Scentre Group 2024 Tax Return User Guide
- July 14, 2024
- Scentre Group
Table of Contents
Scentre Group 2024 Tax Return
Product Information
Specifications
- Product Name: Tax Return Guide 2024
- Manufacturer: Scentre Group Limited
- Entities Included: Scentre Group Trust 1, Scentre Group Trust 2, Scentre Group Trust 3
- Regulatory Information: AFSL No. 230329, AFSL No. 380202, AFSL No. 380203
Product Usage Instructions
About this Guide
The 2024 Tax Return Guide is designed to help Australian resident
individual securityholders with their 2024 Australian income tax return. It
provides general information and should not be considered as taxation advice.
Sections of the Guide
The Tax Return Guide is divided into two main sections
- Information on Scentre Group and its entities
- Details on how taxable amounts are attributed to securityholders
Scentre Group Entities
Scentre Group consists of four entities
- SGL
- SGT1
- SGT2
- SGT3
Attribution Managed Investment Trust (AMIT) Regime
SGT1 and SGT2 are part of the AMIT regime where securityholders include
taxable amounts in their assessable income based on attributions by the
Trusts. These amounts may differ from cash distributions.
Cost Base Adjustments
If taxable amounts exceed cash distributions, the securityholder’s cost
base increases. If taxable amounts are less, the cost base decreases. Details
are provided in the Tax Statement.
FAQs
-
Is this Guide applicable to all types of securityholders?
- No, this Guide is specifically for Australian resident individual securityholders and does not apply to company, trust, or superannuation fund securityholders.
-
Can I rely solely on this Guide for taxation advice?
- No, it is recommended to seek advice from professional advisers such as accountants or taxation experts for specific advice related to your circumstances.
TAX RETURN GUIDE
2024
Scentre Group Limited
ABN 66 001 671 496
Scentre Management Limited ABN 41 001 670 579
AFSL No. 230329
as responsible entity of Scentre Group Trust 1
ABN 55 191 750 378
ARSN 090 849 746
RE1 Limited
ABN 80 145 743 862
AFSL No. 380202
as responsible entity of Scentre Group Trust 2 ABN 66 744 282 872 ARSN 146 934
536
RE2 Limited
ABN 41 145 744 065
AFSL No. 380203
as responsible entity of Scentre Group Trust 3 ABN 11 517 229 138
ARSN 146 934 652
This document does not constitute financial product or investment advice, and,
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About this guide
This 2024 Tax Return Guide (“Guide”) has been prepared to assist Australian resident individual securityholders to complete their 2024 Australian income tax return.
This Guide provides general information only. Accordingly, this Guide should not be relied upon as taxation advice.
Each securityholder’s particular circumstances are different and we recommend you contact your accountant, taxation or other professional adviser for specific advice. This Tax Return Guide has two sections
- Section 1 – Provides information to assist Australian resident individual securityholders complete their 2024 Australian income tax return.
- Section 2 – Provides general Australian capital gains tax (“CGT”) information including information on how to determine your CGT cost base.
SCENTRE GROUP | 2024 Tax Return Guide
Section 1 – Important Information for Australian Resident Individual
Securityholders Completing a 2024 Tax Return
General information – Scentre Group
Scentre Group is a stapled group that comprises the following four entities
- Scentre Group Limited (“SGL”)
- Scentre Group Trust 1 (“SGT1”)
- Scentre Group Trust 2 (“SGT2”)
- Scentre Group Trust 3 (“SGT3”)
Distributions from Scentre Group may comprise dividends paid by SGL and distributions from SGT1, SGT2 (collectively referred to as the Trusts) and SGT3. Distributions paid by SGT3 are treated as dividends for taxation purposes (and are referred to as dividends in this Guide).
SGT1 and SGT2 have elected into the Attribution Managed Investment Trust (“AMIT”) regime. Under the AMIT regime security holders include in their assessable income the taxable amounts (including any net capital gains) attributed to them by the Trusts.
The taxable amounts attributed to a security holder may be more than or less than the cash distributions paid by each of the Trusts in respect of that income year. Where the taxable amounts are more than the cash distributions, a security holder’s cost base is increased. Conversely, where the taxable amounts are less than the cash distributions, a security holder’s cost base is decreased. Details of the cost base adjustment amounts are included in the Tax Statement.
2024 distributions
The 2024 Tax Statement and Tax Summary cover all the distributions made by
Scentre Group that should be included in your 2024 Tax Return. These
distributions are
- Scentre Group distribution of 8.25 cents per security paid on 31 August 2023.
- Scentre Group distribution of 8.35 cents per security paid on 29 February 2024.
