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Dividend information

Dividend information

This section provides the latest and historical dividend data for Fletcher Building, as well as our dividend policy and reinvestment information.

2016 Final Dividend Summary

2016 Final Dividend Summary Table1

 

 

 

NZ residents

Australian residents

 

 

 

NZ cents per share

on top marginal tax rate of 33%

on top marginal tax rate of 49%

Australian residents on 15% tax rate

Other non- residents8

dividend declared

20.0000

20.0000

20.0000

20.0000

NZ imputation credits2

7.7778

 

 

 

NZ supplementary dividend3

 

3.5294

3.5294

3.5294

Australian  franking credits4

 

0.0000

0.0000

 

Gross dividend for NZ tax purposes

27.7778

23.5294

23.5294

23.5294

NZ tax (33%)5

(9.1667)

 

 

 

NZ non-resident withholding tax (15%)6

 

(3.5294)

(3.5294)

(3.5294)

Net cash received after NZ tax

18.6111

20.0000

20.0000

20.0000

Australian tax (49% and 15%)7

 

(11.5294)

(3.5294)

 

Reduced by offset for NZ non-resident withholding tax

 

3.5294

3.5294

 

Less Australian franking credit offset

 

0.0000

0.0000

 

Net cash dividend to shareholders after tax

18.6111

12.0000

20.0000

20.0000

 The dividend will be paid on 12 October 2016 to holders registered as at 5pm Friday September 2016 (NZT).

Dividend Reinvestment Plan: Operative

Record date:  23 September 2016

Payment date:  12 October 2016

Dividend Reinvestment Plan Price:  NZ$10.5550 / A$10.0223

Show NotesHide Notes

Notes:

1            This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent advice.

2          The dividend has imputation credits attached at a 28% tax rate.

3         A supplementary dividend is only payable to non-New Zealand shareholders and has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT). Non-resident shareholders with a 10% or greater direct shareholding are not eligible to receive supplementary dividends but are exempt from NRWT.

4         There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil.

5         For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 5% from the gross dividend which has been credited, with imputation credits at 28%. Accordingly, for those shareholders, a deduction of 1.3889 cents per share will be made on the date of payment from the dividend declared of

20.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a credit for the RWT deduction in excess of their marginal tax rate.

6         NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

7          This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 49%, including the Medicare levy and the Temporary Budget Repair Levy. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.                                                                                                                       

The Australian tax is calculated as: 

 49% Rate

15% Rate

Gross dividend for NZ tax purposes

23.5294

23.5294

plus franking credits

0.0000

0.0000

Gross dividend for Australian tax purposes

23.5294

23.5294

Australian tax

11.5294

3.5294

 

8         This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia. Shareholders resident in other countries are encouraged to consult their own taxation advisor.

2016 Interim Dividend Summary

2016 Interim Dividend Summary Table1

NZ cents per share
NZ Residents on Top of Marginal Tax Rate of 33%
Australian Residents on Top of Marginal Tax rate of 49%
Australian Residents on 15% Tax Rate
Other Non Residents8

Dividend declared

19.0000

19.0000

19.0000

19.0000

NZ imputation credits2

0.0000

 

 

 

NZ supplementary dividend3

 

0.0000

0.0000

0.0000

Australian franking credits4

 

0.0000

0.0000

 

Gross dividend for NZ tax purposes

19.0000

19.0000

19.0000

19.0000

NZ tax (33%)5

(6.2700)

 

 

 

NZ non-resident withholding tax (15%)6

 

(2.8500)

(2.8500)

(2.8500)

Net cash received after NZ tax

12.7300

16.1500

16.1500

16.1500

Australian tax (49% and 15%)7

 

(9.3100)

(2.8500)

 

Reduced by offset for NZ non-resident withholding tax

 

2.8500

2.8500

 

Less Australian franking credit offset

 

0.0000

0.0000

 

Net cash dividend to shareholders after tax

12.7300

9.6900

16.1500

16.1500

 

Record date: 24 March 2016

Payment date: 13 April 2016

Dividend Reinvestment Plan price: NZ$7.7658/A$7.0058

Show NotesHide Notes

Notes:

  1. This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent advice.

  2. No imputation credits are attached to this dividend.

  3. A supplementary dividend is only payable to non-New Zealand shareholders if the dividend is fully or partly imputed.  It has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT) on that part of the dividend which has imputation credits attached. As noted above, no imputation credits are attached to this dividend.  Accordingly, no supplementary dividend is payable.

  4. There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil.

  5. For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 33%. Accordingly, for those shareholders, a deduction of 6.27 cents per share will be made on the date of payment from the dividend declared of 19.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a credit for the RWT deduction in excess of their marginal tax rate.

  6. NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

  7. This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 49%, including the Medicare levy and the Temporary Budget Repair Levy. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as:

49% Rate

15% Rate

 

Gross dividend for NZ tax purposes

19.0000

19.0000

 

plus franking credits

0.0000

0.0000

 

Gross dividend for Australian tax purposes

19.0000

19.0000

 

Australian tax

9.3100

2.8500

 

  1. This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia. Shareholders resident in other countries are encouraged to consult their own taxation advisor.

2015 Final Dividend Summary

 

         
NZ cents per share
NZ    RESIDENTS ON TOP MARGINAL TAX RATE OF 33%
AUSTRALIAN RESIDENTS ON TOP MARGINAL TAX RATE OF 49%
AUSTRALIAN RESIDENTS ON 15% TAX RATE
OTHER  NON RESIDENTS(8)
Dividend declared 19.0000 19.0000 19.0000 19.0000
NZ imputation credits (2) 7.3889      
NZ supplementary dividend (3)   3.3529 3.3529 3.3529
Australian franking credits (4)   0.0000 0.0000  
Gross dividend for NZ tax purposes 26.3889 22.3529 22.3529 22.3529
NZ tax (33%) (5)  (8.7083)      
NZ non-resident withholding tax (15%) (6)    (3.3529)  (3.3529)  (3.3529)
Net cash received after NZ tax 17.6806 19.0000 19.0000 19.0000
Australian tax (49% and 15%) (7)    (10.9529)  (3.3529)  
Reduced by offset for NZ non-resident withholding tax   3.3529 3.3529  
Less Australian franking credit offset   0.0000 0.0000  
Net cash dividend to shareholders after tax 17.6806 11.4000 19.0000 19.0000

 

The dividend will be paid on 14 October 2015 to holders
registered as at 5.00 pm Friday 25 September 2015 (NZT)

 Dividend Reinvestment Plan price:  NZ$6.9342 / A$6.2885

Show NotesHide Notes

NOTES:

This summary is of a general nature and the tax rates used and the calculations are intended for guidance only.  As individual circumstances will vary, shareholders are advised to seek independent tax advice.

