Dividend history

The following tables show Fletcher Building's dividend history.

2012 Final Dividend Summary(1)

NZ cents per share


NZ 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 declared 17.0000 17.0000 17.0000 17.0000
NZ imputation credits(2) 6.6111 - - -
NZ supplementary dividend(3) - 3.0000 3.0000 3.0000
Australian franking credits(4) - 0.0000 0.0000 -
 
Gross dividend for NZ tax purposes 23.6111 20.0000 20.0000 20.0000
NZ tax (33%)(5) (7.7917) - - -
NZ non-resident withholding tax (15%)(6) - (3.0000) (3.0000) (3.0000)
 
Net cash received after NZ tax 15.8194 17.0000 17.0000 17.0000
Australian tax (46.5% and 15%)(7) - (9.3000) (3.0000) -
Reduced by offset for NZ non-resident withholding tax - 3.0000 3.0000 -
Less Australian franking credit offset(8) - 0.0000 0.0000  
 
Net cash dividend to shareholders after tax 15.8194 10.7000 17.0000 17.0000
Record date         28 September 2012     
Payment date      17 October 2012     
Dividend Reinvestment Plan price   NZ$7.0627 (AUD$5.6430)
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(1)

NZ cents per share


NZ 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(9)


 
Dividend declared 17.0000 17.0000 17.0000 17.0000
NZ imputation credits(2) 0.0000 - - -
NZ supplementary dividend(3) - 0.0000 0.0000 0.0000
Australian franking credits(4) - 7.2857 7.2857 -
 
Gross dividend for NZ tax purposes 17.0000 17.0000 17.0000 17.0000
NZ tax (33%)(5) (5.6100) - - -
NZ non-resident withholding tax (15%)(6) - (2.5500) (2.5500) (2.5500)
 
Net cash received after NZ tax 11.3900 14.4500 14.4500 14.4500
Australian tax (47.5% and 15%)(7) - (11.5357) (3.6429) -
Reduced by offset for NZ non-resident withholding tax - 2.5500 2.5500 -
Less Australian franking credit offset(8) - 7.2857 7.2857  
 
Net cash dividend to shareholders after tax 11.3900 12.7500 20.6428 14.4500
Record date         30 March 2012     
Payment date      18 April 2012     
Dividend Reinvestment Plan price   NZ$7.5889 / A$6.0043
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(1)

NZ cents per share


NZ 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 declared 17.0000 17.0000 17.0000 17.0000
NZ imputation credits(2) 6.6111 - - -
NZ supplementary dividend(3) - 3.0000 3.0000 3.0000
Australian franking credits(4) - 0.0000 0.0000 -
 
Gross dividend for NZ tax purposes 23.6111 20.0000 20.0000 20.0000
NZ tax (33%)(5) (7.7917) - - -
NZ non-resident withholding tax (15%)(6) - (3.0000) (3.0000) (3.0000)
 
Net cash received after NZ tax 15.8194 17.0000 17.0000 17.0000
Australian tax (47.5% and 15%)(7) - (9.5000) (3.0000) -
Reduced by offset for NZ non-resident withholding tax - 3.0000 3.0000 -
Less Australian franking credit offset(8) - 0.0000 0.0000  
 
Net cash dividend to shareholders after tax 15.8194 10.5000 17.0000 17.0000
Record date        30 September 2011  
Payment date     19 October 2011  
Dividend Reinvestment Plan price     NZ$7.5889 / A$6.0043
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(1)

NZ cents per share


NZ 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 declared 16.0000 16.0000 16.0000 16.0000
NZ imputation credits(2) 0.0000 - - -
NZ supplementary dividend(3) - 0.0000 0.0000 0.0000
Australian franking credits(4) - 6.8571 6.8571 -
 
Gross dividend for NZ tax purposes 16.0000 16.0000 16.0000 16.0000
NZ tax (33%)(5) (5.2800) - - -
NZ non-resident withholding tax (15%)(6) - (2.4000) (2.4000) (2.4000)
 
Net cash received after NZ tax 10.7200 13.6000 13.6000 13.6000
Australian tax (46.5% and 15%)(7) - (10.6286) (3.4286) -
Reduced by credit for NZ non-resident withholding tax - 2.4000 2.4000 -
Less Australian franking credit offset(8) - 6.8571 6.8571  
 
Net cash dividend to shareholders after tax 10.7200 12.2285 19.4285 13.6000
Record date        4 March 2011  
Payment date     1 April 2011  
Dividend Reinvestment Plan   not operative
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

NZ cents per share NZ Residents Australian Residents Other Non Residents
 
Dividend declared 15.0000 15.0000 15.0000
NZ tax credits(2) 3.2143 - -
NZ supplementary dividend(3) - 1.3235 1.3235
Australian franking tax credits(4) - 0.0000 -
 
