Introduction
Westfield Group (WDC) and Westfield Retail Trust (WRT) announced the distribution in cash for the six month period ended 30 June 2014 payable on 29 August 2014. As there are no longer any units held under WRT and WDC after the Westfield Restructure on 30 June 2014, this August 2014 distribution and tax statement event should be processed under the new entities, i.e WRT under SCG; WDC under WFD & SCG for the 2014-15 Financial Year. Also note, this is the final distribution from Westfield Group and Westfield Retail Trust.
Unfortunately, Class is unable automate this distribution cash event because the reconstruction of the Group occurred right after the distribution announcement record date on 27 June 2014, therefore this cash distribution was not provided by our data provider ASX ReferencePoint: ASX Dividend Annoucements. As a result, we have provided this page to guide you on how to process WRT / WDC Cash Distribution.
Followed by the August 2014 distribution, Westfield made its February 2015 (interim) distribution and the tax statement was made available on 31 July 2015. This distribution was made by Westfield Corporation (WFD) and Scentre Group (SCG), therefore they will be processed under the each new entity which has been automated by Class. Class users would record the tax statement as per normal.
Processing Matrix
The table below summarises the processing requirements for three different scenarios (hold WRT only; WDC only and Both):
Key Dates |
Events |
WRT Investors Only |
WDC Investors Only |
Investors Hold both WDC & WRT |
27/06/2014 |
Opening Balance |
1,000 units in WRT |
1,000 units in WDC |
1,000 units in WDC 1,000 units in WRT |
30/06/2014 |
Westfield Corporate Actions |
918 units in SCG |
1,246 units in SCG 1,000 units in WFD |
918 + 1,246 = 2,164 in SCG 1,000 units in WFD |
29/08/2014 |
WRT made Final Distribution @10.2 cents |
Process distribution cash of ($102) for SCG Process tax statements for SCG (29/08/2014) |
N/A |
Process distribution cash of ($102) for SCG Process tax statements for SCG (29/08/2014) |
29/08/2014 |
WDC made Final Distribution @ 26.25 cents 5.25c from Westfield Relation Trust (now part of SCG) 21.00c from Westfield American Trust (now part of WFD)
|
N/A |
Process distribution cash ($525) for SCG Process tax statements for SCG (29/08/2014). Process distribution cash ($2,100) for WFD Process tax statements for WFD (29/08/2014). |
Process distribution cash ($525) for SCG Process tax statements for SCG (29/08/2014). Process distribution cash ($2,100) for WFD Process tax statements for WFD (29/08/2014) |
27/02/2015 |
SCG made Distribution @ 10.2 cents |
Process distribution cash ($93.64) for SCG Process tax statements for SCG (27/02/2015) |
Process distribution cash ($127.09) for SCG Process tax statements for SCG (27/02/2015) |
Process distribution cash ($220.73) for SCG Process tax statements for SCG (27/02/2015) |
27/02/2015 |
WFD made Distribution @ 15.85 cents |
N/A |
Process distribution cash ($158.50) for WFD Process tax statements for WFD (27/02/2015) |
Process distribution cash ($158.50) for WFD Process tax statements for WFD (27/02/2015) |
|
Total Number of Tax Statements Required to be Processed |
Received 2, Process 2 in Class |
Received 3, Process 4 in Class |
Received 4, Process 5 in Class |
Facts
The following abstracts from the Group's distribution tax statement are attached for your references:
Note that although the Record Date of the distribution is 27 June 2014, however, as this distribution should be included in the tax return for the year ending 30 June 2015, the events, i.e accounting date is required to be dated as 1 July 2014 in Class.
Worked Examples
If you hold Westfield Retail Trust (WRT only before 27 June 2014), then you need to read this page to process the distribution cash and tax statement.
If you hold Westfield Group Stapled Securities (WDC only before 27 June 2014), then you need to read this page to process the distribution cash and distribution tax statement.
If you hold both WDC and WRT (before 27 June 2014), then you need to read this page to process the distribution cash and distribution tax statement.
You can also use Class' tax statement template for processing the Westfield Tax Statement in bulk across the brand. This can be done via the Excel Transaction Loader > Income > Generate Bulk Tax Statement.
You must process all the buy and sell transactions up-to-date and cash distribution events correctly before you can use this efficiency tool.
Refer to our User Guide on Income Tab (Excel Transaction Loader) for more information.