The dividend has imputation credits attached at a 28 percent tax rate.

The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing or reducing the cost of New Zealand non-resident withholding tax (NRWT).  Non-resident shareholders with a 10% or greater direct shareholding are not eligible to receive supplementary dividends but are exempt from NRWT.                                                                                  

There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil. 

For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 5% from the gross dividend which has been credited with imputation credits at 28 percent.  Accordingly, for those shareholders, a deduction of 1.3194 cents per share will be made on the date of payment from the dividend declared of 19.0 cents per share and forwarded to Inland Revenue.  Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a credit for the RWT deduction in excess of their marginal tax rate.

NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

This summary uses two examples of the effect of tax in Australia.  The first uses the top marginal tax rate of 49%, including the Medicare levy and the Temporary Budget Repair Levy.  The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts.    Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The  Australian tax is calculated as:

49% rate

15% rate

 

      gross dividend for NZ tax purposes

22.3529

22.3529

 

      plus franking credits

0.0000

0.0000

 

      gross dividend for Australian tax purposes

22.3529

22.3529

 

      Australian tax

10.9529

3.3529

 

This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia.  Shareholders resident in other countries are encouraged to consult their own taxation adviser.

2015 Interim Dividend Summary

Record date: 27 March 2015Payment date: 15 April 2015
Dividend Reinvestment Plan price:  NZ$8.5201 / A$8.3250

NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 46.5%
Australian
Residents
on 15% tax rate
Other Non
Residents(9)
Dividend declaredNZ imputation credits(2)NZ supplementary dividend(3)Australian franking credits(4) 18.00000.0000-- 18.0000-0.00000.0000 18.0000-0.00000.0000 18.0000-0.0000
Gross dividend for NZ tax purpose 18.0000 18.0000 18.0000 18.0000
NZ tax 33% (5)NZ non-resident without tax 15%(6) (5.9400)- -(2.7000) -(2.7000) -(2.7000)
Net cash received after NZ tax
12.0600 15.3000 15.3000 15.3000
Australia tax (46.5% and 15%)(7)Reduced by offset for NZ non-resident withholding taxLess Australian franking credit offset --- (8.8200)2.70000.0000 (2.7000)2.70000.0000 ---
Net cash dividend to shareholders after tax 12.0600 9.1800 15.3000 15.3000
Show NotesHide Notes

This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

2. No imputation credits are attached to this dividend.

3. A supplementary dividend is only payable to non-New Zealand shareholders if the dividend is fully or partly imputed. It has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT) on that part of the dividend which has imputation credits attached. As noted above, no imputation credits are attached to this dividend. Accordingly, no supplementary dividend is payable.

4. There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil.

5. For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 33%. Accordingly, for those shareholders, a deduction of 5.94 cents per share will be made on the date of payment from the dividend declared of 18.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a credit for the difference between the 33% RWT deduction and their marginal tax rate.

6. NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

7. This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 46.5%, including the Medicare levy. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: 46.5% rate 15% rate
Gross dividend for NZ tax purposes 18.0000 18.0000

Plus franking credits

0.0000 0.0000
Gross dividend for Australian tax purposes 18.0000 18.000
Australian tax 8.8200 2.7000

 

8. This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia. Shareholders resident in other countries are encouraged to consult their own taxation adviser.

2014 Final Dividend Summary

Record date: 26 September 2014Payment date: 15 October 2014
Dividend reinvestment plan: Not operative

NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 46.5%
Australian
Residents
on 15% tax rate
Other Non
Residents(8)
Dividend declaredNZ imputation credits(2)NZ supplementary dividend(3)Australian franking credits(4) 18.00007.0000-- 18.0000-3.17650.0000 18.0000-3.17650.0000 18.0000-3.17650.0000
Gross dividend for NZ tax purpose 25.0000 21.1765 21.1765 21.1765
NZ tax(5)NZ non-resident without tax 15%(6) (8.2500)- -(3.1765) -(3.1765) -(3.1765)
Net cash received after NZ tax
16.7500 18.0000 18.0000 18.0000
Australia tax (46.5% and 15%)(7)Reduced by offset for NZ non-resident withholding taxLess Australian franking credit offset --- (9.8471)3.1765 (3.1765)3.1765 ---
Net cash dividend to shareholders after tax 16.7500 11.3294 18.0000 18.0000
Show NotesHide Notes

This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

2. The dividend has imputation credits attached at a 28 percent tax rate.

3. The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing or reducing the cost of New Zealand non-resident withholding tax (NRWT).  Non-resident shareholders with a 10% or greater direct shareholding are not eligible to receive supplementary dividends but are exempt from NRWT.

4. There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil.

5. For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 5% from the gross dividend which has been credited with imputation credits at 28 percent.  Accordingly, for those shareholders, a deduction of 1.25 cents per share will be made on the date of payment from the dividend declared of 18.0 cents per share and forwarded to Inland Revenue.  Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a credit for the RWT deduction in excess of their marginal tax rate.

6. NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

7. This summary uses two examples of the effect of tax in Australia.  The first uses the top marginal tax rate of 46.5%, including the Medicare levy.  The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts.    Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: 46.5% rate 15% rate
Gross dividend for NZ tax purposes 21.1765 21.1765

Plus franking credits

0.0000 0.0000
Gross dividend for Australian tax purposes 21.1765 21.1765
Australian tax 9.8471 3.1765

 

8. This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia.  Shareholders resident in other countries are encouraged to consult their own taxation adviser.

2014 Interim Dividend Summary

Record date: 28 March 2014Payment date: 16 April 2014
Dividend reinvestment plan: Not operative

NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 46.5%
Australian
Residents
on 15% tax rate
Other Non
Residents(9)
Dividend declaredNZ imputation credits(2)NZ supplementary dividend(3)Australian franking credits(4) 18.00000.0000-- 18.0000-0.00000.0000 18.0000-0.00000.0000 18.0000-0.00000.0000
Gross dividend for NZ tax purpose 18.0000 18.0000 18.0000 18.0000
NZ tax(5)NZ non-resident without tax 15%(6) (5.9400)- -(2.7000) -(2.7000) -(2.7000)
Net cash received after NZ tax
12.0600 15.3000 15.3000 15.3000
Australia tax (46.5% and 15%)(7)Reduced by offset for NZ non-resident withholding taxLess Australian franking credit offset --- (8.3700)2.70000.0000 (2.7000)2.70000.0000 ---
Net cash dividend to shareholders after tax 12.0600 9.6300 15.3000 15.3000
Show NotesHide Notes

This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

2. No imputation credits are attached to this dividend.

3. A supplementary dividend is only payable to non-New Zealand shareholders if the dividend is fully or partly imputed. It has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT) on that part of the dividend which has imputation credits attached. As noted above, no imputation credits are attached to this dividend. Accordingly, no supplementary dividend is payable.