Please note that the year-end of the Trusts for taxation purposes is 31 December. Accordingly, the distributions in respect of the year ending 31 December 2024 should be included in your 2025 Tax Return. Dividends paid by SGL and by SGT3 are taxable in the income year in which they are paid.
General information – 2024 income tax return for individuals
The information set out below in this Tax Return Guide has been prepared to
assist Australian resident individual securityholders to complete their 2024
Tax Return. It does not apply to company, trust or superannuation fund
securityholders.
If you are an individual lodging an Australian Tax Return Question 11 of your Tax Return and Questions 13, 18 and 20 of your Tax Return (Supplementary Section) should be completed. The information on your 2024 Tax Statement and the notes in this Tax Return Guide will help you to answer these questions. You should also refer to the Australian Taxation Office (“ATO”) publication “Individual tax return instructions 2024” which is available on the ATO website.
If you are using myTax the distribution information should be pre-filled for
you by the Australian Taxation Office.
However, you should check the pre-fill information against your 2024 Tax
Statement and use the information on the 2024 Tax Statement if there are any
differences.
Please note that any other income or capital gains which you have derived
during the year should be added to the relevant amounts you have received from
Scentre Group and the total income for each category should be included in
your Tax Return. In addition, if you have realised any capital losses during
the year or have carry forward capital losses from prior years you will also
need to take these into account.
Steps To Complete Your Tax Return
Please refer to your Scentre Group 2024 Tax Summary and 2024 Tax Statement.
Question 11 – Dividends
You should include at this question the franked amount and the franking credit
amount of the fully franked dividends paid by SGL and SGT3.
There was no TFN withholding tax deducted from
these amounts.
Question 13 – Partnerships and Trusts – Tax Return (Supplementary
Section)
You should include at this question the Australian interest income amount and
the other Australian taxable income amount of your distributions from the
Trusts. Collectively these amounts are referred to as “Share of net income
from trusts”.
You should also include at this question the franked distribution amount included in the distribution from SGT1 and the related franking credits.
Any TFN withholding tax deducted from your distributions from the Trusts should also be included at this question.
Question 18 – Capital Gains – Tax Return (Supplementary Section)
You should include at this question the total capital gain and the net capital
gain amount of the distributions from SGT1 and SGT2.
General Information
The assessable amount of your distribution for the 2024 income year includes
discounted capital gains. Where eligible, the Trusts have elected to apply the
“discount method” to determine the amount of the net capital gain to include
in their taxable income. Accordingly, you may also be able to apply the
discount method in respect of these gains (shown as “Capital Gains – discount
method (50%) (TAP)” on your Tax Summary).
Tax Return Disclosures
You should follow the steps in the instructions to Question 18 as set out in
the publication “Individual tax return instructions 2024” to determine the
amount of the net capital gain to include in your Tax Return.
If you require any general information or guidance on the calculation of capital gains including details of the “discount method”, you should consult the following Australian Tax Office publications: “Personal Investor’s Guide to Capital Gains Tax”; or “Guide to Capital Gains Tax”. Alternatively, you should consult your professional tax adviser.
Question 20 – Foreign Source Income – Tax Return (Supplementary Section)
You should include at this question the Assessable foreign source income
amount of the distributions from the Trusts and the related Foreign income tax
offsets.
Follow the steps in the instructions to Question 20 as set out in the ATO publication “Individual tax return instructions 2024” to calculate the amount of other net foreign source income you should include in your Tax Return.
In broad terms, as foreign tax has been paid in respect of the foreign source income amounts of the distributions from the Trusts, you may be entitled to a foreign income tax offset to the value of the amount shown on your Tax Statement.
If your total foreign income tax offset from all sources for the year is $1,000 or less, then you can claim this amount in full. Otherwise, you will need to refer to the ATO publication “Guide to Foreign Income Tax Offset Rules” to work out your entitlement.
Section 2 – Capital Gains Tax Information
General Capital Gains Tax (CGT) matters
Each Scentre Group stapled security comprises four separate assets for
Australian CGT purposes, being
- One SGL share,
- One SGT1 unit,
- One SGT2 unit, and
- One SGT3 unit.
Although Scentre Group stapled securities can only be traded together as one security (ASX code: SCG), for Australian tax purposes the securities are treated as separate assets.
For CGT purposes you need to apportion the cost of each component of the stapled security and the proceeds on sale of each component of the stapled security over the separate assets that make up the stapled security. This apportionment should be done on a reasonable basis.
One possible method of apportionment is on the basis of the relative Net Tangible Assets (NTA) of the individual entities.
Set out below are the relative NTAs of the entities that comprise Scentre Group from 30 June 2014.