Gross dividend for NZ tax purposes 18.2143 16.3235 16.3235
NZ tax (33%)(5) (6.0107) - -
NZ non-resident withholding tax (15%)(6) - (2.4485) (2.4485)
 
Net cash received after NZ tax 12.2036 13.8750 13.8750
Australian tax (15%)(7) - (2.4485) -
Reduced by credit for NZ non-resident withholding tax - 2.4485 -
 
Net cash dividend to shareholders 12.2036 13.8750 13.8750
Record date           1 October 2010  
Payment date       20 October 2010  
Dividend Reinvestement Plan   not operative 
 
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 Information

NZ cents per share NZ Residents Australian Residents Other Non Residents
 
Dividend declared 14.0000 14.0000 14.0000
NZ tax credits(2) 3.0000 - -
NZ supplementary dividend(3) - 1.2353 1.2353
Australian franking tax credits(4) - 0.0000 -
 
Gross dividend for NZ tax purposes 17.0000 15.2353 15.2353
NZ tax (33%)(5) (5.6100) - -
NZ non-resident withholding tax (15%)(6) - (2.2853) (2.2853)
 
Net cash received after NZ tax 11.3900 12.9500 12.9500
Australian tax (15%)(7) - (2.2853) -
Reduced by credit for NZ non-resident withholding tax - 2.2853 -
 
Net cash dividend to shareholders 11.3900 12.9500 12.9500
Record date          31 March 2010  
Payment date       21 April 2010  
Dividend Reinvestment Plan price   NZ$8.4082 / A$6.4200
 
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 Information

NZ cents per share NZ Residents Australian Residents Other Non Residents
 
Dividend declared 14.0000 14.0000 14.0000
NZ tax credits(2) 3.0000 - -
NZ supplementary dividend(3) - 1.2353 1.2353
Australian franking tax credits(4) - 0.0000 -
 
Gross dividend for NZ tax purposes 17.0000 15.2353 15.2353
NZ tax (33%)(5) (5.6100) - -
NZ non-resident withholding tax (15%)(6) - (2.2853) (2.2853)
 
Net cash received after NZ tax 11.3900 12.9500 12.9500
Australian tax (15%)(7) - (2.2853) -
Reduced by credit for NZ non-resident withholding tax - 2.2853 -
 
Net cash dividend to shareholders 11.3900 12.9500 12.9500
Record date         25 September 2009  
Payment date      15 October 2009  
Dividend Reinvestment Plan price   NZ$8.3652 / A$6.9399
 
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 Information

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
 
Dividend declared 24.0000 24.0000 24.0000
NZ tax credits(2) 6.0000 - -
NZ supplementary dividend(3) - 2.4706 2.4706
Australian franking tax credits(4) - 0.0000 -
 
Gross dividend for NZ tax purposes 30.0000 26.4706 26.4706
NZ tax (33%)(5) (9.9000) - -
NZ non-resident withholding tax (15%)(6) - (3.9706) (3.9706)
 
Net cash received after NZ tax 20.1000 22.5000 22.5000
Australian tax (15%)(7) - (3.9706) -
Reduced by credit for NZ non-resident withholding tax - 3.9706 -
 
Net cash dividend to shareholders 20.1000 22.5000 22.5000
Record date          18 March 2009  
Payment date         8 April 2009  
Dividend Reinvestment Plan   not operative
 
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

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
 
Dividend declared 24.5000 24.5000 24.5000
NZ tax credits(2) 11.1716 - -
NZ supplementary dividend(3) - 4.3235 4.3235
Australian franking tax credits(4) - 10.5000 -
 
Gross dividend for NZ tax purposes 35.6716 28.8235 28.8235
NZ tax (33%)(5) (11.7716) - -
NZ non-resident withholding tax (15%)(6) - (4.3235) (4.3235)
 
Net cash received after NZ tax 23.9000 24.5000 24.5000
Australian tax (15%)(7) - (5.2500) -
Reduced by credit for NZ non resident withholding tax - 4.3235 -
Less Australian franking credit offset(8) - 6.1765 -
 
Net cash dividend to shareholders 23.9000 29.7500 24.5000
 
Record date          26 September 2008  
Payment date       16 October 2008  
Dividend Reinvestment Plan price   NZ$6.8835 / A$5.7730
 
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 year

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 24.0000 24.0000 24.0000
NZ tax credits(2) 11.8209 - -
NZ tax credit refund - 0.0000 0.0000
NZ supplementary dividend - 4.2353 4.2353
Australian franking tax credits(3) - 0.0000 -
 