4. There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil.

5. For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 33%. Accordingly, for those shareholders, a deduction of 5.94 cents per share will be made on the date of payment from the dividend declared of 18.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a credit for the difference between the 33% RWT deduction and their marginal tax rate.

6. NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

7. This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 46.5%, including the Medicare levy. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: 46.5% rate 15% rate
Gross dividend for NZ tax purposes 18.0000 18.0000

Plus franking credits

0.0000 0.0000
Gross dividend for Australian tax purposes 18.0000 18.4000
Australian tax 8.3700 2.7000

 

8. This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia. Shareholders resident in other countries are encouraged to consult their own taxation adviser.

2013 Final Dividend Summary
Record date: 27 September 2013Payment date: 16 October 2013
Dividend Reinvestment Plan price: NZ$9.5339 / A$8.3630
NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 46.5%
Australian
Residents
on 15% tax rate
Other Non
Residents(8)
Dividend declaredNZ imputation credits(2)NZ supplementary dividend(3)Australian franking credits(4) 17.00006.6111

-
17.0000-
3.0000
0.0000
17.0000-
3.0000
0.0000
17.0000-
3.0000
-
Gross dividend for NZ tax purpose 23.6111 20.0000 20.0000 20.0000
NZ tax - 33%(5)NZ non-resident witholding tax - 15%(6) (7.7917)- -(3.0000) -(3.0000) -(3.0000)
Net cash received after NZ tax 15.8194 17.0000 17.0000 17.0000

Australia tax (46.5% and 15%)(7)Reduced by offset for NZ non-resident withholding tax

Less Australian franking credit offset

-
-
-
(9.3000)
3.0000
0.0000
(3.0000)
3.0000
0.0000

--

-

Net cash dividend to shareholders after tax 15.8194 10.7000 17.0000 17.0000
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only.  As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) The dividend has imputation credits attached at a 28 percent tax rate.

(3) The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing or reducing the cost of New Zealand non-resident withholding tax (NRWT).  Non-resident shareholders with a 10% or greater direct shareholding are not eligible to receive supplementary dividends but are exempt from NRWT.

(4) There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil.  Consistent with the previously announced policy, Fletcher Building expects to alternately frank and impute successive dividends to the maximum extent possible. This will mean that interim dividends will be  franked to the maximum extent possible with Australian tax credits and final dividends will be  imputed to the maximum extent possible with New Zealand tax credits. 

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 5% from the gross dividend which has been credited with imputation credits at 28 percent.  Accordingly, for those shareholders, a deduction of 1.1806 cents per share will be made on the date of payment from the dividend declared of 17.0 cents per share and forwarded to Inland Revenue.  Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses two examples of the effect of tax in Australia.  The first uses the top marginal tax rate of 46.5%, including the Medicare levy.  The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The  Australian tax is calculated as:
46.5% rate 15% rate
Gross dividend for NZ tax purposes 20.0000 20.0000
plus franking credits 0 0
gross dividend fo Australian tax purposes 20.0000 20.0000
Australian tax 9.3000 3.0000

 

(8) This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia.  Shareholders resident in other countries are encouraged to consult their own taxation adviser.

            

2013 Interim Dividend Summary
Record date: 28 March 2013Payment date: 16 April 2013
Dividend Reinvestment Plan price: NZ$8.4775 (AUD$6.8206)
NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 46.5%
Australian
Residents
on 15% tax rate
Other Non
Residents(9)
Dividend declaredNZ imputation credits(2)NZ supplementary dividend(3)Australian franking credits(4) 17.00000.0000-- 17.0000-0.00007.2857 17.0000-0.00007.2857 17.0000-0.00000.0000
Gross dividend for NZ tax purpose 17.0000 17.0000 17.0000 17.0000
NZ tax(5)NZ non-resident without tax 15%(6) (5.6100)- -(2.5500) -(2.5500) -(2.5500)
Net cash received after NZ tax
11.3900 14.4500 14.4500 14.4500
Australia tax (46.5% and 15%)(7)Reduced by offset for NZ non-resident withholding taxLess Australian franking credit offset --- (11.2929)2.55007.2857 (3.6429)2.55007.2857 ---
Net cash dividend to shareholders after tax 11.3900 12.9928 20.6428 14.4500
Show NotesHide Notes

This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) No imputation credits are attached to this dividend.

(3) A supplementary dividend is only payable to non-New Zealand shareholders if the dividend is fully or partly imputed. It has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT) on that part of the dividend which has imputation credits attached. As noted above, no imputation credits are attached to this dividend. Accordingly, no supplementary dividend is payable.

(4) These amounts are not received in cash from Fletcher Building but are relevant in determining the gross dividend received for Australian tax purposes.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident withholding tax (RWT) is required to be deducted at 33%. Accordingly, for those shareholders, a deduction of 5.61 cents per share will be made on the date of payment from the dividend declared of 17.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a credit for the difference between the 33% RWT deduction and their marginal tax rate.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 46.5%, including the Medicare levy. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: 46.5% rate 15% rate
Gross dividend for NZ tax purposes 17.0000 17.0000

Plus franking credits

7.2857 7.2857
Gross dividend for Australian tax purposes 24.2857 24.2857
Australian tax 11.2929 11.2929

(8) Any surplus franking credit offset is refundable to Australian resident shareholders on issuse of their Australian tax assessment.

(9) This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand or Australia. Shareholders resident in other countries are encouraged to consult their own taxation adviser.

2012 Final Dividend Summary

Record date: 28 September 2012Payment date: 17 October 2012
Dividend Reinvestment Plan price: NZ$7.0627 / A$5.6430

NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 46.5%
Australian
Residents
on 15% tax rate
Other Non
Residents

(9)

Dividend declaredNZ imputation credits(2)NZ supplementary dividend(3)Australian franking credits(4) 17.00006.6111-- 17.0000-3.00000.0000 17.0000-3.00000.0000 17.0000-3.0000-
Gross dividend for NZ tax purposes 23.6111 20.0000 20.0000 20.0000
NZ tax (33%)(5)NZ non-resident without tax 15% (7.7917)- -(3.0000) -(3.0000) -
(3.0000)
Net cash received after NZ tax
15.8194 17.0000 17.0000 17.0000
Australia tax (46.5% and 15%)(7)Reduced by offset for NZ non-resident withholding taxLess Australian franking credit offset(8) --
-
(9.3000)3.0000
0.0000
(3.0000)3.0000
0.0000
--
-
Net cash dividend to shareholders after tax 15.8194 10.7000 17.0000 17.0000

 

 

Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) The dividend has imputation credits attached at a 28 percent tax rate.

