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INVESTEC AUSTRALIA PROPERTY FUND - Interim Distribution

Release Date: 30/10/2019 07:32
Code(s): IAP     PDF:  
 
Wrap Text
Interim Distribution

INVESTEC AUSTRALIA PROPERTY FUND
Established in Australia and registered with ASIC as a managed investment scheme (ARSN 162 067 736) Operated by
Investec Property Limited (ACN 071 514 246; AFSL 290 909) (“Responsible Entity”)
Registered as a foreign collective investment scheme in terms of the Collective Investment Schemes Control Act No.45 of
2003
Unit code: IAP
ISIN: AU0000046005
(“IAP” or the “Fund”)


INTERIM DISTRIBUTION


Notice is hereby given of an interim distribution declaration number 13 of:


- 3.19568 AUD cents per unit pre WHT
- 2.91474 AUD cents per unit post WHT

for the period ending 30 September 2019.1 Tax of 0.28094AUD cents or 8.79120% per unit will be withheld from the
distribution paid to non-Australian unitholders holding units on the South African register. Amounts will also be withheld from
non-Australian investors holding units on the Australian register.


The salient events and dates relating to the distribution are as follows:

    Event                                                                                                                   2019



    Declaration date                                                                                          Wednesday, 30 October

    Cross border movement of units between the South African sub                                                Friday, 15 November
    register and the Australian sub register ceases at the close of
    business in South Africa or Australia (as applicable)

    Last day to trade cum distribution on the JSE(1)                                                           Tuesday, 19 November

    Announce Australian dollars into Rand currency conversion                                                  Tuesday, 19 November
    rate(2) for payment of the distribution to unitholders on the South
    African register, by 11h00

    Units trade ex-distribution on the JSE                                                                   Wednesday, 20 November

    Last day to trade cum distribution on the ASX                                              Wednesday, 20 November (Sydney time)

    Units trade ex-distribution on the ASX                                                      Thursday, 21 November (Sydney time)

    Record date                                                                                                 Friday, 22 November

    Cross border movements of units between sub-registers                                                       Monday, 25 November
    recommence

    Payment of distribution                                                                                      Friday, 6 December

(1)Units may not be dematerialised or rematerialised between commencement of trade on JSE Wednesday, 20 November
   2019 and the close on Friday, 22 November, both dates inclusive.
(2)Exchange rate calculated on Tuesday, 19 November 2019 (for release on SENS by 11h00 Johannesburg time)
(3)All times and dates above are Johannesburg time, unless otherwise indicated



1
  All unitholders will participate on the same terms in respect of the income for the period from 28 May 2019 to 30 September 2019. The
distribution for the six month period ending 30 September 2019 excludes income for the period from 1 April 2019 to 27 May 2019, which was
distributed (by way of a special distribution) to unitholders on register of Investec Australia Property Fund (“Fund”) prior to the date on which
the Fund was listed on ASX (as disclosed in the product disclosure statement of the Fund dated 3 May 2019, the Fund’s 2019 Annual Report
and JSE announcements relating to that special distribution).
Fund payment amount applicable to the distribution for the half year ended 30 September 2019

This information is only applicable to foreign unitholders and other entities that are obliged to withhold on payments made to
foreign residents. Australian based investors should rely on tax statements which are due to be mailed by 30 June 2020.

This distribution includes a “Fund Payment” amount of 1.67622 AUD cents per unit. 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 that Schedule. The Fund Payment relates to
the period ending 31 March 2019.

The Fund declares that it is an Attribution Managed Investment Trust for the purposes of 12-H of Schedule 1 of the Taxation
Administration Act 1953, in respect of the income year ended 31 March 2019.

    Breakdown of the distribution             Total cash       Component           Component subject           Component
    components(3)                              distribution   subject to fund         to other non-          subject to New
                                                                 payment          resident withholding          Zealand
                                                               withholding                                    corporate tax

    Fund payment                                1.67622           1.67622                 0.00000                0.00000

    Interest income                             0.10581           0.00000                 0.10581                0.00000

    Foreign income(4)                           0.30432           0.00000                 0.00000                0.30432

    Non-assessable amount                       1.10933           0.00000                 0.00000                0.00000

    Total distribution                          3.19568           1.67622                 0.10581                0.30432
(3) all  amounts shown as AUD cents per unit
(4) the foreign income component of the distribution is subject to New Zealand corporate tax.


General unitholder tax information for unitholders holding units on the South African 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 unitholders in South Africa and certain other
jurisdictions.

The New Zealand sourced income is subject to the corporate tax rate in New Zealand of 28%, and is not subject to Australian
withholding tax.

The proportion of the payment in respect of the half year ended 30 September 2019 which is attributable to a fund payment
from a Clean Building MIT is NIL cents per unit.

The effect of these taxes on the Fund’s distribution has been reduced to 8.79120%, equivalent to 0.28094 AUD cents per unit,
through certain deductions such as depreciation. Thus, tax of 0.28094 AUD cents per unit will be withheld from the distribution
accruing to unitholder and will be paid to the Australian Taxation Office for Australian sourced income and the New Zealand
Inland Revenue Office for New Zealand sourced income.

South African unitholder tax implications

The distributions are regarded as a foreign distribution for South African unitholders.

The distributions comprise gross income, and are to be taxed as such, in the hands of South African investors. The pre tax
distributions are to be included in an investors’ taxable income and subject to normal tax in full. Tax paying unitholders will be
able to claim a rebate equivalent to 8.79120%. Non-tax paying unitholders will not be entitled to claim a rebate.
By order of the board
Investec Property Limited
Company Secretary

30 October 2019

Sponsor
Investec Bank Limited

Date: 30/10/2019 07:32:00
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