ZEL - Z Energy.

[nztx]

If NZer’s buy the future NZX listed Ampol shares, I think they will have to share the NZ imputation credits with all the existing Ampol ASX and NZX shareholders no matter where they are resident.

The company may but doesn't have to attach Imputation credits for Holders in NZ
presuming that they have paid NZ or do in future to be in position for this.

Any indication on whether any Gull generated Imputation credits are available or tax paid ?

AMPOL NZ (or their newly acquired Z) will have to pay NZ Tax to start accumulating further
NZ Imputation credits as residual credits left in former listed Z Energy are likely to be lost/forfeited on an
Ownership change of 100% with privatisation into the AMPOL NZ camp

[Bjauck]

Pretty sure, It makes no sense to give imputation credits to holders who can't use them. It makes no sense to give NZ residents the Australian Franking credit either. But they do.

I think with respect to dividends, no matter where they are resident, shareholders are treated alike whether or not they can use either credit.

On the ANZ international site there is nothing to indicate that NZ imputation credits are not attached to all dividends.
https://www.anz.com/shareholder/centre/your-shareholding/dividend-information/

[nztx]

It makes no sense to give NZ residents the Australian Franking credit either. But they do.

https://www.anz.com/shareholder/centre/your-shareholding/dividend-information/

Of course it does - because without franking credits Aust Witholding Tax would be deducted & paid to
the Aust Govt (as occurs here with unimputed portions of most NZ dividends paid to non residents)

Does ANZ pay sufficient NZ Tax to cover 9c x 2 pa per share lots of imputation credits across it's entire
share capital ? .. I should imagine not :)

ANZ is an Australian Company, with head office & Australian domicile for tax purposes here

[Bjauck]

Of course it does - because without franking credits Aust Witholding Tax would be deducted & paid to
the Aust Govt (as occurs here with unimputed portions of most NZ dividends paid to non residents) I think NZ resident shareholders would get a credit for The Australian withholding tax as an overseas tax paid anyway. Franking credits attached would be worth more if they were recognised in NZ.


Does ANZ pay sufficient NZ Tax to cover 9c x 2 pa per share lots of imputation credits across it's entire
share capital ? .. I should imagine not :) The NZ division is comparatively very profitable. I think ANZ is the largest bank in NZ. it pays a good chunk of tax to the IRD.

Cash profits:
Australian division $A3.6b
NZ division $1.5b
Institutional division $1.9b


ANZ is an Australian Company, with head office & Australian domicile for tax purposes here I guess NZ resident shareholders should be pleased even to get a diluted share of the imputation credits. Likewise for any NZ resident shareholders of Ampol.

[nztx]

I think NZ resident shareholders would get a credit for The Australian withholding tax as an overseas tax paid anyway. Franking credits attached would be worth more if they were recognised in NZ.

The NZ division is comparatively very profitable. I think ANZ is the largest bank in NZ. it pays a good chunk of tax to the IRD.

Cash profits:
Australian division $A3.6b
NZ division $1.5b
Institutional division $1.9b

I guess NZ resident shareholders should be pleased even to get a diluted share of the imputation credits. Likewise for any NZ resident shareholders of Ampol.


Pages 137 & 138 of the ANZ 2021 Annual Report (under Dividends Note)
should clear up queries on Franking & Imputation in so far as ANZ
were utilising theirs - at ANZ NZX filng link under

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/ANZ/382151/358424.pdf

[Bjauck]

Pages 137 & 138 of the ANZ 2021 Annual Report (under Dividends Note)
should clear up queries on Franking & Imputation in so far as ANZ
were utilising theirs - at ANZ NZX filng link under

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/ANZ/382151/358424.pdf

All Dividends paid to shareholders, no matter where they are resident, carry the imputation credits.

[nztx]

All Dividends paid to shareholders, no matter where they are resident, carry the imputation credits.

Is that what the 2021 ANZ Report said ? :)

[Bjauck]

Is that what the 2021 ANZ Report said ? :) That is the conclusion from reading the Report. Are you assuming that only shareholders who are NZ residents get imputation credits attached to their dividends?

The report actually states:
"2021 final dividend (fully franked for Australian tax, New Zealand imputation credit NZD 8 cents per share)"
There is no mention of shareholders being treated differently according to residence. The assumption is that all shareholders are treated equally.

The report states Later under the franking Account Information
"New Zealand imputation credits available (which can be attached to our Australian dividends but may only be used by New Zealand resident shareholders)"

Unfortunately my conclusion is that NZ residents who buy shares in ANZ (an Australian company), whether the NZX listed ANZ shares or the ASX listed ANZ shares, cannot choose to limit their investment to only the NZ division of ANZ. Consequently the distribution of the imputation credit for NZ tax paid has to be shared with all the other shareholders, even though the shareholders who are not resident in NZ cannot make use of their imputation credits.

If you think my conclusion is incorrect please refer to regulations or ANZ statements that indicate that.

[Grimy]

Perhaps this would be better to be carried on on the ANZ thread?

[Bjauck]

Perhaps this would be better to be carried on on the ANZ thread? Sorry for blocking discussion on the now delisted ZEL.... It is yet another issue of how NZers can somehow get investment returns from NZ assets owned by Australian concerns.

[nztx]

Sorry for blocking discussion on the now delisted ZEL.... It is yet another issue of how NZers can somehow get investment returns from NZ assets owned by Australian concerns.

You hit the nail on the head there !

Recognition in NZ of credit for Aussie franking credits was something NZSA at one time took up with Govt
but this appears to have gone nowhere - from what I have managed to dig up searching

This also applies to other ASX Companies & their in-specie distributions too - BHP on a number of
ocassions & coming up with WPL shares dished out - probably in the wrong thread again - but more widely
relevant to any former NZX: ZEL holders looking at jumping into ASX: Ampol as new parent
of the ZEL operations..

Perhaps someone from NZSA can update us on NZ Govt & recognition for OZ Franking credits etc ?

[nztx]

That is the conclusion from reading the Report. Are you assuming that only shareholders who are NZ residents get imputation credits attached to their dividends?

The report actually states:
"2021 final dividend (fully franked for Australian tax, New Zealand imputation credit NZD 8 cents per share)"
There is no mention of shareholders being treated differently according to residence. The assumption is that all shareholders are treated equally.

The report states Later under the franking Account Information
"New Zealand imputation credits available (which can be attached to our Australian dividends but may only be used by New Zealand resident shareholders)"

Unfortunately my conclusion is that NZ residents who buy shares in ANZ (an Australian company), whether the NZX listed ANZ shares or the ASX listed ANZ shares, cannot choose to limit their investment to only the NZ division of ANZ. Consequently the distribution of the imputation credit for NZ tax paid has to be shared with all the other shareholders, even though the shareholders who are not resident in NZ cannot make use of their imputation credits.

If you think my conclusion is incorrect please refer to regulations or ANZ statements that indicate that.

Sorry to be off topic again .. briefly the 2021 report hinted at NZ Credits may be attached - not will or required to be, however from OZ Tax paid it would be sufficient for Oz Holders to be fully franked - so Imp Crs for NZ ; Franking to OZ each out of respective tax credits on whichever side of the ditch. but I may be wrong :)

Withholding tax whipped out of the final 2021 Distrib to NZ holders will prove whether NZ Franked / Imputed whatever I guess :)

[nztx]

What was the final Dividend component of the settle up for ZEL shares made by Ampol ?