Accountant s Tax Guide

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1 Accountant s Tax Guide For the year ended 30 June 2010 Macquarie Wrap Macquarie Adviser Services

2 Tax policies and general assumptions The purpose of the Accountants Tax Guide (the Guide) is to provide accountants with a more thorough understanding of how Macquarie treats components of income and expenditure for taxation purposes. This Guide is not intended to provide taxation advice and accountants who use this Guide must make their own determination as to whether or not the treatment outlined below is appropriate for their clients personal circumstances. macquarie.com.au/advisers/wraptax Our dedicated Wrap tax website for accountants contains detailed information relating to tax reporting. technical information: stapled securities, listed investment companies and much more guides to the Tax Report glossary of terms ATO links and resources. 2 Macquarie Investment Manager and Macquarie Investment Accumulator are investor directed portfolio services operated by Macquarie Investment Management Limited ABN (MIML) AFSL Investments made through Macquarie Investment Manager and Macquarie Investment Accumulator are not deposits with or other liabilities of Macquarie Bank Limited ABN (the Bank) or of any Macquarie Group company, and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. None of Macquarie Bank Limited, MIML or any other member company of the Macquarie Group guarantees the repayment of capital or the performance or any particular rate of return of the investments purchased through Macquarie Investment Manager and Macquarie Investment Accumulator. This document has been prepared as a general guide only. This is not personal or tax advice. This Accountants Tax Guide has been prepared without taking into account investors objectives, financial situation or needs. Therefore, before preparing an income tax return for any investor, the accountant should consider the appropriateness and relevance of the Accountants Tax Guide, taking into account their client s specific circumstances. Macquarie recommends that the general assumptions and tax policies section are read thoroughly because in some instances the policies applied may not be applicable to the specific circumstances of each investor and if this is the case, particular amounts may need to be recalculated using other reports available through the Service. Macquarie strongly recommends that the income tax return for the investor is prepared in conjunction with advice from an accountant or tax adviser. Note that references to Tax Reports cover the following tax reports issued by Macquarie for either Investment Manager, Investment Accumulator or the relevant branded Service. Collectively, these are referred to as the Service : n Tax Report Summary, and n Tax Report Detailed. Notwithstanding the above, any holdings in term deposits with Macquarie Bank Limited (MBL) and the cash hub of the Investment Manager, the Macquarie Cash Management Account (CMA), are deposits with MBL.

3 Assumptions Macquarie relies on certain assumptions when administering an investor s account. In making these assumptions, Macquarie does not consider an investor s personal circumstances. Note however that there are certain circumstances in which Macquarie deviates from these assumptions and these are explained further in this Guide. The general assumptions upon which Macquarie relies are listed below: Macquarie assumes that all investors, whether individual or otherwise, are residents of Australia for taxation purposes. The exception to this is where an investor has advised on their Macquarie application form (or subsequently) that they are a non-resident Macquarie assumes that all assets have been purchased on capital account (ie for long-term investment purposes). Macquarie does not consider the tax implications for investors who hold their investments on revenue account (eg share traders) Macquarie discloses all information on the Tax Reports as the investor is the beneficial owner of the assets. For joint accounts, the numbers shown in the Tax Reports should be split in accordance with each investor s interest in the assets held in their account. We assume that joint account investors hold equal interests in all assets in their account all income received by investors from assets held within the Service has been treated in accordance with Australian taxation laws that were in force as at 30 June 2010 Macquarie reports all information as provided by share registries and product issuers and does not make any decisions relating to the accuracy or treatment of this information Macquarie calculates the 45 day rule on all assets. For preference shares, the 90 day rule has only taken into account all buy and sell transactions up to 15 August Macquarie has assumed that all assets are held by investors at risk. Macquarie also assumes that all buys and sells between the dividend declaration date and the ex-dividend date are cum dividend Macquarie accepts the tax attributes, such as acquisition date and cost base information, that it receives from advisers when investors transfer their assets into the Service. Macquarie does not verify the accuracy of this information and the reporting of any gains or losses are calculated based upon the tax attributes advised Macquarie assumes that an investor has no carry forward losses (capital or revenue). Macquarie does not maintain a record of any prior year losses whether generated within the Service or otherwise capital gains and losses are calculated in accordance with the method advisers have selected for each investor. If no election is made, capital gains or losses will be calculated using First In First Out (FIFO) where the first parcel purchased is deemed to be the first parcel sold. Other methods available to advisers to elect on an investor s behalf are: Minimum Gain (Min Gain) disposals are allocated against the open parcel that will generate the lowest gain (or maximum loss), taking into account a 50% or 33 ¹ ³ % discount (where applicable) on gains where the assets have been held for at least 12 months Specific Parcel Selection advisers have the ability to select, on an investor s behalf, specific parcels relating to assets that have been sold during the current financial year in order to calculate the investor s CGT position. There are certain circumstances in which parcel selection will not be available Macquarie has treated expenses in the following manner: adviser fees have been treated as either deductible, non-deductible or unallocated depending on how these have been elected to be treated by the adviser. Where no such election has been made, expenses will be treated as unallocated within the Tax Reports establishment fees have been treated as non-deductible government charges and administration fees have been treated as deductible any interest paid on margin loans has been treated as deductible, and Macquarie has assumed that investors are not registered for GST. Cash income Cash income, including distributions from investments in the Macquarie Cash Management Trust (CMT) or Macquarie Wrap Cash Account (the Cash Account), is recognised in the Tax Reports on a cash basis (ie on a declared date payable). Cash income includes, but is not limited to: income from convertible notes income from fixed interest securities any amounts paid in respect of term deposits, and any amounts received upon closing out positions on margin loans. Any interest received in respect of distributions from managed funds and listed trusts is shown in the Managed Funds and Listed Trusts (T) section of the Tax Reports. Dividend income Dividend income reported includes any franked and/or unfranked dividends received from listed equity investments held within the Service. Listed equity investments include, but are not limited to, direct shares, instalment warrants and stapled securities. Dividend income is reported in the Tax Reports as assessable when the dividends are paid or credited. Also reported with dividend income are any franking credits attached to fully (or partially) franked dividends. Where franking credits have been denied due to the application of the 45 day rule (refer page 5), the credits have been disclosed as follows: Tax Report Summary: total franking credits distributed and any denied franking credits have been disclosed in the Trust Distributions and Dividends sections. The amount of credits appearing in the Tax Return Amount column are the amount of credits received in the Service which may be able to be claimed as a tax offset in an investor s tax return (ie the difference between the total credits received and those denied under the 45 day rule) 3

