Dividend Reinvestment Plan - FAQs

Online: For shareholders with holdings that have a market value of less than $1,000,000 within your Link Market Services portfolio, login or create your Portfolio  – register, amend or cancel your DRP participation via Link’s Investor Centre.

Complete and return a DRP form: For portfolio holdings managed by Link greater than $1,000,000  – complete the Dividend Reinvestment Plan (PDF 219KB)  form and return it to Link at the address indicated.

DRP elections must be completed by 5.00pm (Sydney time) on the business day after the record date for that dividend payment

See our full DRP Terms and Conditions (PDF 523KB) for more information (updated 7 April 2014).

Yes, you can nominate a specific number of your shares to participate. For shares not participating in the DRP, dividends will be paid in accordance with your payment instructions.

Participation will begin with the first dividend payment after receipt of your online election or application form. Your election must be received by 5.00 pm Australian Eastern Time on the business day following the relevant Record Date to be effective for that dividend.

You must lodge a separate election for each shareholding registered under different names or holding numbers.

Yes. Simply notify the share registrar online (see "How do I participate in the DRP" above) or by using the application form. The application will be effective from the next dividend payment, but to be effective for that dividend the election must be received by 5.00 pm Australian Eastern Time on the business day following the Record Date for the relevant dividend.

Shares will be allotted or transferred at the Market Price as defined on page 8 of the DRP terms and conditions (PDF 523KB). The Market Price may be reduced by a discount (up to 2.5%), which the Directors may determine from time to time and announce to the ASX.

The Market Price is set after the Record Date and you will not know the Market Price when you commit to participate in the DRP but you will know if any discount is to be applied.

Nothing. No brokerage fees, commission or stamp duty will be payable for any shares allotted or transferred under the DRP.

You can sell any or all of your shares at any time.

However, should you sell all of your shares and not give Westpac notice of termination of your participation in the DRP, your participation will cease with effect from either:

1. The date on which the last transfer is registered by Westpac, or
2. If the last transfer is registered in the period from (but excluding) the business day following a Record Date to (and including) the related Dividend Payment Date, the date following that Dividend Payment Date. 
   This deemed termination of your participation will occur even if you repurchase shares at a later date under the same holding.

If you elect for ‘full participation’ and then sell some of your shares, the dividends on your remaining shares will continue to be reinvested under the DRP. If you elect for ‘partial participation’ and then sell some of your shares, the number of shares sold will be deemed to the full extent possible to be non-participating shares and the balance, if any, will be deemed to be participating shares under the DRP.

The Australian Taxation Office currently treats dividends reinvested under the DRP in the same way as dividends received on shares which are not participating. The New Zealand Inland Revenue currently treats dividends reinvested under the DRP in the same way as dividends received on shares. Westpac takes no responsibility for the taxation consequences of shareholders participating in the DRP, and recommends you obtain professional taxation advice.

After each issue or transfer of shares under the DRP, a dividend statement will be provided to you in accordance with your communication election showing full details of shares issued to you under the DRP.

Westpac’s Directors may alter, suspend or terminate the DRP at any time by notifying the ASX or, at the Directors’ discretion, in accordance with the provisions regarding giving notice to shareholders contained in the Constitution. Westpac also intends to update its website where there are changes to the DRP.

In the event that:

1. You cease to participate in the DRP because you have sold all of your Westpac shares; or
2. You opt out of, or the Westpac Directors suspend or terminate, the DRP and you sell all of your Westpac shares before the next Record Date,
   you are taken to have directed Westpac to donate any residual DRP Account balance to the Westpac Foundation and/or the St.George Foundation, in proportions as determined by Westpac from time to time.

If you opt out of, or the Westpac Directors suspend or terminate the DRP, and you remain a Westpac shareholder, any residual DRP Account balance at that time will be added to your next dividend payment and returned in accordance with your Direct Credit Instructions. For shareholdings where there are no current Direct Credit Instructions, any residual DRP Account balance will be withheld along with any withheld dividend payments until Direct Credit Instructions are provided. Residual DRP Account balances are not transferable and do not accrue interest.

If you have further questions (other than taxation) about how the DRP operates and how you can participate, please contact our share registry.

Westpac DRP terms and conditions (PDF 523KB)