Gross dividend for NZ tax purposes 35.8209 28.2353 28.2353
NZ tax (33%) (11.8209) - -
NZ non-resident withholding tax (15%)(4) - (4.2353) (4.2353)
 
Net cash received after NZ tax 24.0000 24.0000 24.0000
Australian tax (15%)(5) - (4.2353) -
Reduced by credit for NZ non resident withholding tax - 4.2353 -
 
Net cash dividend to shareholders 24.0000 24.0000 24.0000
Record date          20 March 2008  
Payment date       10 April 2008  
Dividend Reinvestment Plan price   NZ$8.3591 / A$7.3288
 
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

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 23.0000 23.0000 23.0000
NZ tax credits(2) 11.3284 - -
NZ supplementary dividend - 4.0588 4.0588
Australian franking tax credits(3) - 9.8571 -
 
Gross dividend for tax purposes 34.3284 27.0588 27.0588
NZ tax (33%) (11.3284) - -
NZ non-resident withholding tax (15%)(4) - (4.0588) (4.0588)
 
Net cash received after NZ tax 23.0000 23.0000 23.0000
Australian tax (15%)(5) - (4.9286) -
Reduced by credit for NZ non resident withholding tax - 4.0588 -
Less Australian franking credit offset - 5.7983 -
 
Net cash dividend to shareholders 23.0000 27.9285 23.0000
Record date          21 September 2007  
Payment date       11 October 2007  
Dividend Reinvestment Plan price   NZ$12.6945 / A$10.8538
 
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 year

 
NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 22.0000 22.0000 22.0000
NZ tax credits(2) 10.8358 - -
NZ tax credit refund - 3.2507 3.2507
NZ supplementary dividend - 2.7176 2.7176
Australian franking tax credits(3) - 0.0000 -
Gross dividend for tax purposes 32.8358 27.9684(3) 27.9684
NZ tax (33%) (10.8358) - -
NZ non-resident withholding tax (15%)(4) - (4.1953) (4.1953)
 
Net cash received after NZ tax 22.0000 23.7731 23.7731
Australian tax (15%)(5) - (4.1953) -
Reduced by credit for NZ non resident withholding tax - 4.1953 -
 
Net cash dividend to shareholders 22.0000 23.7731 23.7731
Record date          23 March 2007  
Payment date       12 April 2007  
Dividend Reinvestment Plan price   NZ$11.0623 / A$9.7835
 
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

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 21.0000 21.0000 21.0000
NZ tax credits(2) 10.3433 - -
NZ tax credit refund - 3.1030 3.1030
NZ supplementary dividend - 2.5941 2.5941
Australian franking tax credits(2) - 0.0000 -
 
Gross dividend for tax purposes 31.3433 26.6971 26.6971
NZ tax (33%) (10.3433) - -
NZ non-resident withholding tax (15%)(3) - (4.0046) (4.0046)
 
Net cash received after NZ tax 21.0000 22.6925 22.6925
Australian tax (15%)(4) - (4.0046) -
Reduced by credit for NZ non resident withholding tax - 4.0046 -
 
Net cash dividend to shareholders 21.0000 22.6925 22.6925
Record date          22 September 2006  
Payment date       12 October 2006  
Dividend Reinvestment Plan price   NZ$8.3648 / A$7.2995
 
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 Year

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 19.0000 19.0000 19.0000
NZ tax credits(2) 9.3582 - -
NZ tax credit refund - 2.7139 2.7139
NZ supplementary dividend - 2.3806 2.3806
Australian franking tax credits(2) - 3.0943 -
 
Gross dividend for tax purposes 28.3582 24.0945 24.0945
NZ tax (33%) (9.3582) - -
NZ non-resident withholding tax (15%)(3) - (3.6142) (3.6142)
 
Net cash received after NZ tax 19.0000 20.4803 20.4803
Australian tax (15%)(4) - (3.7212) -
Reduced by credit for NZ non resident withholding tax - 3.6142 -
Less Australian franking credit offset (6) - 0.7137 -
 
Net cash dividend to shareholders 19.0000 21.0870 20.4803
Record date          24 March 2006  
Payment date       13 April 2006  
Dividend Reinvestment Plan price   NZ$8.6987 / A$7.4191 
  
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

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 17.0000 17.0000 17.0000
NZ tax credits(2) 8.3731 - -
NZ tax credit refund - 8.3731 8.3731
Australian franking tax credits(2) - - -
 
Gross dividend for tax purposes 25.3731 25.3731 25.3731
NZ tax (33%) (8.3731) - -
NZ non-resident withholding tax (15%)(3) - (3.8060) (3.8060)
 