4 Tax Report Detailed: the amount disclosed under Franking Credits on the Tax Report has not been reduced by the amount of credits denied. Rather, the gross amount of credits has been reported. The amount of credits that have been denied due to the application of the 45 day rule (or 90 day rule where applicable) by Macquarie are detailed in the Denied Franking Credits (DF) section of the Tax Report Detailed. Any denied credits are separated out into denied credits from listed securities and denied credits from listed trusts and managed funds. Any dividends received in respect of distributions from managed funds and listed trusts are shown in the Managed Funds and Listed Trusts (T) section of the Tax Report Detailed. Bonus shares issued When a bonus share issue is made and it is not assessable, the bonus shares are taken to have been acquired when the original shares were acquired. The cost base of the original shares has been proportionately spread between the original shares and the bonus shares issued. Taxation of Rights The taxation of rights depends on whether or not the assets subject to the right are pre-cgt assets. Rights over pre-cgt assets The right will be acquired on the date in which the contract to purchase the right was entered. Where the right expires or is sold, any gain or loss will be ignored. Where the right is exercised, any shares or units acquired will be CGT assets acquired on the exercise date. The cost base of the assets acquired under the exercise will be the cost base of the right and any amount required to be paid upon exercise. There is no taxing point at the time of exercise. A CGT liability will arise when the assets acquired as a result of any exercise are disposed. Rights issued for no cost The right will be acquired on the date the original assets were acquired. When the right expires or is sold, a capital gain or loss will arise equal to the difference between the proceeds received and the cost base of the right. Where the rights are exercised, any shares or units acquired will be CGT assets acquired on the exercise date. The cost base of the assets acquired under the exercise will be the sum of the cost base of the right and any amount required to be paid upon exercise. There is no taxing point at the time of exercise. A CGT liability will arise when the assets acquired as a result of an exercise are disposed. Managed fund and listed trust distribution income Managed fund and listed trust distribution income reported may include distributions of: interest dividends capital gains foreign income other income franking credits foreign tax credits, and non-assessable amounts (such as tax deferred, tax free and return of capital amounts). Distributions of capital gains are reported in the: Capital Gains/Losses section as capital gains from trust distributions of the Tax Report Summary, and Managed Funds and Listed Trusts (T) section of the Tax Report Detailed. Distributions of foreign income are reported in the: Foreign Source Income section of the Tax Report Summary, and either the Managed Funds and Listed Trusts (T) section or Listed Securities (S) section of The Tax Report Detailed. Note that income from managed funds and listed trusts also includes any distributions made from trusts which form part of a stapled security. Income from managed funds and listed trusts is included as assessable income on an accruals (present entitlement) basis. Distributed capital gains Any capital gains distributed to you by managed funds and listed trusts are disclosed in the Tax Report Detailed on a distribution by distribution basis. The distributable capital gain is doubled and reported as a gross discounted capital gain. The Tax Report Summary undertakes a net capital gains tax (CGT) calculation, which is limited by the assumptions listed in section 5. These amounts are to be used by you to determine your overall CGT position that is to be disclosed in your income tax return at the capital gains item. These amounts are not to be included in the trust distribution section of your income tax return. This is consistent with ATO guidelines (readily available on the ATO website). Note however that there is an ATOID that states that, on a strict interpretation of the current tax law, these distributed capital gain amounts are to not only be included in the CGT section of your income tax return but also in the trust distribution section with an accompanying deduction (equal to the amount of the distributed capital gain) to ensure there is no double taxation. Given this discrepancy, we recommend that you seek independent taxation advice to determine the tax disclosure that is more appropriate to your individual circumstances. Tax deferred, tax free and return of capital distribution amounts For distributions that have tax deferred, tax free and return of capital amounts as components within their distributions, adjustments to the cost base and/or reduced cost base (as relevant) of these assets are effective at the accrual date of the distribution. 4

5 Excessive tax deferred and return of capital distribution amounts Distributions of tax deferred and return of capital amounts can reduce the cost base of an asset to zero. Any subsequent distribution amounts which reduce the cost base to below zero will result in an immediate capital gain. The amount of the capital gain will be equal to the amount of tax deferred and/or return of capital distribution. The capital gain which arises from such distributions is able to have indexation or CGT discounting applied to it so long as the relevant criteria are met. Where any such capital gains arise on shares held in an investor s account, the capital gain is known as a G1 capital gain. Similarly, any such gains arising in respect of units held in managed funds or listed trusts are known as E4 capital gains. Any such gains arising in the year ended 30 June 2010 will be reported in the Excess assessable gains (X) section on the Tax Report Detailed and as capital gains from trust distributions on the Tax Report Summary. The 45 day rule Subject to the limitation of scope described below, Macquarie has applied the 45 day rule, being the most common of the franking credit anti avoidance rules, to determine if any franking credits attributed to investors within the Tax Reports have been denied. If investors have bought and subsequently sold assets within 45 days (not including date of purchase and date of sale) and a dividend has been received during that period this rule may apply. If this is the case, investors may need to subtract the relevant franking credits attached to that dividend as they may not be entitled to claim these franking credits. Macquarie has, having regard to assumptions and limited information, calculated the amount of franking credits denied. Note that this rule may not apply to Australian resident individual investors who receive less than $5,000 in franking credits from all sources during the tax year. In undertaking this calculation, Macquarie has no regard to the amount of franking credits an investor receives during the year. For further information about the application of the 45 day rule, please refer to the ATO publication You and your shares 2010 (NAT 2632), which is available at Capital gains/losses General Capital Gains Tax (CGT) rules Only current year capital gains and losses in respect of investments held within the Service have been included on the Tax Reports. Macquarie has provided advisers, on behalf of the investor, with the ability to select specific parcels relating to securities that have been disposed of during the tax year in order to calculate an investor s CGT position. Advisers do not have the ability to select parcels under certain circumstances. Macquarie has relied on the investor s adviser s selection of specific parcels and has reported the resulting capital gains and losses without considering whether the optimal CGT position has been achieved. Where the investor s adviser has not made any specific parcel selections on behalf of the investor, capital gains and losses will have been calculated in one of two ways: FIFO basis where the first parcel purchased has been deemed to be the first parcel sold. Macquarie will apply FIFO unless the investor s adviser elects Min Gain. Min Gain basis where disposals will be allocated against the open parcel that will generate the lowest gain or maximum loss. Types of capital gains There are three types of capital gains that the investor can derive. These are: 1. Discounted capital gains These occur when the investor has held or is deemed to have held an asset for at least 12 months. For individuals and trusts, the discount is 50%. For complying superannuation funds, the discount is 33¹ ³ %. Companies are not entitled to any discount. The discounted capital gains disclosed on the Tax Reports show both the gross (100%) amount and the discounted amount. 2. Indexed capital gains These occur when the investor has held an asset for at least 12 months. The indexation method allows the cost of the asset to be increased by an indexation factor that is based on the CPI movements up to September Where this method is chosen, the discount method cannot apply. 3. Other capital gains These occur when an asset has been held for less than 12 months, and are calculated by simply deducting the cost base of the asset from the sale proceeds. Taxable Australian Real Property (TARP) Legislation came into effect in December 2006 which further classifies capital gains as TARP and non-tarp capital gains. In respect of investors assets held within the Service, the practical implication of this from a CGT perspective is that non-residents will only be subject to withholding tax on TARP gains received through managed funds and listed trusts. Where an investor is an intermediary for Australian tax purposes, the classification of TARP and non-tarp gains is important as it may impact upon their withholding obligations. For Australian resident investors who are not intermediaries, this distinction will have no impact on their taxable position. In the Tax Report Summary, Macquarie has shown capital gains from managed funds and listed trusts as TARP or non-tarp capital gains as notified by the product issuers. In the Tax Report Detailed, Macquarie has not classified TARP and non-tarp gains but instead classified capital gains as discounted, indexed or other (as appropriate). Note that Macquarie has assumed that any capital gains realised upon asset disposals are non-tarp capital gains on the basis that an investor holds a less than 10% ownership interest in the asset. For purposes of the non-resident reconciliation, in respect of CGT, only TARP gains are taken into consideration when calculating the amount of tax payable for non-residents. 5

