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Westpac Trust Preferred Securities (Westpac TPS)

Background
Responsible entity of the Westpac TPS Trust
Distributions
Westpac TPS Trust - ASX Distribution announcements
Corporate governance
Westpac TPS Trust financial reports
How to treat Westpac TPS distributions in your individual tax return
Further information

Background

Westpac Trust Preferred Securities (Westpac TPS) are preferred units in the Westpac TPS Trust (the Trust).

The Trust is a registered managed investment scheme that was established for the purpose of issuing Westpac TPS to retail and institutional investors in Australia and investing the proceeds in Notes issued by Westpac Banking Corporation (Westpac). Westpac RE Limited (WREL), a wholly-owned subsidiary of Westpac, is the responsible entity of the Westpac TPS Trust and the Issuer of the Westpac TPS.

Westpac TPS were allotted on 21 June 2006 and commenced trading on the Australian Securities Exchange (ASX) on 27 June 2006 under the code 'WCTPA'.

ASX announcements are under the code 'WCT'.

Responsible entity of the Westpac TPS Trust

Effective from the close of business on 23 July 2010, Westpac RE Limited (ACN 000 742 478, AFSL 233717) became the responsible entity of the Westpac TPS Trust. Westpac RE Limited (WREL) replaced Westpac Funds Management Limited (WFML) as responsible entity.

A copy of the notice provided to the ASX advising of the change of responsible entity is provided below for your information.

ASX announcement on Change of Responsibility (PDF 23kb)

For reference, historical information on the proposal to change the responsible entity can be accessed here (PDF 258kb).

Distributions

Westpac TPS Distributions are non-cumulative, floating rate distributions and are expected to be fully franked. Distributions are scheduled to be paid quarterly in arrears on 31 March, 30 June, 30 September and 31 December, subject to certain conditions being satisfied (the Distribution Payment Test).

If the Distribution Payment Date is not a business day, then any Distribution will be paid on the next business day (without any interest in respect of the delay).

The Westpac TPS are expected to provide a floating rate return from a combination of cash distributions and franking credits. The cash Distribution Rate will be the applicable 90 Day Bank Bill Rate (expressed as a percentage per annum) plus the Margin (initially 1.00% per annum) multiplied by (1 - the Australian Corporate Tax Rate).

If Westpac TPS are not Redeemed, Converted or Exchanged by the Step-Up Date (30 June 2016), the Initial Margin will increase by a one time step-up of 1.00% per annum.

Distribution Payment and Record Dates
Distribution Payment Dates	Relevant Record Dates
2 July 2012^#	15 June 2012
2 October 2012^#	14 September 2012
31 December 2012	12 December 2012

Distribution payment history
Distribution Period End Date	Distribution Payment Date	Distribution Rate per annum	Cash Amount of Distribution per Westpac TPS	Number of days in Distribution Period
30 June 2012	2 July 2012	3.6820%*	$0.9180*	91
31 March 2012	2 April 2012	3.7893%	$0.9447	91
31 December 2011	3 January 2012	4.0098%	$1.0107*	92
30 September 2011	30 September 2011	4.1837%	$1.0545	92
30 June 2011	30 June 2011	4.1218%	$1.0276	91
31 March 2011	31 March 2011	4.1720%	$1.0287	90
31 December 2010	31 December 2010	4.116%	$1.0375	92
30 September 2010	30 September 2010	4.088%	$1.0304	92
30 June 2010	30 June 2010	3.7928%	$0.9456	91
31 March 2010	31 March 2010	3.5770%	$0.8820	90
31 December 2009	31 December 2009	3.0473%	$0.7681	92
30 September 2009	30 September 2009	2.9120%	$0.7340	92
30 June 2009	30 June 2009	2.8793%	$0.7179	91
31 March 2009	31 March 2009	3.4300%	$0.8458	90
31 December 2008	31 December 2008	5.5720%	$1.4044	92
30 September 2008	30 September 2008	6.1320%	$1.5456	92
30 June 2008	30 June 2008	6.1670%	$1.5375	91
31 March 2008	31 March 2008	5.7260%	$1.4276	91
31 December 2007	31 December 2007	5.5020%	$1.3868	92
30 September 2007	2 October 2007	5.1963%	$1.3098	92
30 June 2007	2 July 2007	5.2523%	$1.3095	91
31 March 2007	2 April 2007	5.1893%	$1.2796	90
31 December 2006	2 January 2007	5.0271%	$1.2671	92
30 September 2006	3 October 2006	4.8965%	$1.3683	102

* Expected 02/07/2012 distribution

# The scheduled Distribution Payment Date is not a Business Day. In accordance with the terms, the Distribution Payment will be made on the next Business Day.

Westpac TPS Trust - ASX Distribution announcements

The announcements are sourced from the Australian Securities Exchange. Retrieving a company announcement indicates your acceptance of the Conditions. You will need to search "Get price/announcement/information" using the WCTPA code.

Corporate governance

Corporate governance is about promoting fairness, transparency and accountability by setting out the rights and responsibilities of the WREL Board, management and Westpac TPS investors.

The main framework we report against is the revised Corporate Governance Principles and Recommendations published in 2007 by the Corporate Governance Council.

WREL's Corporate Governance Statement (PDF 147kb) reflects our corporate governance framework, policies and procedures as at 30 September 2010.

Policies and charters referred to in the WREL Corporate Governance Statement

Westpac TPS Trust financial reports

Annual Financial Reports

Interim Financial Statements

Interim Financial Statements - half year ended 31 March 2011
(PDF 333kb)

How to treat Westpac TPS distributions in your individual tax return

Investors in Westpac TPS should consult their own professional tax advisers regarding the consequences of acquiring, holding and disposing of Westpac TPS in light of their particular circumstances, including how the distributions should be treated in their tax returns.

However, it is expected that for Australian tax resident investors, distributions on the Westpac TPS should be treated as trust distributions and must be included in assessable income.

For Westpac TPS investors required to prepare and lodge an individual tax return, the distributions on Westpac TPS should generally be shown as income in the section entitled “Partnerships and Trusts” (which is in the Supplementary Section of the individual tax return). The gross distributions for the financial year (i.e. including any franking credits) should be shown as “Distributions from trusts less net capital gains and foreign income”. Any franking credits attached to the distributions should also be shown under “Share of credits from income and tax offsets” in the section entitled “Share of franking credit from franked dividends”.

Further information

For further information regarding Westpac TPS please call the registry, Link Market Services Limited on 1300 787 993, Monday to Friday, 8.30am - 5.30pm (AEST/AEDT).

Terms used on this site and not otherwise defined have the same meaning as those in the Product Disclosure Statement.

Things you should know

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Investor centre

This information does not take your circumstances into account. Read the relevant Product Disclosure Statements or other disclosure documents before making a decision. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Conditions and fees apply.