- Westpac dividend payment policy
- Dividend payment options - Westpac ordinary shares listed on ASX
- Dividend payment options - Westpac ordinary shares listed on NZX
- New Zealand Imputation Credits
Westpac dividend payment policy
Westpac pays dividends twice each year, in July and December. The scheduled dates for upcoming dividends are included in our financial calendar.
In Australia, New Zealand and the United Kingdom, Westpac dividends on its ordinary shares will only be paid via a direct credit to a nominated bank or financial institutional account. No cheque payments will be made in these countries.
If we do not hold direct credit details or a Dividend Reinvestment Plan (DRP) election, funds will be withheld until such time as direct credit details are received. Monies withheld will not accrue interest.
If your registered address is outside these countries and you have not supplied details of a nominated account in one of the three countries, then you will receive an Australian currency cheque.
A statement detailing your dividend payment will be provided to you at the time of the dividend. Depending upon your communication option election, you will receive either a copy of the statement in the mail or be sent an email to alert you to the payment and provide a link to our registrar, Link Market Services Limited’s, website, where you can view and / or download a copy of the statement.
Outlined below is further detail on the options available, including the Dividend Reinvestment Plan, which is available to shareholders resident in Australia and New Zealand only.
Dividend payment options - Westpac ordinary shares listed on ASX
Holders of shares traded on the Australian Securities Exchange Limited (ASX) may, by written notification to the Share Registry in Sydney, elect:
To receive their Westpac ordinary share dividends by:
Direct credit to an account with Westpac or any other bank or financial institution in Australia, New Zealand, or the United Kingdom.Any change to direct credit details should be notified to the Share Registry in Sydney promptly, in writing, or for holdings less than A$50,000 in value changes can be effected on-line at the Link Market Services website ;
Participation, on a partial or full basis, in the Dividend Reinvestment Plan.
If they are resident in, or their address on the register of shareholders is in, Australia or New Zealand, they can elect to have the dividends on some or all of their ordinary shares automatically reinvested in additional shares by participating in the Dividend Reinvestment Plan.; or
- Australian currency cheque. If the shareholder’s registered address is outside Australia, New Zealand or the United Kingdom and they have not supplied details of a nominated account in one of the three countries, then they will receive an Australian currency cheque.
Dividend payment options - Westpac ordinary shares listed on NZX
Westpac has established a sub-register for Westpac ordinary shares listed on the New Zealand Exchange Limited (NZX).
Shareholders listed on the sub-register may elect, by written notification to the New Zealand branch Share Registry Link Market Services New Zealand, to receive their dividends by:
Direct credit in NZ dollars to a nominated account with Westpac New Zealand, or to any other bank or financial institution in New Zealand. Payments effected in NZ dollars will be withheld until direct credit instructions are provided;
Direct credit in Australian dollars to a nominated account with Westpac Australia or any other bank or financial institution in Australia.
Participation on a partial or full basis in the Dividend Reinvestment Plan. The DRP option is available to shareholders with a registered address in Australia or New Zealand. To participate, please contact Link Market Services. A copy of an Application / Variation Form can be found in Westpac's DRP Terms and Conditions (115kb).
Note: Changes to New Zealand's tax laws mean that, with effect from 1 April 2007, Westpac ordinary dividends paid to New Zealand resident shareholders do not have RWT deducted. Accordingly, NZ resident shareholders receive the gross dividend and they need to settle the tax liability on the dividend separately. If the shareholder is a provisional tax payer they may wish to consider whether their provisional tax payments are adequate in relation to dividends.
New Zealand Imputation Credits
Westpac, for the first time, attached New Zealand imputation credits to the Westpac ordinary share 2012 interim dividend, paid on 2 July 2012.
The amount of New Zealand imputation credits able to be provided to holders of Westpac ordinary shares in the future will depend on future profits from the Bank's New Zealand operations, the amount of New Zealand income tax paid and the number of shares on issue.
Generally the only holders of Westpac ordinary shares who may obtain benefits from the New Zealand imputation credits are those holders who are New Zealand resident taxpayers. If you require further information, we recommend you talk to your tax advisor or the New Zealand Inland Revenue Department.