6 Corporate actions Outlined below is how Macquarie has treated investors who have participated in corporate actions during the tax year. The following is intended to describe how the specific tax provisions have been applied when processing a corporate action. Buy-backs The current treatment of a share buy-back depends on whether it is an on-market or an off-market share buy-back. All buy-backs processed in the Service for the year ended 30 June 2010 were off-market share buy-backs. Generally, the difference between the purchase price and the amount debited to the company s share capital account is treated as a dividend which may or may not be franked (depending on the company s circumstances). Further, the amount debited to the share capital forms part of the disposal proceeds of the share being bought back. The remainder of the deemed proceeds is the value by which the market value of the share being bought back exceeds the buy-back price. Macquarie processes an investor s participation in a share buy-back in accordance with the offer document associated with the share buy-back. Further, the components of the share buy-back for tax purposes are confirmed if, and when, the ATO releases a class ruling and/or tax calculator in respect of the share buy-back. Rollover relief for capital gains (and losses) Macquarie has adopted a consistent methodology for the treatment of gains (and losses) realised on securities eligible for scrip for scrip rollover relief and/or demerger rollover relief (as relevant) during the tax year. Under certain conditions, CGT rules enable an investor to make an election to apply for rollover relief when a company is involved in a merger, acquisition or demerger during the tax year. Where eligible for relief, Macquarie has elected to apply the relief to defer any CGT consequences for investors in the securities affected. Where ineligible to elect rollover relief, Macquarie has realised those shares and/or units and subsequently reacquired the same value of shares and/or units in the newly merged, acquired or demerged entity. Scrip for scrip rollover relief Scrip for scrip rollover may be applied where interests in one entity are exchanged for replacement interests in another entity. Broadly, in order for scrip for scrip rollover relief to be applied, the interests held by an investor must be post-cgt assets and a capital gain would otherwise have been recognised if the assets had been sold. In cases where scrip for scrip rollover has been applied, an ATO class ruling and/or tax calculator (where available) has been consulted to ensure that Macquarie has processed the rollover in accordance with current taxation laws. Investors (and their accountants) should ensure that the rollover has been applied correctly for their own personal circumstances. Where scrip for scrip rollover has been applied, investors will see on the Macquarie reports available that they hold interests in the new entity from the date that the merger or takeover occurred and the cost base and acquisition date of these interests is the same as was the case for their interests held in the original entity. Note that in some instances only partial rollover will be applied. This will occur where investors do not receive like for like interests. For example, investors may receive cash as well as shares in the corporate action. In such circumstances, investors will have realised capital gains representing the cash received as a result of the action. The proceeds representing the shares or units received will be granted scrip for scrip rollover where the relevant conditions have been met. In these cases, the cost base of the interest has been separated into a cash and share component. Demerger rollover relief Demerger rollover relief is available where a company or trust group restructures and splits into more than one entity. In order for rollover relief to apply, the restructure must occur on or after 1 July Unlike scrip for scrip rollover, the pre- CGT status of assets is maintained and assets which are in a notional loss position are able to be rolled over. In cases where demerger rollover has been applied, an ATO class ruling and/or tax calculator (where available) has been consulted to ensure that Macquarie has processed the rollover in accordance with current taxation laws. Investors (and their accountants) should ensure that the rollover has been applied correctly for their own personal circumstances. Where demerger rollover has been applied, investors will see on the various Macquarie reports that their original cost base remains unchanged (although it will be split into two or more entities) and the acquisition date of their original interests will be maintained in the demerged entities that they now hold. Foreign income Foreign income includes foreign dividend income distributed by direct foreign equities held within the Service and any foreign income distributed by managed funds and listed trusts held within the Service. The Tax Report Summary discloses foreign income as one amount and separately shows any foreign tax credits also distributed. The Tax Report Detailed separately discloses foreign income on either a distribution by distribution basis in respect of managed funds and listed trusts or a payment by payment basis in respect of foreign equities. Foreign income is net of any foreign tax credits distributed by the product issuer. The Tax Reports disclose the amount of foreign tax credits as advised by the share registries or the product issuers. Investors are only able to claim as a tax offset the lesser of the foreign tax paid or the Australian tax payable on the foreign income derived. Macquarie has not made any determination as to what is the available tax offset that the investor is entitled to claim. The Tax Reports include any foreign dividend income as assessable when the foreign dividends are paid and include any foreign income distributed from managed funds and listed trusts as assessable on an accruals (present entitlement) basis. Conduit foreign income Conduit foreign income is foreign income that is ultimately received by a non-resident through one or more interposed Australian tax entities. The current tax laws allow conduit foreign income to flow through Australian tax entities to non-resident investors without being subject to Australian withholding tax. Any conduit foreign income received from assets held within an investor s account has been disclosed as unfranked dividend income on the Tax Report Summary. It is separately disclosed as conduit foreign income on the Tax Report Detailed. 6

