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INVESTEC AUSTRALIA PROPERTY FUND - Final Distribution

Release Date: 06/05/2020 09:00
Code(s): IAP     PDF:  
Wrap Text
Final 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”)


FINAL DISTRIBUTION


Notice is hereby given of a final distribution for the year ended 31 March 2020, declaration number 14, of:

    -     4.30312 AUD cents per unit pre withholding tax (“WHT”)
    -     4.20088 AUD cents per unit post WHT

Tax of 0.10224 AUD cents per unit (being 2.37604% per unit) will be withheld from the distribution paid to non-
Australian unitholders holding units on the South African sub register. Amounts will also be withheld from non-
Australian unitholders holding units on the Australian sub register.

The salient events and dates relating to the distribution are as follows (all times and dates are Johannesburg
time, unless otherwise indicated):

 Event                                                                                                 2020


 Declaration date                                                                          Wednesday, 6 May

 Cross border movement of units between the South African sub                                Friday, 22 May
 register and the Australian sub register ceases at the close of
 business in South Africa or Australia (as applicable)

 Announce AUD into Rand currency conversion rate(2) for payment                             Tuesday, 26 May
 of the distribution to unitholders on the South African sub register,
 by 11h00
 Last day to trade cum distribution on the JSE(1)                                           Tuesday, 26 May

 Units trade ex-distribution on the JSE                                                   Wednesday, 27 May

 Last day to trade cum distribution on the ASX                              Wednesday, 27 May (Sydney time)

 Units trade ex-distribution on the ASX                                      Thursday, 28 May (Sydney time)

 Record date                                                                                 Friday, 29 May

 Cross border movements of units between sub registers                                       Monday, 1 June
 recommence

 Payment of distribution                                                                    Friday, 12 June

Footnotes:
(1) Unitsmay not be dematerialised or rematerialised between commencement of trade on the JSE on Wednesday, 27 May
    2020 and close of trade on Friday, 29 May 2020, both dates inclusive
(2) Exchange rate calculated on Tuesday, 26 May 2020 (for release on SENS by 11h00)


Fund payment amount applicable to the distribution for the year ended 31 March 2020

This information is only applicable to foreign unitholders and other entities that are obliged to withhold tax on
payments made to foreign residents. Australian-based unitholders should rely on tax statements that are due to
be mailed by Tuesday, 30 June 2020. For completeness, tax will be deducted from payments made to an
Australian resident where the Australian investor does not provide an Australian business number (“ABN”) or tax
file number (“TFN”).

This distribution includes a fund payment amount of 0.68163 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 Schedule 1 to the Taxation Administration Act 1953. The fund payment relates to the six months ended 31
March 2020.

The Fund declares that it 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 2020.

    Breakdown of the distribution                         Total cash        Component          Component       Component
    components(3)                                        distribution       subject to         subject to   subject to New
                                                                                fund           other non-       Zealand
                                                                              payment            resident     corporate tax
                                                                            withholding        withholding
    Fund payment (including Capital Gains)                  0.68163            0.68163          0.00000         0.00000

    Interest income                                         0.00000            0.00000          0.00000         0.00000

    Foreign income(4)                                       0.54978            0.00000          0.00000         0.54978
    Non-assessable amount                                   3.07171            0.00000          0.00000         0.00000

    Total distribution                                      4.30312            0.68163          0.00000         0.54978

Footnotes:
(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 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
unitholders in South Africa and certain other jurisdictions with an exchange of information (“EOI”) agreement with
Australia. Distributions of Australian sourced income to investors that are not resident in EOI jurisdictions will be
subject to withholding tax 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 withholding tax.

The proportion of the payment in respect of the year ended 31 March 2020 which is attributable to a fund payment
from a Clean Building MIT is nil AUD cents per unit.

The effect of these taxes on the Fund’s distribution has been to reduce the rate to 2.37604%, equivalent to 0.10224
AUD cents per unit, through certain deductions such as depreciation. Thus, tax of 0.10224 AUD cents per unit will
be withheld from the distribution accruing to unitholders and will be paid to the Australian Taxation Office for
Australian sourced income.
South African unitholder tax implications

The distribution is regarded as a foreign distribution for South African unitholders.

The distribution comprises gross income, and is to be taxed as such, in the hands of South African unitholders.
The pre-tax distribution is to be included in a unitholder’s taxable income and subject to normal tax in full. Tax
paying unitholders will be able to claim a rebate equivalent to 2.37604%. Non-tax paying unitholders will not be
entitled to claim a rebate.


By order of the board of Investec Property Limited as responsible entity of Investec Australia Property Fund.

Paul Lam-Po-Tang
Company Secretary

6 May 2020

Sponsor
Investec Bank Limited

Date: 06-05-2020 09:00:00
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