Financial year end 2011
Q. What statements will be issued and when?
Q. Why may the unit price for my fund decrease after 30 June 2011?
Q. Why is there a delay in realeasing unit prices after 30 June?
Q. Does the reinvestment of my 30 June 2011 distribution occur pre or post 30 June?
Q. Why is the 30 June 2011 distribution often larger than the distributions received throughout the financial year?
Q. Why haven’t I received a 30 June 2011 distribution statement?
Q. Why are there delays on processing withdrawals during July?
Q. Will the regular withdrawal plan for Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) and Perpetual WealthFocus Investment Funds (due on 25 July 2011) be affected by any delays in unit prices being available?
Q. Will my savings plan for July 2011 still go ahead during period that unit prices are delayed?
Q. When will my pension payment for July 2011 be processed?
Q. Has the Government extended the 50% reduced pension minimum?
Q. When are Capital Gains Tax Statements issued for the period ending 30 June 2011?
Q. Is the capital gain/loss shown on the Capital Gains Tax Statement for Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) a net or gross amount?
Q. Does the capital gain/loss shown on the Capital Gains Tax Statement for Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) take into account any tax-deferred amounts?
Q. Is the amount shown under the Discount Method on the Capital Gains Tax Statement already discounted?
Q. What do I need to do with my Tax Statement?
Q. Will I receive a Tax Statement if I have redeemed units in my investment?
Q. Why is there a delay in receiving my Tax Statement?
Q. What other information is available to help me with my financial year-end 2011 administration?
Q. What are the franked and unfranked dividends that appear on my Tax Statement?
Q. What are all the capital gain components that appear on my Tax Statement?
Q. What is the difference between ‘Capital growth/(loss)’ and ‘Return on investment’ that appears on my Annual Statement or Periodic Statement?
Q. What does 'Distribution awaiting reinvestment' mean?
Q. What statements will be issued and when?
A.
| Product name | Statement | Estimated issue date |
|---|---|---|
| Perpetual Wholesale Funds |
Distribution Statement# |
Issued mid-July 2011 |
|
Tax Statement and Guide* |
Issued mid-July 2011 | |
|
Annual Statement (listing transactions) |
Issued late July 2011 | |
| Perpetual WealthFocus Investment Funds |
Distribution Statement# |
Issued mid-July 2011 |
|
Tax Statement and Guide* |
Issued mid-July 2011 | |
|
Annual Statement (listing transactions) |
Issued early August 2011 | |
| Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) |
Distribution Statement# |
Issued mid-July 2011 |
|
CGT Statement (capital gains tax information)* |
Issued late July 2011 | |
|
Tax Statement and Guide* |
Issued mid-July 2011 | |
|
Annual Statement (listing transactions) |
Issued early August 2011 | |
| Perpetual WealthFocus Super Plan |
Annual Statement (listing transactions and summary of benefits) |
Issued mid-July 2011 |
|
Personal contributions - s290-170 notice (for members who made eligible personal contributions) |
Issued mid-July 2011 | |
| Perpetual WealthFocus Pension Plan |
Pension pack containing:
|
Issued mid-July 2011 |
|
Annual Statement (list of transactions and summary of benefits) |
Issued mid-July 2011 | |
| Perpetual Select Investment Funds |
Distribution Statement |
Issued late July 2011 |
|
Tax Statement and Guide* |
Issued late July 2011 | |
|
Annual Statement |
Issued early August 2011 | |
|
Annual Information Booklet (information about your investment and statement) |
Issued early August 2011 | |
| Perpetual Select Super Plan |
Personal contributions - s290-170 notice (for members who made eligible personal contributions during the 2010/2011 year) |
Issued mid-July 2011 |
|
Annual Statement (list of transactions and summary of benefits) |
Issued early August 2011 | |
|
Annual Information Booklet (information about your investment and statement) |
Issued early August 2011 | |
| Perpetual Select Pension Plan |
Pension pack containing:
|
Issued late July 2011 |
|
Annual Statement (list of transactions and summary of benefits) |
Issued early August 2011 | |
|
Annual Information Booklet (information about your investment and statement) |
Issued early August 2011 | |
| Perpetual’s Pooled Superannuation Trust |
Annual Statement |
Issued late July 2011 |
| Perpetual's Monthly Income Fund |
Distribution Statement |
Issued early July 2011 |
|
Tax Statement and Guide* |
Issued late July 2011 | |
|
Annual Statement (list of transactions) |
Issued mid July 2011 | |
| Perpetual Cash Management Fund |
Distribution Statement |
Issued early July 2011 |
|
Tax Statement and Guide* |
Issued early July 2011 | |
|
Annual Statement |
Issued mid-July 2011 | |
| Perpetual’s Term Fund |
Distribution Statement |
Issued early July 2011 |
|
Tax Statement and Guide* |
Issued early July 2011 | |
|
Annual Statement |
Issued mid-July 2011 | |
| Perpetual Protected Investments | Quarterly Statement (including distribution information) | Issued late July 2011 |
| Tax Statement and Guide | Issued late August 2011 | |
| Perpetual's Protected Australian Share Fund# | Tax Statement and Guide* | Issued late July 2011 |
| Annual Statement | Issued late July 2011 |
* The majority of non-resident investors will no longer need to lodge an Australian income tax return. Accordingly, we no longer issue Australian tax statements or CGT statements to investors who have an address outside of Australia, however you may contact us and request one after 30 June 2011.