7 Other income Other income reported includes, but is not limited to: disposals of convertible notes, and any fund manager rebates to which an investor may be entitled. The Tax Reports include any Other Income as assessable when the convertible notes are sold or when product issuer rebates are credited to the investor. Fees and expenses The Tax Reports may include the following expenses: government charges administration fees adviser fees, and interest paid on margin loans. All fees reported on the Tax Reports include Goods and Services Tax (GST). To the extent that an investor has claimed a credit for the GST reported on the expenses disclosed, the fees reported may need to be adjusted. Government charges and administration fees Administration fees represents the fee charged by Macquarie Investment Management Limited for the administration of an investor s account. Government charges and administration fees have been classified as fully deductible. This may not be appropriate given the individual circumstances of the investor and Macquarie recommends that independent taxation advice be sought. Adviser fees The tax treatment of ongoing fees and transaction fees is determined by the nature of the services provided by the adviser to the investor. Macquarie has provided advisers with the ability to elect how to treat these fees in the Tax Report Summary and Tax Report Detailed. Where the adviser has not made any election, or they have elected that the Adviser fees be treated as unallocated, Macquarie has reported Adviser fees as unallocated. Macquarie has relied upon the elections made by the adviser and has not considered whether the treatment is correct. Macquarie recommends that independent taxation advice be sought to determine the appropriate treatment for the deductibility of Adviser fees for investors. Establishment fees have been treated as non-deductible. Interest on margin loans Macquarie has assumed that the amount of interest on a margin loan is fully deductible for Australian resident investors. This may not be the case depending on the investor s individual circumstances and Macquarie strongly recommends that the investor seeks independent taxation advice as to the deductibility of interest on margin loans. Please note that the amount of interest expense on the Tax Reports is the amount provided to Macquarie by the margin lender. Should this not reconcile to any information an investor has directly received from the margin lender, the investor will need to contact the margin lender directly. Where a margin loan is jointly held across two or more Wrap accounts, please note that Macquarie equally splits the margin loan interest across those accounts. Macquarie recommends that each investor seeks independent taxation advice in order to assess whether or not this split is correct and make the appropriate amendments where required. Specific security treatments Convertible notes Interest bearing convertible notes issued prior to 14 May 2002 are generally treated as traditional securities for income tax purposes. Broadly, this means that any profit or loss on the disposal, conversion or redemption of a traditional security is assessable or deductible under special provisions. These amounts appear in the Other Income (O) section of the Tax Reports. This above treatment differs where the securities were issued on or after 14 May In general terms, for such securities, no assessable gain or deductible loss will arise to the investor upon conversion into ordinary shares. Rather, the taxing point will be deferred until the disposal of the ordinary shares that were acquired on conversion or exchange. The gain or loss on the ultimate disposal of the ordinary shares will be subject to the CGT provisions for the period before, as well as after, conversion or exchange. These rules will only apply to traditional securities that convert or exchange into ordinary shares of the issuer or a connected entity. Therefore, it is possible that instruments which are converted into, or exchanged for, securities other than ordinary shares may still be subject to tax at the time of conversion or exchange. Macquarie has treated convertible notes in accordance with the issue dates as notified in the applicable Product Disclosure Statements (PDSs) made available by the product issuer. Pooled Development Funds (PDFs) Income or capital gains derived upon sale of a PDF is exempt from tax if the company is a PDF at the time of sale. Also, unfranked dividends of a PDF are treated as tax exempt. For franked dividends of a PDF, the investor has the option of treating this amount as tax exempt or treating the dividends as assessable and claiming the franking credits attached to the franked dividends. Macquarie has elected to treat the franked dividends as assessable. Any expenses incurred by the investor in relation to these dividends may be deductible. Where a company ceases to be a PDF during the tax year, the shares in the PDF are deemed to have been disposed of immediately before the company ceases to be a PDF and reacquired immediately for market value. Any gains made on the deemed disposal are exempt from tax. Any losses recognised on the deemed disposal are disregarded and are not available to offset against assessable income. Listed Investment Companies (LICs) Where a resident investor receives a dividend from a LIC, to the extent that the dividend is franked, either fully or partially, then the franking credits attached to that franked dividend are also included in the investor s assessable income on a paid or credited basis. The investor may then be entitled to a tax offset equal to the amount of the franking credits attached to the dividend received. Where the dividend received is unfranked, that amount is the only amount which is included in the investor s assessable income. For dividends received by non-residents, the withholding tax rules may apply. Where a LIC distributes a dividend that is attributable to a capital gain, known as the attributable part, investors are able to benefit from the CGT discount on assets realised by the LIC on or after 1 July 2001, provided that the assets have been held for more than 12 months by the LIC. For individuals and trusts that are Australian residents at the time the dividend is paid, a deduction equal to 50% of the attributable part may be claimed.