(3) The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT). Non-resident shareholders with a 10% or greater direct shareholding are not eligible to receive supplementary dividends but are exempt from NRWT.

(4) There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil. Consistent with the previously announced policy, Fletcher Building will alternately frank and impute successive dividends to the maximum extent possible. This will mean that all interim dividends will be fully franked with Australian tax credits, or franked to the maximum extent possible and all final dividends will be fully imputed with New Zealand tax credits, or imputed to the maximum extent possible.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 5% from the gross dividend which has not been credited with imputation credits at 28 percent. Accordingly, for those shareholders, a deduction of 1.1806 cents per share will be made on the date of payment from the dividend declared of 17.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 46.5% including the Medicare levy. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts.  Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: 46.5% rate 15% rate
Gross dividend for NZ tax purposes 20.0000 20.0000

Plus franking credits

0.0000 0.0000
Gross dividend for Australian tax purposes 20.0000 20.0000
Australian tax 9.3000 3.0000

(8) Any surplus franking credit offset is refundable to Australian resident shareholders on issuse of their Australian tax assessment.

(9) This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand and Australia. Shareholders resident in other countries are encouraged to consult their own taxation adviser.

2012 Interim Dividend Summary
Record date: 30 March 2012Payment date: 18 April 2012
Dividend Reinvestment Plan price: NZ$6.5926 / A$5.1979
NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 46.5%
Australian
Residents
on 15% tax rate
Other Non
Residents(9)
Dividend declaredNZ imputation credits(2)NZ supplementary dividend(3)Australian franking credits(4) 17.00000.0000-- 17.0000-0.00007.2857 17.0000-0.00007.2857 17.0000-0.0000-
Gross dividend for NZ tax purpose 17.0000 17.0000 17.0000 17.0000
NZ tax (33%)(5)NZ non-resident without tax 15%(6) (5.6100)- -(2.5500) -(2.5500) -(2.5500)
Net cash received after NZ tax
11.3900 14.4500 14.4500 14.4500
Australia tax (46.5% and 15%)(7)Reduced by offset for NZ non-resident withholding taxLess Australian franking credit offset(8) --- (11.5357)2.55007.2857 (3.6429)2.55007.2857 --
-
Net cash dividend to shareholders after tax 11.3900 12.7500 20.6428 14.4500
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) No imputation credits are attached to this dividend.

(3) A supplementary dividend is only payable to non-New Zealand shareholders if the dividend is fully or partly imputed. It has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT) on that part of the dividend which has imputation credits attached. As noted above, no imputation credits are attached to this dividend. Accordingly, no supplementary dividend is payable.

(4) These amounts are not received in cach from Fletcher Building but are relevant in determining the gross dividend received for Australian tax purposes.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 33%. Accordingly, for those shareholders, a deduction of 5.61 cents per share will be made on the date of payment from the dividend declared of 17.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 47.5% including the Medicare and Flood levies. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts.  Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: 47.5% rate 15% rate
Gross dividend for NZ tax purposes 17.0000 17.0000

Plus franking credits

7.2857 7.2857
Gross dividend for Australian tax purposes 24.2857 24.2857
Australian tax 11.5357 3.6429

(8) Any surplus franking credit offset is refundable to Australian resident shareholders on issuse of their Australian tax assessment.

(9) This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand and Australia. Shareholders resident in other countries are encouraged to consult their own taxation adviser.

2011 Final Dividend Summary

Record date: 30 September 2011Payment date: 19 October 2011
Dividend Reinvestment Plan price: NZ$7.5889 / A$6.0043

NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 47.5%
Australian
Residents
on 15% tax rate
Other Non
Residents

(8)

Dividend declaredNZ imputation credits(2)NZ supplementary dividend(3)Australian franking credits(4) 17.00006.6111-- 17.0000-3.00000.0000 17.0000-3.00000.0000 17.0000-3.0000-
Gross dividend for NZ tax purposes 23.6111 20.0000 20.0000 20.0000
NZ tax (33%)(5)NZ non-resident without tax 15%(6) (7.7917)- -(3.0000) -(3.0000) -
(3.0000)
Net cash received after NZ tax
15.8194 17.0000 17.0000 17.0000
Australia tax (46.5% and 15%)(7)Reduced by offset for NZ non-resident withholding taxLess Australian franking credit offset(8) --
-
(9.5000)3.0000
0.0000
(3.0000)3.0000
0.0000
--
-
Net cash dividend to shareholders after tax 15.8194 10.5000 17.0000 17.0000

 

 

Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) The dividend has imputation credits attached at a 28 percent tax rate.

(3) The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT). Non-resident shareholders with a 10% or greater direct shareholding are not eligible to receive supplementary dividends but are exempt from NRWT.

(4) There are no Australian franking credits attached to this dividend and the conduit foreign income component is nil. Consistent with the previously announced policy, Fletcher Building will alternately frank and impute successive dividends to the maximum extent possible. This will mean that all interim dividends will be fully franked with Australian tax credits, or franked to the maximum extent possible and all final dividends will be fully imputed with New Zealand tax credits, or imputed to the maximum extent possible.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 5% from the gross dividend which has not been credited with imputation credits at 28 percent. Accordingly, for those shareholders, a deduction of 1.1806 cents per share will be made on the date of payment from the dividend declared of 17.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses two examples of the effect of tax in Australia. The first uses the top marginal tax rate of 47.5% including the Medicare and Flood levies. The second example uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts.  Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: 47.5% rate 15% rate
Gross dividend for NZ tax purposes 20.0000 20.0000

Plus franking credits

0.0000 0.0000
Gross dividend for Australian tax purposes 20.0000 20.0000
Australian tax 9.5000 3.0000

(8) This illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand and Australia. Shareholders resident in other countries are encouraged to consult their own taxation adviser.