# The following funds closed during the financial year ending 30 June 2011, and will therefore not pay a June 2011 distribution:
- Perpetual’s Wholesale Funds – Quantitative Investments Wholesale Alpha Core Fund – closed 3 December 2010
- Perpetual WealthFocus Investment Funds – Quantitative Investments Alpha Core Fund – closed 15 December 2010
- Perpetual WealthFocus Investment Advantage – Quantitative Investments Alpha Core Fund – closed 15 December 2010
- Perpetual’s Protected Australian Share Fund - closed 21 December 2010.
Q. Why may the unit price for my fund decrease after 30 June 2010?
A. A unit price reflects the value of a fund’s investments, including any income accrued but not yet distributed. When distributions are paid, the unit price will decrease by an amount equal to the distribution. As a result, if your fund paid a distribution on 30 June 2011, the unit price will decrease after 30 June 2011 by the same amount.
Please note that if you fully withdraw units from your fund before 30 June 2011, you will not receive distributions for those units. If you partially withdraw units from your fund you will only receive a distribution for the units you still hold at 30 June 2011.
Q. Why is there a delay in releasing unit prices after 30 June?
A. Finalising year-end unit prices is a detailed process and takes time due to distribution calculations and auditing requirements. We expect unit prices for Perpetual’s funds to be available from mid-July 2011.
For external fund manager investment options, we rely on external fund managers to provide the information. This means these take longer to finalise. We expect unit prices for external fund manager investment options to be available by late July 2011.
Q. Does the reinvestment of my 30 June 2011 distribution occur pre or post 30 June?
A. The reinvestment of your 30 June 2011 distribution will be processed with an effective date of 1 July 2011 using the fund’s post-distribution price. This reinvestment amount will be incorporated into the opening balance on your Annual Statement for the following financial year, and will not appear as a separate transaction.
Q. Why is the 30 June 2011 distribution often larger than the distributions I have received throughout the financial year?
A. In general, distributions that occur during the year reflect income only. If capital gains have been realised during the financial year, these are generally distributed in the June distribution.
Q. Why haven’t I received a 30 June 2011 distribution statement?
A. The following funds closed during the financial year ending 30 June 2011, and will therefore not pay a June 2011 distribution:
- Perpetual’s Wholesale Funds – Quantitative Investments Wholesale Alpha Core Fund – closed 3 December 2010
- Perpetual WealthFocus Investment Funds – Quantitative Investments Alpha Core Fund – closed 15 December 2010
- Perpetual WealthFocus Investment Advantage – Quantitative Investments Alpha Core Fund – closed 15 December 2010
- Perpetual’s Protected Australian Share Fund - closed 21 December 2010.
Q. Why are there delays on processing withdrawals during July?
A. During July there may be delays in issuing unit prices as we finalise year-end distributions. While unit prices are unavailable, we are not able to process transactions, including withdrawals.
Please note that this delay will not affect the value of your investment or the value of any transactions made during the year-end period. When unit prices are issued, transactions will be processed for the day they were received and accepted.
We will endeavour to obtain the prices and process transaction requests as quickly as possible.
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Q. Will the regular withdrawal plan for Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) and Perpetual WealthFocus Investment Funds (due on 25 July 2011) be affected by any delays in unit pricing being available?
A. Yes, we expect the regular withdrawal plans to be affected by the unit price delay. We need to wait until the unit prices come in for all funds before regular withdrawal plan payments are processed. Once we have the unit prices, clients should expect to receive their funds within five to seven business days.
Q. Will my savings plan for July 2011 still go ahead during the period that unit prices are delayed?
A. Your bank account will be debited as normal, however we need to wait until the unit prices are available for all funds before your money can be processed into your account. This delay won’t impact you – you will receive the unit price for the effective date of your savings plan.
Q. When will my pension payment for July 2011 be processed?
A. To ensure pension payments for July are not delayed, we will process the payment using the last available exit price at the time your pension payment is due.
Q. Has the Government extended the 50% reduced pension minimum?
The Government has advised that it will phase out the pension drawdown relief that has been provided over the last three years for account based and term allocated pensions. The drawdown relief for the 2011/2012 year reduces the standard minimum pension payment amounts by 25%. Minimum payment amounts are expected to return to normal in 2012/2013.
The drawdown relief was introduced during the global financial crisis to help retirees avoid having to sell assets at a loss to meet the minimum payment requirement. As sharemarkets are still recovering, the Government believes that extending the drawdown relief (at a lower rate) for a further year will help retirees to continue to recoup capital losses on their pension portfolios.
The 25% reduced minimum pension payment amount will automatically apply to those investors in the Perpetual WealthFocus Pension Plan and Perpetual Select Pension Plan who:
- took advantage of the 50% reduced minimum in 2010/2011 or
- previously specified to receive a pension payment that is below 25% of the standard annual minimum for the 2011/2012 year.