8 Where applicable, the amount of the allowable deduction associated with the attributable part of a LIC distribution is the 50% amount of the capital gain disclosed. This will be reported under the expenses paid column of the Tax Report Detailed, and under Other in the expenses section of the Tax Report Summary. Note that the amount reported will need to be grossed up and any relevant discount applied for investors other than individuals or trusts. Where an attributable part has been disclosed by the product issuer, the investor can request from Macquarie a copy of the relevant dividend statement where the investor had a holding in these securities at any time during the tax year and received a dividend. Macquarie will advise at the time of the request whether or not this information is available. Instalment warrants The tax treatment of instalment warrants is complex. Outlined below is the new approach Macquarie has taken in regard to the treatment of instalment warrants for tax reporting purposes. The Tax Report Detailed reports all income derived from the underlying asset associated with an instalment warrant in the respective Managed fund and Listed trust (T) section or the Listed securities (S) section. Capital gains and losses on the disposal of an instalment warrant are also reported in the Disposal of Capital Items (R) section. The Tax Report Summary reports such income in the Dividends and/or Trust Distribution sections as relevant, while any capital gains and losses on disposal are shown at the Capital gains from disposal of assets section. The Tax Reports do not disclose: the borrowing costs (deductible or non-deductible) associated with an instalment warrant, or any deductible interest or refunded interest amounts on instalment warrants. An Issuer Instalment Warrant Tax Report Summary and Issuer Instalment Warrant Tax Report Detailed will be provided for the first time in 2010 and will detail information on the investors instalment warrant holdings as provided by the instalment warrant issuers. The Issuer Instalment Warrant Tax Report Summary provides the investor with a summary of: prepaid interest amounts interest refund amounts, and borrowing fee amounts as provided by the instalment warrant issuers for an individual and self managed superannuation fund. The Issuer Instalment Warrant Tax Report Detailed provides detailed information for each instalment warrant held in the investor s account as provided by each issuer. The expense recognition rules in relation to interest (including any refunded prepaid amount) and borrowing fees may differ between warrant issuers and may depend on the type of taxpayer the investor is. Independent calculations may be required to determine whether the expense amounts disclosed are correct for an investor s personal circumstances. Stapled securities Some listed securities are stapled to other listed securities, listed trusts, managed investments, property trusts or a combination thereof. Income from these may include both dividends and listed trust and/or managed fund distributions in their returns to investors. For some securities we have split this income and reported separately under each category. For all other stapled securities we have reported the income on a consolidated basis under the managed fund and listed income section. The timing of this income has been reported according to the rules for each category as outlined above. Where an investor has disposed of a stapled security throughout the tax year, Macquarie has reported a separate capital gain and/or capital loss in respect of the underlying assets of some stapled securities. For a list of these staples, please refer to the Wrap tax website. For all other stapled securities, Macquarie has reported a consolidated position in respect of the disposal. There may be some situations where excessive tax deferred/ return of capital amounts have been distributed causing a capital gain to be realised in the current tax year. Where this is the case and where sufficient information has been made available to Macquarie, the Excess assessable gains (X) section of the Tax Report Detailed will disclose the amount of excessive non-assessable distributions which have given rise to a capital gain (known as E4 or G1 capital gains) during the tax year. The information upon which Macquarie relies comes from the following sources: trade information provided to Macquarie when an investor purchases a stapled security whilst an investor within Service transfer-in information provided by an adviser at the time of an investor s transfer into the Service information contained in PDSs which is made available at the time securities staple together, and any year end information provided by the product issuers outlining cost base or non-assessable distribution payment information. Should this information be incorrect or not relevant for an investor s personal circumstances, the amount of the excess gains reported may not be correct. Foreign Investment Funds (FIFs) and Controlled Foreign Companies (CFCs) Certain ASX listed securities relate to entities resident in foreign countries. In some cases, these securities are potentially subject to FIF taxation, which means that they do not fit into one of the available broad exemptions that apply depending on the classification of the entities activities. These securities are known in the industry as blacklisted securities. Investors (with the exception of complying superannuation entities which, from 1 July 2003, are exempt from the FIF rules) who hold these securities as at 30 June 2010 may have to pay tax on any unrealised income that accrued during the tax year. The Tax Reports separately disclose any unrealised FIF income. Any unrealised income that may accrue in relation to CFC investments is also separately disclosed on the Tax Reports. No Tax File Number (TFN) provided If investors have chosen not to provide their TFN or have not claimed an exemption by the record date of the distribution or dividend, TFN Withholding Tax may have been withheld by share registries for investments in ASX listed securities and listed trusts, and by Macquarie for unlisted managed funds. If an amount has been withheld, it is disclosed on the Tax Reports. This amount may be claimed as a credit in the investor s income tax return. 8

9 Non-resident investors Reconciliation of withholding tax for non-residents Macquarie has performed a reconciliation of non-resident witholding tax (WHT) on distributions from unlisted managed funds, for all non-residents with an open account at the time of reconciliation. The reconciliation details provided are a guide to the correct tax position for non-resident investors in relation to their unlisted managed fund holdings within the service. Due to differing individual circumstances, and the necessity of applying overriding assumptions and principles in the reconciliation process, we strongly recommend that investors see independent taxation advice on this matter. Background How does Macquarie reconcile WHT? Product issuers provide Macquarie with the component breakdowns of distributions after each financial year and through product issuer tax statements (generally received between July and October). As such, prior to the receipt of these tax statements it is not possible for Macquarie to apply the specific withholding rates against the component breakdowns of distributions received during the year. Accordingly, where there have been interim distributions throughout the year, we calculate WHT at 15% of the gross distribution at the time the distribution is paid. Once product issuers have provided Macquarie with the actual components that make up each distribution, we calculate the difference between the amount that was withheld throughout the year and the amount that should have been withheld. As a result of this reconciliation, where necessary, an adjustment (deposit or withdrawal) is made to the investor s cash hub. The Tax Report Detailed (the Report) discloses the nonresident WHT adjustment as a single line item where the cash hub income is disclosed. Equities and listed trusts Please note that we do not perform this reconciliation in respect of equities and listed trusts. In these cases, the relevant share registry deducts any WHT and we report the amount notified to us by the share registry. The Non-resident WHT column under the Managed Funds and Listed Trusts section of the Report continues to disclose the amounts withheld throughout the year. Assumptions These are the assumptions that we have relied upon in performing the reconciliation of WHT: non-resident investors are individuals all unlisted managed funds are held within the Service and so all unlisted managed fund distribution income is reported by Macquarie. Please note, where non-resident investors have received investment income (other than unfranked dividends or interest) from unlisted managed funds held outside the Service, higher non-resident income tax rate thresholds may need to be applied distribution statements issued by product issuers are correct non-resident investors have a portfolio (less than 10%) interest in their unlisted managed funds. Principles These are the principles that we have relied upon in performing the reconciliation of WHT: The reconciliation has been performed only in respect of unlisted managed fund distributions received from unlisted managed funds help within the Service. The reconciliation therefore does not cover any other type of security. Where a WHT amount has been disclosed in relation to listed equity income in the Report, this has been calculated and deducted by the share registry and not by the Service. It therefore does not form part of the Service s reconciliation in respect of calculating the adjustment, if any, to the investor s cash hub. Note however, that the reconciliation will disclose the amount of WHT that was withheld (by share registries) and the amount that should have been withheld in respect of listed equity income. If there is a discrepancy, it will be up to each investor and their adviser/accountant responsible for the deduction and remittance of WHT on listed equities, and so we are unable to correct the investor s cash hub. The reconciliation has been performed on distributions of unlisted managed funds and not on any capital gains that may have resulted from the disposal of a managed fund holding. The reconciliation only details those components where WHT is required to be deducted on managed fund distributions received. A reconciliation has only been performed where nonresident investors have their account open at the time of the adjustment. Where the account has been closed prior to the making of the adjustment, we are unable to perform a reconciliation as there is no account into which we can make an adjusting entry. In relation to unfranked dividends and interest: we have determined the appropriate WHT rate to be applied based on the country of residence provided by investors where investors are resident of a country with which Australia has negotiated a Double Taxation Agreement (DTA), the rate specified in that DTA has been applied where the DTA advises more than one rate, the most conservative of those rates has been chosen where investors are resident of a country with which Australia has not negotiated a DTA, the non-treaty WHT rates have been applied (30% for unfranked dividends and 10% for interest amounts). In relation to Australian other income and Taxable Australian Real Property (TARP) capital gains (discounted, indexed and fully taxable), a withholding rate of 15% has been applied where the non-resident is a resident of a country with which Australia has an effective Exchange of Information (EOI) Agreement. Where the non-resident is a resident of a country with which Australia does not have an EOI, the applicable withholding rate is 30%. The reconciliation has not taken into account distributions of non-tarp capital gains as this distribution component is not required to have non-resident WHT deducted. No consideration has been given to the potential impact of the local tax regime of the various countries in which the non-resident investors reside. 9