2011 Interim Dividend Summary
Record date: 28 February 2011Payment date: 1 April 2011
 
NZ cents per shareNZ Residents
on top of marginal
tax rate of 33%
Australian
Residents on
top of marginal
tax rate of 46.5%
Australian
Residents
on 15% tax rate
Other Non
Residents
Dividend declaredNZ imputation creditsNZ supplementary dividendAustralian franking credits 17.00000.0000-- 17.0000-0.00007.2856 17.00000.0000-- 17.0000-0.00007.2856
Gross dividend for NZ tax purpose 17.0000 17.0000 17.0000 17.0000
NZ taxNZ non-resident without tax 15% 5.6100- -2.5500 -2.5500 -2.5500
Gross dividend for NZ tax purpose 11.3900 14.4500 14.4500 14.4500
Australia tax 46.5% and 15%Reduced by offset for NZ non-resident without holding taxLess AUstralian franking credit offset --
-
11.29292.5500
7.2857
11.29292.5500
7.2857
--
-
Net cash dividend to shareholders after tax 11.3900 14.4500 14.4500 14.4500
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) No imputation credits are attached to this dividend.

(3) A supplementary dividend is only payable to non-New Zealand shareholders if the dividend is fully or partly imputed. It has the effect of removing the cost of New Zealand non-resident withholding tax (NRWT) on that part of the dividend which has imputation credits attached. As notes in note 2, no imputation credits are attached to this dividend. Accordingly, no supplementary dividend is payable.

Non-resident shareholders with a 10% or greater direct shareholding are not eligible to receive supplementary dividends but are exempt from NRWT, to the extent the dividend is fully imputed.

(4) These amounts are not received in cash from Fletcher Building but are relevant in determining the gross dividend received for Australian tax purposes.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 33% from that part of the gross dividend which has not been credited with imputation credits. Accordingly, for those shareholders, a deduction of 5.28 cents per share will be made on the date of payment from the dividend declared of 16.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses two examples of the effect of tax in Australia. The first uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. The second example uses the top marginal tax rate of 46.5%, including the Medicare levy. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: 46.5% rate 15% rate
Gross dividend for NZ tax purposes 16.0000 16.0000

Plus franking credits

6.8571 6.8571
Gross dividend for Australian tax purposes 22.8571 22.8571
Australian tax 10.6286 3.4286

(8) Any surplus franking credit offset is refundable to Australian resident shareholders on issue of their Australian tax assessment.

(9) The illustration does not purport to show the taxation consequences of the dividend for non-residents of New Zealand and Australia. Shareholders resident in other countries are encourages to consult their own taxation adviser.

2010 Final Dividend Summary

Record date: 1 October 2010Payment date: 20 October 2010

Dividend Reinvestment Plan - Not operative

Notes
NZ cents per shareNZ Residents

Australian
Residents
Other Non
Residents
Dividend declaredNZ tax credits(2)NZ supplementary dividend(3)Australian franking credits(4)

15.00003.2143-

-

15.0000-1.3235

0.0000

15.0000-1.3235

-

Gross dividend for NZ tax purpose 18.2143 16.3235 15.2353
NZ tax (33%)(5)NZ non-resident withholding tax (15%)(6)

(6.0107)

-

-

(2.4485)

-

(2.4485)

Net cash received after NZ tax

12.2306

13.8750

13.8750

Australian tax (15%)(7)
Reduced by credit for NZ non-resident withholding tax

-

-

(2.4485)

2.4485

-

-

Net cash dividend to shareholders
12.2036 13.8750 13.8750
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. They are comprised wholly of imputation credits and do not include any dividend withholding payment credits. The dividend has imputation credits attached at the rate of 3.2143 cents per share.

(3) The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing the cost of New Zealand non-resident withholding tax on that part of the dividend which is fully imputed. From 1 February 2010, non resident shareholders with 10% or greater shareholding and/or shareholders from jurisdictions for which the NRWT rate on dividends paid from New Zealand is less than 15% are no longer eligible to receive supplementary dividends. These shareholders are eligible for an exemption from NRWT to the extent the dividend is fully imputed.

(4) There are no Australian franking credits attached to this dividend. Refer to dividend commentary in this announcement for the Company's franking tax crediting policy.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 33% from that part of the gross dividend which has not been credited with imputation credits at 3% from that part of the gross dividend which has been credited with imputation credits at 30%. Accordingly, for those shareholders, a deduction of 2.7964 cents per share will be made on the date of payment from the dividend declared of 15.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

2010 Interim Dividend Summary

Record date: 31 March 2010 Payment date: 21 April 2010
Dividend Reinvestment Plan - NZ$8.4042 / A$6.4200

Notes
NZ cents per shareNZ Residents

Australian
Residents
Other Non
Residents
Dividend declaredNZ tax credits(2)NZ supplementary dividend(3)Australian franking credits(4)

14.00003.000-

-

14.0000-1.2353

0.0000

14.0000-1.2353

-

Gross dividend for NZ tax purpose 17.0000 15.2353 15.2353
NZ tax (33%)(5)NZ non-resident withholding tax (15%)(6)

(5.6100)

-

-

(2.2853)

-

(2.2853)

Net cash received after NZ tax

11.3900

12.9500

12.9500

Australian tax (15%)(7)
Reduced by credit for NZ non-resident withholding tax

-

-

(2.2853)

2.2853

-

-

Net cash dividend to shareholders
11.3900 12.9500 12.9500
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. They are comprised wholly of imputation credits and do not include any dividend withholding payment credits. The dividend has imputation credits attached at the rate of 3.0 cents per share.

(3) The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing the cost of New Zealand non-resident withholding tax on that part of the dividend which is fully imputed. From 1 February 2010, non resident shareholders with 10% or greater shareholding and/or shareholders from jurisdictions for which the NRWT rate on dividends paid from New Zealand is less than 15% are no longer eligible to receive supplementary dividends. These shareholders are eligible for an exemption from NRWT to the extent the dividend is fully imputed.

(4) There are no Australian franking credits attached to this dividend. Refer to dividend commentary in this announcement for the Company's franking tax crediting policy.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 33% from that part of the gross dividend which has not been credited with imputation credits at 3% from that part of the gross dividend which has been credited with imputation credits at 30%. Accordingly, for those shareholders, a deduction of 2.61 cents per share will be made on the date of payment from the dividend declared of 14.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

2009 Final Dividend Summary

Record date: 25 September 2009 Payment date: 15 October 2009
Dividend Reinvestment Plan - NZ$8.3652 / A$6.9399

Notes
NZ cents per shareNZ Residents

Australian
Residents
Other Non
Residents
Dividend declaredNZ tax credits(2)NZ supplementary dividend(3)Australian franking credits(4)

14.00003.000-

-

14.0000-1.2353

0.0000

14.0000-1.2353

-

Gross dividend for NZ tax purpose 17.0000 15.2353 15.2353
NZ tax (33%)(5)NZ non-resident withholding tax (15%)(6)

(5.6100)

-

-

(2.2853)

-

(2.2853)

Net cash received after NZ tax

11.3900

12.9500

12.9500

Australian tax (15%)(7)
Reduced by credit for NZ non-resident withholding tax

-

-

(2.2853)

2.2853

-

-

Net cash dividend to shareholders
11.3900 12.9500 12.9500
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. They are comprised wholly of imputation credits and do not include any dividend withholding payment credits. The dividend has imputation credits attached at the rate of 3.0 cents per share.