All other investors in the Perpetual WealthFocus Pension Plan and Perpetual Select Pension Plan who would like to reduce their pension payments to 25% of the standard annual minimum can complete and return the pension changes form in your pension pack. Alternatively you can write to us with your instructions.
Q. When are Capital Gains Tax Statements issued for the period ending 30 June 2011?
A. If you have withdrawn all or part of your investment in Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) during the year ended 30 June 2011, we expect to send you a Capital Gains Tax Statement by approximately late July 2011 to assist you in preparing your 2011 income tax return.
We do not provide a Capital Gains Tax Statement if you have withdrawn units from any other Perpetual product.
If you require information to help you calculate capital gains/losses realised during the year ended 30 June 2011, please email us at investments@perpetual.com.au and request a Full Transaction Summary, quoting your client number and/or account number.
Q. Is the capital gain/loss shown on the Capital Gains Tax Statement for Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) a net or gross amount?
A. The capital gain disclosed in the Discount Method column on the Capital Gains Tax Statement represents the gross amount of the capital gain (ie before application of any discount percentage).
Q. Does the capital gain/loss shown on the Capital Gains Tax Statement for Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) take into account any tax-deferred amounts?
A. Tax-deferred and tax-free distribution components attributable to your investment in Perpetual WealthFocus Investment Advantage (formerly Perpetual’s Investor Choice Fund) have been taken into account, where required, to determine the realised capital gain or loss shown on your Capital Gains Tax Statement.
Q. Is the amount shown under the Discount Method on the Capital Gains Tax Statement already discounted?
A. The amount shown under the Discount Method is the gross amount before applying any discount. The capital gains tax discount is 50% for individuals and trusts (other than complying superannuation entities) and 33.3% for complying superannuation entities. Companies are not entitled to a capital gains tax discount.
Q. What do I need to do with my Tax Statement?
A. The Tax Statement helps you to complete your income tax return. We also provide a guide to help you understand your Tax Statement. We recommend that you seek help from your financial and/or tax adviser or the ATO when completing your income tax return, as we are unable to provide you with tax advice. Please refer to ‘What statements will be issued and when?’ for information on mailing times.
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Q. Will I receive a Tax Statement if I have redeemed units in my investment?
A. Tax Statements are issued to resident investors (pension members who are less than 60 years of age and investors who hold unit trust investments) who have held units at any time during the 2011 financial year. This includes investors who have fully withdrawn units and have not received a distribution(s) during the financial year. Pension members who are over 60 years of age and super members are not issued Tax Statements.
Q. Why is there a delay in receiving my Tax Statement?
A. To complete Tax Statements, we require full financial year-end information for each investment fund. This may include actual year-end financial information from external fund managers, for those funds that allow access to external managers.
We finalise Tax Statements as soon as we receive all the relevant information, however the information from external fund managers is sometimes not received until mid-to-late August.
Q. What other information is available to help me with my financial year-end 2011 administration?
A. When we mail statements that contain information required to be included in your 2010/2011 income tax return, we will enclose a tax guide to help you.
Q. What are the franked and unfranked dividends that appear on my Tax Statement?
A. Franked dividends are received from Australian companies that have paid Australian company tax on their earnings. A franking credit attached to a dividend reflects the amount of tax that has already been paid by the company issuing the dividend.
When a fund receives a franked dividend, the fund may be eligible to pass on the attached franking credits to investors.
Unfranked dividends are received from Australian companies that have not paid any Australian company tax on their earnings.
Dividends unfranked (CFI) are unfranked dividends received from Australian companies that have declared this amount to be 'conduit foreign income'. These dividends are simply treated as 'unfranked' dividends by Australian resident investors. This distinction is only relevant for non-resident investors and custodians.
Q. What are all the capital gain components that appear on my Tax Statement?
A. Capital gains made by the funds have been split between 'TARP' (gains relating to taxable Australian property) and 'NTARP' (relating to non-TARP gains). This distinction is not relevant for Australian resident investors but may be relevant for non-resident investors and custodians.
Q. What is the difference between ‘Capital growth/(loss)’ and ‘Return on investment’ that appears on my Annual Statement or Periodic Statement?
A. ‘Capital growth/loss’ is the unrealised difference between the opening balance at the beginning of the financial year (1 July) and the closing balance at the end of the financial year (30 June).
The ‘Return on investment’ is (where applicable) made up of unrealised capital growth/loss, gross distributions received, Adviser Service Fee payments, Management Expense Ratio (MER) rebates received and ongoing commission rebates received, if applicable, during the financial year.
Q. What does 'Distribution awaiting reinvestment' mean?
A. Distributions (if any) that will be reinvested are referred to as a ‘distribution awaiting reinvestment’. For example, if you receive a distribution for the period ending 30 June that you intend to reinvest, that amount is referred to as the ‘distribution awaiting reinvestment’ on 1 July of the following financial year. On your Annual Statement for the following financial year, the reinvestment amount will be incorporated into the opening balance and will not appear as a separate transaction.
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