10 Changes of residency Where a non-resident has changed residency during the year, we have deducted WHT at the correct rates taking into account any residency change. A residency change may include any of the following examples: a resident becoming a non-resident a non-resident moving from one overseas country to another overseas country a non-resident moving back to Australia and becoming a resident. Where a non-resident has changed residency, we will continue to deduct tax in accordance with their original country of residence until we have received all completed and correct paperwork. Once this paperwork has been received, we will update our systems to apply the correct WHT rates (as per the relevant DTA or EOI rates, as applicable) for unlisted managed funds. In relation to listed securities, we will notify the relevant share registry of any residency change when all completed and correct paperwork is received and they will then update their systems accordingly. We strongly recommend that investors seek independent taxation advice in relation to the accuracy of this reconciliation based on their own individual circumstances, Macquarie s Tax Reports Tax Report Summary This report is designed for individuals, trusts and self managed superannuation funds. It aggregates all interest, dividends, managed fund and listed trust distributions, other Australian income and foreign income amounts. It also includes distributed and realised capital gains and any expenses incurred by an investor associated with their account. It also provides an investor with: references to the 2010 TaxPacks for individuals, trusts and self managed superannuation funds, and references to the Tax Report Detailed so that investors can determine how amounts disclosed on the Tax Report Summary are calculated. Managed fund and listed trust distribution income includes any dividend, interest or Australian other income. The amount reported is grossed up to include any associated franking credits. Managed fund and listed trust distribution income does not include any foreign income or distributed capital gains. Any distributed foreign income and associated foreign tax credits are reported under Foreign Source Income on the Tax Report Summary. Similarly, any distributed capital gains are reported under Capital gains from trust distributions on the Tax Report Summary. Dividend income reported on the Tax Report Summary includes any franked and unfranked dividends received from holdings in direct equities. It does not include dividends received from managed funds and listed trusts. The franked amount disclosed under Dividends includes any associated franking credits distributed with the dividend. Tax Report Detailed This report outlines on a distribution by distribution basis, the amount of income distributed to an investor during the tax year. The Tax Report Detailed gives a total of each income and credit component distributed but does not provide this information in summary form as appears on the Tax Report Summary. Reconciling the Tax Report Summary and Tax Report Detailed Outlined below is a guide to obtaining the amounts disclosed on the Tax Report Summary using the information contained within the Tax Report Detailed. It will assist investors who are individuals completing an individual income tax return. Gross Interest Assessable interest income required to be reported on the income tax return is the amount received in respect of direct equities, term deposits and convertible notes held within the Service as well as any other assessable interest income derived from assets held by the investor outside the Service. 1a. For Investment Manager (or the relevant branded Service) clients, gross interest is the total of columns C3 and S5 Interest on the Tax Report Detailed. 1b. For Investment Accumulator (or the relevant branded Service) clients, the total gross interest amount is $0 as all assets held in Investment Accumulator are units in managed funds. 2. An investor will need to add to this any interest received from bank accounts, convertible notes and other assets held outside the Service. 3. Do not include any interest received from managed funds and listed trusts held both within or outside the Service as this will need to be included as Partnership and trust income on the investor s income tax return. 4. The total of this amount is Australian assessable interest income and will need to be disclosed at Item 10 Label L on the investor s income tax return. 5. If an investor has not provided their tax file number (TFN) tax would have been deducted at the time of any interest distribution received during the tax year. The total of any TFN amounts deducted will need to be disclosed at Item 10 Label M on the investor s income tax return. Dividends Franked and Franking Credits Assessable franked dividend income required to be reported on the income tax return is the cash amount of any franked dividend plus any associated franking credits received in respect of direct equities both held within and outside the Service. 1a. For Investment Manager (or the relevant branded Service) clients, the cash amount of franked dividend income is the total of column S2 Franked dividends on the Tax Report Detailed. 1b. For Investment Accumulator (or the relevant branded Service) clients, the total franked dividends amount is $0 as all assets held in Investment Accumulator are units in managed investments. 2. An investor will need to add to this amount any franked dividend income received from direct equities held outside the Service. 3. The amount of franking credits received in respect of direct equities held within the Service is the total of column S15 Franking credits on the Tax Report Detailed. 4. The total of any franking credits received will need to be reduced by the amount of credits denied under the 45 day rule (or 90 day rule where applicable). Any denied credits will be shown separately in the Denied Franking Credits (DF) section to the Tax Report Detailed. 10