(3) The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing the cost of New Zealand non-resident withholding tax on that part of the dividend which is fully imputed.

(4) There are no Australian franking credits attached to this dividend. Refer to dividend commentary in this announcement for the Company's franking tax crediting policy.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 33% from that part of the gross dividend which has not been credited with imputation credits at 3% from that part of the gross dividend which has been credited with imputation credits at 30%. Accordingly, for those shareholders, a deduction of 2.61 cents per share will be made on the date of payment from the dividend declared of 14.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

2009 Interim Dividend Summary

Record date: 18 March 2009 Payment date: 8April 2009
Dividend Reinvestment Plan - not operative

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents
Dividend declaredNZ tax credits(2)NZ supplementary dividend(3)Australian franking credits(4)

24.00006.0000-

-

24.0000-2.4706

0.0000

24.0000-2.4706

-

Gross dividend for NZ tax purpose 30.0000 26.4706 26.4706
NZ tax (33%)(5)NZ non-resident withholding tax (15%)(6)

(9.9000)

-

-

(3.9706)

-

(3.9706)

Net cash received after NZ tax

20.1000

22.5000

22.5000

Australian tax (15%)(7)
Reduced by credit for NZ non-resident withholding tax

-

-

(3.9706)

3.9706

-

-

Net cash dividend to shareholders
20.1000 22.5000 22.5000
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. They are comprised wholly of imputation credits and do not include any dividend withholding payment credits. The dividend has imputation credits attached at the rate of 6.0 cents per share.

(3) The supplementary dividend is payable to non-New Zealand shareholders and has the effect of partly removing the cost of New Zealand non-resident withholding tax on the dividend.

(4) There are no Australian franking credits attached to this dividend. Refer to dividend commentary in this announcement for the Company's franking tax crediting policy.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 33% from that part of the gross dividend which has not been credited with imputation credits at 3% from that part of the gross dividend which has been credited with imputation credits at 30%. Accordingly, for those shareholders, a deduction of 3.9 cents per share will be made on the date of payment from the dividend declared of 24.0 cents per share and forwarded to Inland Revenue. Resident shareholders who have a tax rate less than 33% will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

2008 Final Dividend Summary

Record date: 26 September 2008 Payment date: 16 October 2008
Dividend Reinvestment Plan - NZ$6.8835 / A$5.7730

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents
Dividend declaredNZ tax credits(2)NZ supplementary dividend(3)Australian franking credits(4)

24.500011.1716-

-

24.5000-4.3235

10.5000

24.5000-4.3235

-

Gross dividend for NZ tax purpose 35.6716 28.8235 28.8235
NZ tax (33%)(5)NZ non-resident withholding tax (15%)(6)

(11.7716)

-

-

(4.3235)

-

(4.3235)

Net cash received after NZ tax

23.9000

24.5000

24.5000

Australian tax (15%)(7)
Reduced by credit for NZ non-resident withholding tax
Less Australian franking credit offset(8)

-
-

-

(5.2500)

4.3235
6.1765

-

-
-

Net cash dividend to shareholders
23.9000 29.7500 24.5000
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. The dividend only has imputation credits attached at 33 percent on 10.5 cents per share and 30 percent on the balance of 14.0 cents per share.

(3) The supplementary dividend is payable to non-New Zealand shareholders and has the effect of removing the cost of New Zealand non-resident withholding tax on the dividend.

(4) These amounts are not received in cash but are relevant in determining the gross dividend received for Australian tax purposes.

(5) For all NZ resident shareholders who do not hold an exemption certificate, resident witholding tax (RWT) is required to be deducted at 33 percent from that part of the gross dividend which has not been credited with imputation credits at 33 percent. For those shareholders, a deduction of 0.60 cents per share will be made on the date of payment. Resident shareholders who have a tax rate less than 33 percent will need to file a tax return to obtain a refund of the RWT.

(6) NZ non-resident withholding tax at the rate of 15% on the gross dividend for NZ tax purposes.

(7) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as: gross dividend for NZ tax purposes 28.8235 plus franking credits 10.5000 less NZ supplementary dividend (4.3235) 6.1765 gross dividend for Australian tax purposes 35.0000 net Australian tax payable (15%) 5.2500

(8) The Australian franking credit assessable amount and tax offset is calculated by reducing the franking credits by the NZ supplementary dividend. Any surplus franking credit offset is refundable to Australian resident shareholders on issue of their Australian tax assessment.

2008 Interim Dividend Summary

Record date: 20 March 2008 Payment date: 10 April 2008
Dividend Reinvestment Plan price - NZ$8.3591 / A$7.3288

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents

Dividend declaredNZ tax credits(2)
NZ tax credit refund
NZ supplementary dividend
Australian franking tax credits(3)

24.000011.8209
-
-
-

24.0000-0.0000
4.2353
0.0000

24.0000-0.0000
4.2353
-

Gross dividend for NZ tax purpose 35.8209 28.2353 28.2353
NZ tax (33%)NZ non-resident withholding tax (15%)(4)

(11.8209)

-

-

(4.2353)

-

(4.2353)

Net cash received after NZ tax

24.0000

24.0000

24.0000

Australian tax (15%)(5)
Reduced by credit for NZ non-resident withholding tax

-

-

(4.2353)

4.2353

-

-

Net cash dividend to shareholders
24.0000 24.0000 24.0000
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes.

(3) There are no Australian franking credits attached to this dividend. Refer to dividend commentary in this announcement for the Company's franking tax crediting policy.

(4) NZ non-resident withholding tax is imposed at the rate of 15% on the gross dividend for NZ tax purposes.

(5) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

2007 Final Dividend Summary

Record date: 21 September 2007 Payment date: 11 October 2007
Dividend Reinvestment Plan - NZ$12.6945 / A$10.8538

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents
Dividend declaredNZ tax credits(2)NZ supplementary dividendAustralian franking credits(3)

23.000011.3284-
-

23.0000-4.0588
9.8571

23.0000-4.0588
-

Gross dividend for NZ tax purpose 34.3284 27.0588 27.0588
NZ tax (33%)NZ non-resident withholding tax (15%)(4)

(11.3284)

-

-

(4.0588)

-

(4.0588)

Net cash received after NZ tax

23.0000

23.0000

23.0000

Australian tax (15%)(5)
Reduced by credit for NZ non-resident withholding tax
Less Australian franking credit offset

-
-

-

(4.9286)
4.0588

5.7983

-
-

-

Net cash dividend to shareholders
23.0000 27.9285 23.0000
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. They are comprised wholly of imputation credits and do not include any dividend withholding payment credits.

