Westfield Group
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Tax Statements 2009
Mailing Date: 3 July 2009
Mailing Contents:
Tax Statement
Tax Summary
Tax Return Guide
Distribution History Schedules (Westfield Holdings, Westfield Trust &
Westfield America Trust)
E-comms form
Mailed to all holders who received one or more of the following:
The Westfield Group (WDC) distribution paid on the 29 August 2008
The Westfield Group (WDC) distribution paid on the 27 February 2009
The Dividends/Distributions reflected in the Westfield Group 2009 Tax Statement and Tax Summary are as follows:
Westfield Group dividend/distribution paid as at 29 August 2008
Westfield Group dividend/distribution paid as at 27 February 2009
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 2008 to 30 June 2009.
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 2009 (as an interim distribution for the calendar year to 31 December 2009) that is to be paid in August 2009 should be included in your 2010 Tax Return. Dividends paid by Westfield Holdings are taxable in the income year in which they are paid.
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 2009 Tax Return Guide to complete their 2009 Tax Return
- Tax Summary – This is a summary of the Australian taxation consequences of the distributions you received.
The Westfield Group’s distribution for the 6 months to June 2009 will be paid on
31 August 2009. This distribution (an interim distribution for the calendar year to
31 December 2009) should be included in your 2010 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.
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.
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.
| Westfield Holdings |
Westfield Trust |
Westfield America Trust |
Westfield Group Total |
|
|---|---|---|---|---|
| 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% |
You can download this from the ATO website or phone the ATO for a copy on 13 28 61.
This information is available at Investor Services on the Westfield Group website:
http://westfield.com/corporate/investor-services/wdc-securityholding-information/taxation-information.html and click on Westfield Group taxation Components.
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.
The tax deferred amount varies from year to year depending on the activities of the Group during the year including whether capital gains have been realised and hence what amounts are included in the assessable income of the trust for the relevant year. The tax deferred amount for the June 2009 year shouldn’t necessarily be seen as an indication of what future tax deferred amounts will be.
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.
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:
http://westfield.com/corporate/investor-services/wdc-securityholding-information/taxation-information.html
Call Westfield Group Investor Relations on 02 9358 7877.
There is no impact for the 2009 tax year. The securities ranked for distributions from 1 January 2009 and securities purchased under the SPP will receive the first distribution in August 2009, which is the interim distribution for the six months ended 30 June 2009. This distribution will be included in your 2010 Tax Statement.
