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Westpac Trust Preferred Securities

Westpac TPS Redemption

Westpac Trust Preferred Securities (Westpac TPS) were redeemed in full on 30 June 2016 and were removed from quotation on the ASX from that date.
 

On 30 June 2016, in accordance with the terms of the Westpac TPS (Westpac TPS Terms), all holders of Westpac TPS were paid:

  • a final distribution of $0.5724 for each Westpac TPS they held on 15 June 2016 (the record date for the final distribution); and

  • $100 for each Westpac TPS held on 30 June 2016.
     

These payments were made in accordance with each holder's payment instructions recorded on the Westpac TPS Register.
 

Capitalised terms in this website not defined herein have the meanings given in the Westpac TPS Terms or the Westpac Capital Notes 4 Prospectus.

Westpac Reinvestment Offer for Westpac TPS Holders

Westpac Banking Corporation (Westpac) announced on 17 May 2016 an offer of a new Westpac security, known as Westpac Capital Notes 4 (WCN4) which included an offer for Eligible Westpac TPS Holders1, to elect to have some or all of the redemption proceeds of their Westpac TPS redemption proceeds automatically reinvested in WCN4 (Reinvestment Offer) on 30 June 2016.

Details of the Reinvestment Offer were set out in the Westpac Capital Notes 4 Prospectus (Prospectus). The Reinvestment Offer and other offers under the Prospectus are now closed.
 

The Prospectus is available here for reference purposes only (PDF 3MB)

1 Westpac TPS Holders at 7.00pm (Sydney time) on 10 May 2016 shown on the Register as having an address in Australia.

Westpac TPS

Westpac TPS were preferred units in Westpac TPS Trust (Trust).
 

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

Westpac TPS were allotted on 21 June 2006 and commenced trading on the ASX on 27 June 2006 under the code 'WCTPA'. The last day of trading of Westpac TPS was 10 June 2016. Westpac TPS were redeemed on 30 June 2016.

 

The Trust was deregistered as a managed investment scheme on 9 October 2016.

 

ASX announcements are under the code 'WCT'.

Further details on Westpac TPS, including the terms, are included in the Westpac TPS Product Disclosure Statement dated 19 May 2006.  

Download the Westpac TPS Product Disclosure Statement (PDF 724KB) for reference purposes only.

 

Responsible entity of the Westpac TPS Trust

Effective from the close of business on 23 July 2010, WREL became the Responsible Entity of the Trust.  WREL replaced Westpac Funds Management Limited 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 24KB)

Download the Responsible Entity (PDF 75KB) for reference of the historical information on the proposal.

Distributions

Westpac TPS paid non-cumulative, floating rate distributions which were fully franked. The final distribution was paid on 30 June 2016.
 

Westpac TPS paid a floating rate return from a combination of cash distributions and franking credits. The cash distribution rate was the applicable 90 Day Bank Bill Rate (expressed as a percentage per annum) plus the Margin (1.00% per annum) multiplied by (1 - the Australian Corporate Tax Rate).


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 2016 30 June 2016 2.2960% $0.5724 91
31 March 2016 31 March 2016 2.3380% $0.5829 91
31 December 2015 31 December 2015 2.2155% $0.5564 92
30 September 2015 30 September 2015  2.1980%  $0.5540  92
 30 June 2015  30 June 2015 2.1933%  $0.5573  91
31 March 2015 31 March 2015 2.6227% $0.6467 90
31 December 2014 31 December 2014 2.5888% $0.6525 92
30 September 2014 30 September 2014 2.5725% $0.6484 92
30 June 2014 30 June 2014 2.5573% $0.6376 91
31 March 2014 31 March 2014 2.5235% $0.6222 90
31 December 2013 31 December 2013 2.4897% $0.6275 92
30 September 2013 30 September 2013  2.6653%  $0.6718 92
30 June 2013 1 July 2013 2.8350% $0.7068 91
31 March 2013 2 April 2013 2.8070% $0.6921 90
31 December 2012 31 December 2012 3.0030% $0.7569 92
30 September 2012 2 October 2012 3.1827% $0.8022 92
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 4.1160% $1.0375 92
30 September 2010 30 September 2010 4.0880%  $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

Westpac TPS Trust - ASX distribution announcements

The announcements may be sourced from the Australian Securities Exchange.  You will need to search "prices and research/announcements" using the  WCT code.

Westpac TPS Trust financial reports

Annual Financial Reports

Interim Financial Statements

How to treat Westpac TPS distributions in your individual tax return

Investors of Westpac TPS should consult their 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”.

2012, 2013 and 2014 income tax returns

This additional information will assist Australian resident individual holders of Westpac TPS in preparing their 2012, 2013 and 2014 income tax return, as there were differences in the number of interest payments paid in each taxation year.  It is of a general nature only and it is recommended that investors seek their own professional advice on the taxation implications of investing in the Westpac TPS Trust. 
 

2013/2013 Taxation Years
The Westpac TPS distribution together with the attached franking credits for the quarter ended 30 June 2012 was paid on 2 July 2012*  and should be included in assessable income in the income tax return for the year ending 30 June 2013.  As a result you will only need to include the three quarterly distributions paid in the 2011/2012 income year in your income tax return for the year ended 30 June 2012.
 

2013/2014 Taxation Years
The Westpac TPS distribution together with the attached franking credits for the quarter ended 30 June 2013 was paid on 1 July 2013 and should be included in assessable income in the income tax for the year ended 30 June 2014.
 

Your income tax returns for the 2012, 2013 and 2014 income years will include Westpac TPS distributions for the following periods, which reflect the dates the distributions were or are expected to be paid.

Income year ended 30 June 2012

  • Distribution for the quarter ended 30 September 2011 - paid 30 September 2011
  • Distribution for the quarter ended 31 December 2011 - paid 3 January 2012
  • Distribution for the quarter ended 31 March 2012 - paid 2 April 2012

Income year ended 30 June 2013

  • Distribution for the quarter ended 30 June 2012 - paid 2 July 2012*
  • Distribution for the quarter ended 30 September 2012 - paid 2 October 2012
  • Distribution for the quarter ended 31 December 2012 - paid 31 December 2012
  • Distribution for the quarter ended 31 March 2013 - paid 2 April 2013

Income year ended 30 June 2014

  • Distribution for the quarter ended 30 June 2013 - paid 1 July 2013**
  • Distribution for the quarter ended 30 September 2013 - paid 30 September 2013
  • Distribution for the quarter ended 31 December 2013 - paid 31 December 2013
  • Distribution for the quarter ended 31 March 2014 - paid 2 April 2014
  • Distribution for the quarter ended 30 June 2014 - paid 30 June 2014.

* As 30 June 2012 was not a business day, the Westpac TPS distribution payment was made on the next business day, 2 July 2012, in accordance with the terms of the Westpac TPS Trust.
** As 30 June 2013 was not a business day, the Westpac TPS distribution payment was made on the next business day, 1 July 2013, in accordance with the terms of the Westpac TPS.

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).