(3) These amounts are not received in cash but are relevant in determining the gross dividend received for Australian tax purposes.

(4) NZ non-resident withholding tax is imposed at the rate of 15% on the gross dividend for NZ tax purposes.

(5) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as:

Gross dividend for NZ tax purposes   27.0588
-  plus franking credits 9.8571  
less NZ supplementary dividend (4.0588) 5.7983
gross dividend for Australian tax purposes   32.8571
net Australian tax payable (15%)   4.9286
     


(6) The Australian franking credit assessable amount and tax offset is calculated by reducing the franking credits by the NZ supplementary dividend. Any surplus franking credit offset is refundable to Australian resident shareholders on issue of their Australian tax assessment.

2007 Interim Dividend Summary

Record date: 23 March 2007 Payment date: 12 April 2007
Dividend Reinvestment Plan price - NZ$11.0623 / A$9.7835

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents

Dividend declaredNZ tax credits(2)
NZ tax credit refund
NZ supplementary dividend
Australian franking tax credits(3)

22.000010.8358
-
-
-

22.0000-3.2507
2.71760.0000

22.0000-3.2507
2.7176
-

Gross dividend for NZ tax purpose 32.8358 27.9684(3) 27.9684
NZ tax (33%)NZ non-resident withholding tax (15%)(4)

(10.8358)

-

-

(4.1953)

-

(4.1953)

Net cash received after NZ tax

22.0000

23.7731

23.7731

Australian tax (15%)(5)
Reduced by credit for NZ non-resident withholding tax

-

-

(4.1953)

4.1953

-

-

Net cash dividend to shareholders
22.0000 23.7731 23.7731
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. They are comprised of:

dividend withholding payment credits 3.2507 imputation credits 7.5851

(3) There are no Australian franking credits attached to this dividend. Refer to dividend commentary in this announcement for the company's franking tax crediting policy.

(4) NZ non-resident withholding tax is imposed at the rate of 15% on the gross dividend for NZ tax purposes.

(5) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

2006 Final Dividend Summary

Record date: 22 September 2006 Payment date: 12 October 2006
Dividend Reinvestment Plan - NZ$8.3648 / A$7.2995

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents

Dividend declaredNZ tax credits(2)
NZ tax credit refund
NZ supplementary dividendAustralian franking credits(2)

21.000010.3433-
-
-

21.0000-3.1030
2.5941
0.0000

21.0000-3.10302.5941
-

Gross dividend for NZ tax purpose 31.3433 26.6971 26.6971
NZ tax (33%)NZ non-resident withholding tax (15%)(3)

(10.3433)

-

-

(4.0046)

-

(4.0046)

Net cash received after NZ tax

21.0000

22.6925

22.6925

Australian tax (15%)(4)
Reduced by credit for NZ non-resident withholding tax

-
-

(4.0046)
4.0046

-
-

Net cash dividend to shareholders
21.0000 22.6925 22.6925
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. They are comprised of: dividend withholding payment credits 3.1030 imputation credits 7.2403

(3) The Australian franking credits are not received in cash. While they are not included in the gross dividend for New Zealand tax purposes, they are relevant in determining the gross dividend for Australian tax purposes.

(4) NZ non-resident withholding tax is imposed at the rate of 15% on the gross dividend for NZ tax purposes.

(5) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

2006 Interim Dividend Summary

Record date: 24 March 2006 Payment date: 13 April 2006
Dividend Reinvestment Plan price - NZ$8.6987 / A$7.4191

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents

Dividend declaredNZ tax credits(2)
NZ tax credit refund
NZ supplementary dividend
Australian franking tax credits(2)

19.00009.3582
-
-
-

19.0000-2.7139
2.38063.0943

19.0000-2.7139
2.3806
-

Gross dividend for NZ tax purpose 28.3582 24.0945 24.0945
NZ tax (33%)NZ non-resident withholding tax (15%)(3)

(9.3582)

-

-

(3.6142)

-

(3.6142)

Net cash received after NZ tax

19.0000

20.4803

20.4803

Australian tax (15%)(4)
Reduced by credit for NZ non-resident withholding tax
Less Australian franking credit offset (6)

-
-

-

(3.7212)
3.6142

0.7137

-
-

-

Net cash dividend to shareholders
19.0000 21.0870 20.4803
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These tax credits are not received in cash but are relevant in determining the gross dividend received for NZ tax purposes. They are comprised of:

dividend withholding payment credits 2.7139
imputation credits 6.6443
  9.3582 cents per share


(3) The Australian franking credits are not received in cash. While they are not included in the gross dividend for New Zealand tax purposes, they are relevant in determining the gross dividend for Australian tax purposes.

(4) NZ non-resident withholding tax is imposed at the rate of 15% on the gross dividend for NZ tax purposes.

(5) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

The Australian tax is calculated as:

gross dividend for NZ tax purposes   24.0945
plus franking credits 3.0943  
less NZ supplementary dividend (2.3806) 0.7137
gross dividend for Australian tax purposes   24.8082
Australian tax payable (15%)   3.7212


(6) The Australian franking credit assessable amount and tax offset are calculated by reducing the franking credits by the NZ supplementary dividend. Any surplus franking credit offset is refundable to Australian resident shareholders on issue of their Australian tax assessment.

2005 Final Dividend Summary

Record date: 23 September 2005 Payment date: 13 October 2005
Dividend Reinvestment Plan - NZ$7.8044 / A$7.0817

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents

Dividend declaredNZ tax credits(2)
NZ tax credit refund
Australian franking credits(2)

17.00008.3731-
-

17.0000-8.3731
-

17.0000-8.3731-

Gross dividend for NZ tax purpose 25.3731 25.3731 25.3731
NZ tax (33%)NZ non-resident withholding tax (15%)(3)

(8.3731)

-

-

(3.8060)

-

(3.8060)

Net cash received after NZ tax

17.0000

21.5671

21.5671

Australian tax (15%)(4)
Reduced by credit for NZ non-resident withholding tax

-
-

(3.8060)
3.8060

-
-

Net cash dividend to shareholders
17.0000 21.5671 21.5671
Show NotesHide Notes

(1) This summary is of a general nature, and the tax rates used and the resulting calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) Australian franking credits are not available with this dividend.