11 5. An investor will need to add to this amount any franking credits (reduced by the amount of credits denied under the 45 day rule) received from direct equities held outside the Service. 6. The total amount of assessable franked dividends will be the cash amount of any franked dividends received from direct equities held both within and outside the Service and will need to be disclosed at Item 11 Label T on the investor s income tax return. 7. The total of any franking credits received from direct equities held both within and outside the Service will need to be disclosed on the investor s income tax return at Item 11 Label U once credits denied under the 45 day rule have been deducted from total franking credits. 8. If an investor has not provided their TFN tax would have been deducted at the time of any dividend payment received during the tax year. The total of any TFN amounts deducted will need to be disclosed at Item 11 Label V on the investor s income tax return. Dividends Unfranked Assessable unfranked dividend income required to be reported on the income tax return is the amount of any unfranked dividends received in respect of direct equities held both within and outside the Service. 1a. For Investment Manager (or the relevant branded Service) clients, unfranked dividends is the total of column S3 Unfranked dividends and S4 Conduit foreign income on the Tax Report Detailed. 1b. For Investment Accumulator (or the relevant branded Service) clients, the total unfranked dividends amount is $0 as all assets held in Investment Accumulator are units in managed investments. 2. An investor will need to add to this amount any unfranked dividends they have received from direct equities held outside the Service. 3. The total of this amount is assessable unfranked dividends and will need to be disclosed at Item 11 Label S on the investor s income tax return. 4. If an investor has not provided their TFN tax would have been deducted at the time of any dividend payment received during the tax year. The total of any TFN amounts deducted will need to be disclosed at Item 11 Label V on the investor s income tax return. Managed fund and Listed trust distributions Assessable trust distribution income required to be reported on an income tax return is the Australian income received in respect of managed funds and listed trusts including franking credits but excluding foreign income and capital gains. 1. For Investment Manager and Investment Accumulator (or the relevant branded Service) clients, the total of: a. Column T2 Franked dividends b. Column T3 Unfranked dividends c. Column T4 Conduit foreign income d. Column T5 Interest e. Column T6 Other, and f. Column C4 Other on the Tax Report Detailed, is the cash amount of assessable income distributed from managed funds and listed trusts. 2. An investor will need to add to this amount any income received from managed funds and listed trusts held outside the Service. 3. The amount of franking credits received in respect of unlisted managed investment and listed trust distributions held within the Service is the total of column T18 Franking credits, on the Tax Report Detailed. 4. This amount will need to be reduced by the amount of credits denied under the 45 day rule. Any denied credits will be shown separately in the Denied franking credit (DF) section to the Tax Report Detailed. 5. An investor will need to add to this amount any franking credits (reduced by the amount of credits denied under the 45 day rule) received from managed funds and listed trusts held outside the Service. 6. The total amount of assessable trust distribution income will need to be disclosed at Item 13 Label U as non-primary production income on the investor s income tax return (which includes attached franking credits). 7. The total of any franking credits received from managed funds and listed trusts held both within and outside the Service will need to be disclosed on the investor s income tax return at Item 13 Label Q once credits denied under the 45 day rule have been deducted from total franking credits. 8. If an investor has not provided their TFN tax would have been deducted at the time of any trust distribution received during the tax year. The total of any TFN amounts deducted will need to be disclosed at Item 13 Label R on the investor s income tax return. Other Income Assessable other Australian income required to be reported on the income tax return is the amount received in respect of convertible note disposals or any other income received from assets held outside the Service. 1a. For Investment Manager (or the relevant branded Service) clients, other income is the total of column 03 Assessable income/loss and S6 Other on the Tax Report Detailed. 1b. For Investment Accumulator (or the relevant branded Service) clients, there will be no corresponding column on the Tax Report Detailed since all assets in Investment Accumulator are units in unlisted managed investments. 2. An investor will need to add to this amount any other Australian other income they have received from assets held outside the Service. 3. The total of this amount is assessable Australian other income and will need to be disclosed at Item 24 Label V as Category 2 income on the investor s income tax return. The investor may also have Category 1 income from assets held outside the Service that will need to be separately disclosed. 11

12 Capital Gains The taxable capital gains required to be reported on the income tax return is the amount received in respect of managed funds and listed trusts as well as any capital gains arising from the disposal of assets. Gross capital gains from managed fund and listed trust distributions and asset realisations Distributed capital gains 1. Gross capital gains is the sum of: Gross discounted capital gains Indexed capital gains; and Other capital gains. 2. For Investment Manager and Investment Accumulator (or the relevant branded Service) clients, gross discounted capital gains is the sum of T10 and T22 Gross discount amount. This amount is the gross capital gain prior to any losses or discount factors being applied. 3. For Investment Manager and Investment Accumulator (or the relevant branded Service) clients, indexed capital gains is the sum of columns T13 and T25 Indexed amount. 4. For Investment Manager and Investment Accumulator (or the relevant branded Service) clients, other capital gains are capital gains arising from the sale of assets held for less than 12 months and are the sum of columns T14 and T26 Other. 5. Gross capital gains are the total of Australian and foreign capital gains as the taxation treatment of capital gains does not differ according to the source of the gain. Realised capital gains 1. When clients realise an asset, they must determine their capital gains position. 2. The Tax Report Detailed calculates whether a capital gain derived is a capital gain subject to discounting, whether it is a short capital gain or whether the asset disposal has crystallised a capital loss. It does not calculate capital gains using the indexation method. 3. The Tax Report Detailed only outlines: Gross discount amount at R5 Discounted 50% at R6 Discounted 33¹ ³ % at R7 Other at R8, and Capital losses at R9. Total gross capital gains Clients will need to add together all gross discounted capital gains, indexed capital gains and other capital gains from distributions and realised upon disposal of assets derived from both inside and outside the Service. Net capital gains 1. Add all Other capital gains received and/or realised from all sources during the income year. 2. Add all Indexed capital gains received and/or realised from all sources during the income year. 3. Add all capital gains received and/or realised which are available for discounting from all sources during the income year. 4. Add together all current year and carry forward capital losses. 5. Deduct losses from Other capital gains then Indexed capital gains and then finally against Gross discounted gains. 6. If any losses remain, disclose this amount at Item 18 Label V on the investor s income tax return. 7. If capital gains still remain, this will be the total current year capital gains and should be disclosed at Item 18 Label H on the investor s income tax return. 8. Determine if any of the remaining capital gains are allowed to have any discount factor applied. If so, apply the discount factor. 9. The sum of the capital gains after any discount has been applied should be disclosed at Item 18 Label A on the investor s income tax return. 10. If the investor has capital gains amounts, they will need to print X in the YES box at item 18 Label G on the investor s income tax return. 11. The investor will need to ensure that Item 18 Label Q in relation to forestry managed investment schemes is answered appropriately. Foreign Income Assessable foreign income required to be reported on the income tax return is the amount of any foreign income and any associated foreign tax credits received from foreign sources. It will include amounts distributed from managed funds and listed trusts as well as amounts received in respect of direct equities. 1a. For Investment Manager (or the relevant branded Service) clients, the cash amount of assessable foreign income is the total of columns T19 Foreign income and S12 Foreign income. 1b. For Investment Accumulator (or the relevant branded Service) clients, the cash amount of assessable foreign income is the total of column T19 Foreign Income. 2. The amount of foreign tax credits received will need to be added to the cash amount calculated above. For Investment Manager clients, the amount of foreign tax credits received is the total of columns T27 and S16 Foreign tax credits on the Tax Report Detailed. For Investment Accumulator clients, the amount of foreign tax credits received is the total of column T27 Foreign tax credits on the Tax Report Detailed. 3. An investor will need to add to this amount any other foreign income and associated foreign tax credits they received from investments held outside the Service. 4. The total of gross foreign income will need to be disclosed at Item 20 Label E on the investor s income tax return. 12