Scentre Group| Scentre Group| Scentre Group|
Scentre Group| Scentre Group
---|---|---|---|---
Date| Limited| Trust 1| Trust 2| Trust 3|
Total
30 Jun 14| 3.94%| 33.34%| 62.72%| 0.00%| 100%
31 Dec 14| 4.33%| 34.07%| 61.49%| 0.11%| 100%
30 Jun 15| 3.74%| 34.39%| 61.74%| 0.13%| 100%
31 Dec 15| 4.17%| 34.83%| 60.87%| 0.13%| 100%
30 Jun 16| 4.42%| 35.56%| 59.89%| 0.13%| 100%
31 Dec 16| 4.33%| 36.48%| 59.06%| 0.13%| 100%
30 Jun 17| 3.76%| 36.90%| 59.26%| 0.08%| 100%
31 Dec 17| 3.67%| 38.01%| 58.24%| 0.08%| 100%
30 Jun 18| 3.44%| 38.52%| 57.96%| 0.08%| 100%
31 Dec 18| 3.74%| 38.93%| 57.24%| 0.09%| 100%
30 Jun 19| 3.23%| 39.36%| 57.35%| 0.06%| 100%
31 Dec 19| 3.86%| 39.00%| 57.07%| 0.07%| 100%
30 Jun 20| 4.74%| 36.64%| 58.53%| 0.09%| 100%
31 Dec 20| 5.09%| 36.82%| 58.00%| 0.09%| 100%
30 Jun 21| 5.25%| 36.81%| 57.84%| 0.10%| 100%
31 Dec 21| 5.36%| 36.94%| 57.60%| 0.10%| 100%
30 Jun 22| 4.80%| 38.12%| 57.00%| 0.08%| 100%
31 Dec 22| 4.91%| 38.18%| 56.82%| 0.09%| 100%
30 Jun 23| 3.78%| 38.53%| 57.59%| 0.10%| 100%
31 Dec 23| 3.83%| 38.14%| 57.93%| 0.10%| 100%
Details of the relative NTAs since Scentre Group was formed in June 2014 are also available at: www.scentregroup.com/investors/Securityholder-Information /taxation-information
Cost base of Scentre Group stapled securities
If you acquired Scentre Group stapled securities on market your cost base will
generally be the amount paid to acquire the securities (apportioned between
the separate assets that comprise the Scentre Group stapled security on a
reasonable basis).
If you acquired your Scentre Group stapled securities through the Westfield Group and Westfield Retail Trust restructure transaction in 2014, information on how to determine the cost base of your securities is available from the following sources that can be accessed on the Scentre Group website
- The Westfield Group factsheet in relation to how to determine your cost base in Scentre Group and Westfield Corporation stapled securities;
- The WRT factsheet in relation to how to determine your cost base in Scentre Group stapled securities; and
- The Australian Taxation Office Class Rulings (CR 2014/77 and CR 2014/78).
AMIT CGT cost base adjustments
Under the AMIT rules, each year your CGT cost base will be adjusted (increased
or decreased) by the AMIT cost base net amount for the year.
These cost base adjustments will apply in calculating any capital gain or capital loss on disposal of the units for CGT purposes. In addition, you make a capital gain (even if you do not sell your stapled securities) if the sum of the cost base reductions (including any reductions due to prior year tax deferred amounts) exceeds the cost base of the units at the end of the income year. Any such capital gains should be included in your tax return.
The publications “Guide to Capital Gains Tax” or “Personal Investor’s Guide to
Capital Gains Tax” which are available from the Australian Taxation Office
provide details of the calculations required.
Taxation component schedules showing the components of the Trusts‘
distributions including tax deferred amounts and AMIT cost base net amounts
are available at:
www.scentregroup.com/investors/Securityholder-Information/taxation-
information
Securityholders who have disposed of securities during the 2024 income
year
If you have disposed of any of your Scentre Group stapled securities during
the 2024 income year, you may have made a capital gain or loss. You should
obtain a copy of the publication “Personal Investor’s Guide to Capital Gains
Tax” or alternatively, “Guide to Capital Gains Tax” which are available from
the Australian Taxation Office and/or consult your accountant, taxation, or
other professional adviser. Any such capital gain or capital loss should be
accounted for in your tax return.
Contact
Enquiries
For further information regarding the taxation aspects of your investment in
Scentre Group we recommend contacting your accountant, taxation or other
professional adviser for specific advice.
For general enquiries in relation to this Tax Return Guide or other
securityholder matters, please contact either:
- Computershare Investor Services Pty Limited
- 1300 730 458 (toll free)
- +61 3 9946 4471 (international callers)
Scentre Group Investor Relations
- 1800 222 242 (free call)
- +61 2 9358 7877 (international callers)
- E: investor@scentregroup.com
- www.scentregroup.com
References
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