(3) NZ non-resident withholding tax is imposed at the rate of 15 percent on the sum of the dividend declared and the New Zealand tax credit refund. It is not imposed on the Australian franking credits component of the gross dividend.

(4) This summary uses the 15 percent income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

2005 Interim Dividend Summary

Record date: 18 March 2005 Payment date: 6 April 2005
Dividend Reinvestment Plan price - NZ$6.8900 / A$6.4318

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents

Dividend declaredNZ tax credits(2)
NZ tax credit refund
Australian franking tax credits(2)

15.00007.3881
-
-

15.0000-7.3881
2.5714

15.0000-7.3881
-

Gross dividend for NZ tax purpose 22.3881 24.9595 22.3881
NZ tax (33%)NZ non-resident withholding tax (15%)(3)

(7.3881)

-

-

(3.3582)

-

(3.3582)

Net cash received after NZ tax

15.0000

19.0299

19.0299

Australian tax (15%)(4)
Reduced by credit for NZ non-resident withholding tax
Less Australian franking credit offset (5)

-
-

-

(3.7439)
3.3582

2.5714

-
-

-

Net cash dividend to shareholders
15.0000 21.2156 19.0299
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These amounts are not received in cash but are relevant in determining the gross dividend for tax purposes.

(3) NZ non-resident withholding tax is imposed at the rate of 15 percent on the sum of the dividend declared and the NZ tax credit refund. It is not imposed on the Australian franking credits component of the gross dividend.

(4) This summary uses the 15 percent income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

(5) Surplus franking credits are refundable to Australian resident shareholders on issue of their tax assessment.

2004 Final Dividend Summary

Record date: 22 October 2004 Payment date: 11 November 2004
Dividend Reinvestment Plan - NZ$5.4098 / A$5.0409

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents

Dividend declaredNZ tax credits(2)
NZ tax credit refund
Australian franking credits(2)

14.00006.8955-
-

14.0000-6.8955
3.0000

14.0000-6.8955-

Gross dividend for NZ tax purpose 20.8955 23.8955 20.8955
NZ tax (33%)NZ non-resident withholding tax (15%)(3)

(6.8955)

-

-

(3.1343)

-

(3.1343)

Net cash received after NZ tax

14.0000

17.7612

17.7612

Australian tax (15%)(4)
Reduced by credit for NZ non-resident withholding tax
less Australian franking credit offset(5)

-
-

-

(3.5843)
3.1343

3.0000

-
-

-

Net cash dividend to shareholders
14.0000 20.3112 17.7612
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These amounts are not received in cash but are relevant in determining the gross dividend for tax purposes.

(3) NZ non-resident withholding tax is imposed at the rate of 15 percent on the sum of the dividend declared and the NZ tax credit refund. It is not imposed on the Australian franking credits component of the gross dividend.

(4) This summary uses the 15 percent income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

(5) Surplus franking credits are refundable to Australian resident shareholders on issue of their tax assessment.

2004 Interim Dividend Summary

Record date: 19 March 2004 Payment date: 7 April 2004
Dividend Reinvestment Plan price - NZ$4.3483 / A$3.8054

Notes
NZ cents per shareNZ Residents

Australian
Residents(3)
Other Non
Residents

Dividend declaredNZ tax credits(2)
NZ tax credit refund
Australian franking tax credits(2)

11.00005.4179
-
-

11.0000-5.4179
2.3571

11.0000-5.4179
-

Gross dividend for NZ tax purpose 16.4179 18.7750 16.4179
NZ tax (33%)NZ non-resident withholding tax (15%)(3)

(5.4179)

-

-

(2.4627)

-

(2.4627)

Net cash received after NZ tax

11.0000

13.9552

13.9552

Australian tax (15%)(4)
Reduced by credit for NZ non-resident withholding tax
Less Australian franking credit offset (5)

-
-

-

(2.8163)
2.4627

2.3571

-
-

-

Net cash dividend to shareholders
11.0000 15.9587 13.9552
Show NotesHide Notes

(1) This summary is of a general nature and the tax rates used and the calculations are intended for guidance only. As individual circumstances will vary, shareholders are advised to seek independent tax advice.

(2) These amounts are not received in cash but are relevant in determining the gross dividend received for tax purposes.

(3) NZ non-resident withholding tax is imposed at the rate of 15% on the sum of the dividend declared and the NZ tax credit refund. It is not imposed on the Australian franking credits component of the gross dividend.

(4) This summary uses the 15% income tax rate applicable in Australia to complying superannuation funds, approved deposit funds and pooled superannuation trusts. Different tax rates will apply to other Australian shareholders, including individuals, depending on their circumstances.

(5) Surplus franking credits are refundable to Australian resident shareholders on issue of their Australian tax assessment.

2003 Dividend Summary
 
 
NZ cents per share2003 Final

2003 Interim

New Zealand resident shareholder
DWP credits provided

10.0000
4.9254

9.0000
4.4328

Total dividend for New Zealand taxation purposes
Total dividend for New Zealand taxation purposes
Non resident shareholders
DWP credit refund

Less 15% non-resident withholding tax
14.9254

14.9254

10.000
4.9254
14.9254
2.2388
13.4328

13.4328

9.000
4.4328
13.4328
2.0149
Cash dividend net of New Zealand tax
Dividend Reinvestment Plan Price
Date paid

12.6866
NZ$4.3820 / A$3.8032
13 November 2003

11.4179
NZ$3.4507 / A$3.1605
9 April 2003

2002 Dividend Summary
 
 
NZ cents per share2002 Final

2002 Interim

New Zealand resident shareholder (plus DWP credits provided)

8.0000

6.0000

Non resident shareholder
DWP credit refund

Less 15% non-resident withholding tax
8.0000
3.9402
11.9402
1.7910
6.0000
2.9552
8.9552
1.3433
Net dividend for non-resident shareholder

10.1492

7.6119

American Depositary Receipt Holder (ADR)

n/a

76.119

Dividend Reinvestment Plan Price
Date paid
NZ$3.0401/ A$2.6874
14 November 2002
NZ$2.8701 / A$2.3755
10 April 2002
2001 Dividend Summary
 
 
NZ cents per share2001 Final

2001 Interim

New Zealand resident shareholder (plus DWP credits provided)

6.0000

6.0000

Non resident shareholder
DWP credit refund

Less 15% non-resident withholding tax
6.0000
2.9552
8.9552
1.3443
6.0000
2.9552
8.9552
1.3433
Net dividend for non-resident shareholder

7.6119

7.6119

American Depositary Receipt Holder (ADR)

76.119

76.119

Dividend Reinvestment Plan Price
Date paid
NZ$2.6994/ A$2.1530
27 November 2001
-
-