13 5. If an investor has current year and prior year foreign losses Macquarie recommends that they seek independent taxation advice to determine the availability of foreign losses to be offset against either foreign or Australian sourced income. From 1 July 2008, foreign losses are no longer quarantined into separate classes nor are they quarantined from Australian sourced assessable income. Note that foreign losses incurred prior to the preceding 10 income years cannot be utilised to offset assessable income. In addition to this, foreign losses incurred within this 10 year period must be converted into a single tax loss amount; a figure which Macquarie is unable to calculate. 6. The total of remaining foreign income after losses have been deducted will need to be disclosed at Item 20 Label M on the investor s income tax return. 7. The investor will need to calculate the amount of the foreign tax credits that may be claimed. Please refer to the ATO publication Guide to foreign income tax offset rules (NAT 72923) to determine this amount. 8. Once the investor has determined the amount at step 7 above, enter this amount at Item 20 Label O (now referred to as foreign income tax offsets ) on the investor s income tax return. Dividend/Distribution Report (Div/Dist Report) The Div/Dist Accruals Basis Report is not a Tax Report but provides a consolidated summary of what product issuers have distributed throughout a tax year. It separately lists each investment held during the tax year and totals each category of income (and any associated credits) received. Unlike the Tax Report Detailed, it does not provide a breakdown of each distribution made throughout the tax year. Foreign Entities Attributed income from foreign entities includes amounts from controlled foreign companies (CFCs) or foreign investment funds (FIFs). It will include amounts distributed from managed funds and listed trusts as well as amounts received in respect of direct equities. 1a. For Investment Manager (or the relevant branded Service) clients, the amount of attributed assessable income from foreign entities is the total of columns T20 and S13 Foreign CFC in respect of their CFC investments and T21 and S14 Foreign FIFs in respect of their FIF investments. 1b. For Investment Accumulator (or the relevant branded service) clients, the amount of attributed assessable income from foreign entities is the total of column T20 Foreign CFC in respect of their CFC investments and T21 Foreign FIF in respect of their FIF investments. 2. An investor will need to add to each of these amounts any other attributed income they received from CFC and FIF investments held outside the Service. 3. The total of attributed CFC income will need to be disclosed at Item 19 Label K on the investor s income tax return. 4. The total of attributed FIF income will need to be disclosed at Item 19 Label C on the investor s income tax return. 5. In respect of any attributed CFC income received, the investor will need to print X in the YES box at item 19 Label I and in respect of any attributed FIF income received, the investor will need to print X in the YES box at item 19 Label J on the investor s income tax return. 6. The investor will need to ensure that Item 19 Label W in relation to transferring assets is answered appropriately. 13

14 Deloitte Touche Tohmatsu Ltd ACN The Directors Macquarie Investment Management Limited 1 Shelley Street Sydney NSW 2000 Grosvenor Place 225 George Street Sydney NSW 2000 PO Box N250 Grosvenor Place Sydney NSW 1219 Australia DX 10307SSE Tel: +61 (0) Fax: +61 (0) August 2010 Dear Directors Independent Taxation Review Accountants Tax Guide For year ended 30 June 2010 Macquarie Wrap We have reviewed the above Tax Guide ( the Tax Guide ) for Macquarie Investment Management Limited ( MIML ) for the year ended 30 June We have conducted an independent taxation review to determine whether, in our opinion, the Tax Guide contains any material misstatements or omissions in relation to taxation matters. This opinion has been prepared for MIML to be satisfied that it has obtained reasonable assurance in relation to the integrity of the Tax Guide having regard to its overall responsibilities and subject to the comments noted below. No responsibility will be accepted for any reliance on the opinion to any other person, or for any purpose other than which it was prepared. Scope of Review Our review of the Tax Guide has been limited to determining that based on the information that has been made available to us, we are not aware of any material statement that is false or misleading with respect to the technical principles as advised by MIML and referred to in the Tax Guide or any material omissions from the Tax Guide. The scope of our review did not extend to a review or testing of the systems, nor a review of the technical principles beyond those disclosed in the Tax Guide. Our review is based on the taxation laws, rulings and administrative practice of the Australian Taxation Office as at the date of this opinion. Statement Based on the review procedures outlined above, we are not aware of any issues that would cause us to believe that the contents of the Tax Guide for the year ended 30 June 2010 contains a material misstatement or omission. Yours sincerely, Adele Watson Director, Deloitte Touche Tohmatsu Ltd 14 Liability limited by a scheme approved under Professional Standards Legislation.

15 15

16 How to contact Macquarie Macquarie Wrap Solutions PO Box N498 Grosvenor Place NSW 1220 macquarie.com.au/clientview macquarie.com.au/advisers/wraptax 08/10

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