet the required criteria to be
classified as an Attribution Managed Investment Trust for Australian tax purposes. As an
Attribution Managed Investment Trust, the Responsible Entity will be required to withhold tax on
Australian sourced income at a concessional rate of 15% on fund payments (or 10% for certain
fund payments from a Clean Building MIT) to individual and institutional securityholders in South
Africa and certain other jurisdictions with an exchange of information (EOI) agreement with
Australia. Distributions of Australian sourced income to securityholders that are not resident in
EOI jurisdictions will be subject to WHT at the rate of 30%.
The New Zealand sourced income is subject to the corporate tax rate in New Zealand of 28% and
is not subject to Australian WHT.
The proportion of the payment in respect of the six months ended 31 March 2021 which is
attributable to a fund payment from a Clean Building MIT is nil AUD cents per security.
The effect of these taxes on the final distribution has been to reduce the rate to 9.91175%,
equivalent to 0.44906 AUD cents per security, through certain deductions such as depreciation.
Thus, tax of 0.44906 AUD cents per security will be withheld from the final distribution accruing
to securityholders and will be paid to the Australian Taxation Office for Australian sourced income.
South African securityholder South African income tax implications
The implications below are of a general nature and should not be relied upon by securityholders
as specific South African income tax advice. It does not purport to be a complete analysis of the
potential South African income tax consequences applicable to each securityholder in respect of
Distributions received/accrued from Irongate. Securityholders should obtain independent
income tax advice with regard to the South African income tax consequences of acquiring,
holding and disposing of securities having regard to each securityholder’s circumstances.
The final distribution is regarded as a distribution from a foreign trust for South African
securityholders.
The final distribution should comprise taxable income and is to be taxed as such dependent on
the underlying nature of the income and capital gains noted above, in the hands of South African
securityholders. The pre-WHT distribution is to be included in a securityholder’s taxable income
and subject to normal tax in full. Tax paying securityholders may be entitled to claim a foreign tax
credit equivalent to 9.91175%. For distributions where the South African securityholder only
becomes entitled to the distribution in a financial year subsequent to the financial year in which
the income or capital gain was earned by the Fund, the South African securityholder may not be
able to claim a foreign tax credit.
Johannesburg
Investment Bank and Sponsor
Investec Bank Limited
Date: 05-05-2021 09:02:00
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