Net cash received after NZ tax 17.0000 21.5671 21.5671
Australian tax (15%)(4) - (3.8060) -
Reduced by credit for NZ non resident withholding tax - 3.8060 -
 
Net cash dividend to shareholders 17.0000 21.5671 21.5671
Record date          23 September 2005  
Payment date       13 October 2005  
Dividend Reinvestment Plan price   NZ$7.8044 / A$7.0817
 
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

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 15.0000 15.0000 15.0000
NZ tax credits(2) 7.3881 - -
NZ tax credit refund - 7.3881 7.3881
Australian franking tax credits(2) - 2.5714 -
 
Gross dividend for tax purposes 22.3881 24.9595 22.3881
NZ tax (33%) (7.3881) - -
NZ non-resident withholding tax (15%)(3) - (3.3582) (3.3582)
 
Net cash received after NZ tax 15.0000 19.0299 19.0299
Australian tax (15%)(4) - (3.7439) -
Reduced by credit for NZ non resident withholding tax - 3.3582 -
less Australian franking credit offset(5) - 2.5714 -
 
Net cash dividend to shareholders 15.0000 21.2156 19.0299
Record date          18 March 2005      
Payment date         6 April 2005      
Dividend Reinvestment Plan price   NZ$6.8900 / A$6.4318
 
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

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 14.0000 14.0000 14.0000
NZ tax credits(2) 6.8955 - -
NZ tax credit refund - 6.8955 6.8955
Australian franking tax credits(2) - 3.0000 -
 
Gross dividend for tax purposes 20.8955 23.8955 20.8955
NZ tax (33%) (6.8955) - -
NZ non-resident withholding tax (15%)(3) - (3.1343) (3.1343)
 
Net cash received after NZ tax 14.0000 17.7612 17.7612
Australian tax (15%)(4) - (3.5843) -
Reduced by credit for NZ non resident withholding tax - 3.1343 -
less Australian franking credit offset(5) - 3.0000 -
 
Net cash dividend to shareholders 14.0000 20.3112 17.7612
Record date          22 October 2004      
Payment date       11 November 2004      
Dividend Reinvestment Plan price   NZ$5.4098 / A$5.0409
 
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

NZ cents per share NZ Residents Australian Residents(3) Other Non Residents
Dividend declared 11.0000 11.0000 11.0000
NZ tax credits(2) 5.4179 - -
NZ tax credit refund - 5.4179 5.4179
Australian franking tax credits(2) - 2.3571 -
 
Gross dividend for tax purposes 16.4179 18.7750 16.4179
NZ tax (33%) (5.4179) - -
NZ non-resident withholding tax (15%)(3) - (2.4627) (2.4627)
 
Net cash received after NZ tax 11.0000 13.9552 13.9552
Australian tax (15%)(4) - (2.8163) -
Reduced by credit for NZ non resident withholding tax - 2.4627 -
less Australian franking credit offset(5) - 2.3571 -
 
Net cash dividend to shareholders 11.0000 15.9587 13.9552
Record date          19 March 2004      
Payment date         7 April 2004           
Dividend Reinvestment Plan price   NZ$4.3483 / A$3.8054
 
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

NZ cents per share   2003 Final 2003 Interim
New Zealand resident shareholder   10.000 9.0000
DWP credits provided   4.9254 4.4328
Total dividend for New Zealand taxation purposes   14.9254 13.4328
Total dividend for New Zealand taxation purposes   14.9254 13.4328
Non resident shareholders   10.000 9.0000
DWP credit refund   4.9254 4.4328
    14.9254 13.4328
Less 15% non resident withholding tax   2.2388 2.0149
Cash dividend net of New Zealand tax   12.6866 11.4179
Dividend Reinvestment Plan price   NZ$4.3820 / A$3.8032 NZ$3.4507 / A$3.1605
Date Paid   13 November 2003 9 April 2003
 

2002

New Zealand Cents per Share   2002 Final 2002 Interim
New Zealand resident shareholder (plus DWP credits)   8.0000 6.0000
Non-resident shareholder   8.0000 6.0000
DWP credit refund   3.9402 2.9552
    11.9402 8.9552
Less 15% non-resident withholding tax   1.7910 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   NZ$3.0401 / A$2.6874 NZ$2.8701 / A$2.3755
Date Paid   14 November 2002 10 April 2002
 

2001

New Zealand Cents per Share   2001 Final 2001 Interim
New Zealand resident shareholder (plus DWP credits)   6.0000 6.0000
Non-resident shareholder   6.0000 6.0000
DWP credit refund   2.9552 2.9552
    8.9552 8.9552
Less 15% non-resident withholding tax   1.3443 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   NZ$2.6994 / A$2.1530 -
Date Paid   27 November 2001 -
 
 
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