Frequently asked questions

What is Infratil’s investment strategy ?

The best place to find information about Infratil’s investment goals, strategy and its operations is the Annual Report.

What are Infratil's key announcement dates each year?

The full year results (year ended the previous 31 March) and the annual report are released in May.

The webcast of the results and materials are made available here

Infratil's Annual Meeting is held in August.

The interim results (to 30 September) and interim report are released in November.

The webcast and materials are made available here

How do I advise Infratil of a change of address or bank account details?

Investors should address questions relating to the payment of dividends or Interest or changes of address to Infratil’s share & bond registrar, Link Market Services Limited.

Link Market Services New Zealand +64 (9) 375 5998.

Email Address: enquiries@linkmarketservices.co.nz

To view your investment portfolio including transactions, supplying your e-mail address for electronic communication, changing your address, and updating your payment instructions please visit:

• New Zealand register
• Australian register

What is the NZX code for Infratil and where can I obtain share price information?

The New Zealand Exchange code for Infratil is IFT. Please click here for price information from the New Zealand Exchange.

What is the ASX code for Infratil and where can I obtain share price information?

The Australian Stock Exchange (ASX) code for Infratil is IFT. Please click here for price information from the ASX.

How do I obtain previous annual reports or updates on Infratil?

Please email: info@infratil.com if you require printed copies of prior year annual reports. All annual and interim reports are available here

All Infratil Newsletter Updates are available on this site under Company Reports

What is Infratil's dividend policy?

Infratil's Board determines dividends having regard to the overall financial position of Infratil, the total net surplus for the relevant period and the availability of imputation credits.  Until 2018 dividends were fully imputed (ie to 28%), but the increasing portion of Infratil’s earnings now coming from offshore investments has restricted the availability of imputation credits (which are only created when companies pay corporate tax in New Zealand). Infratil undertook a survey of its shareholders and ascertained that a significant portion of them were comfortable with imputation of the dividends down to 20%. It is hoped that New Zealand sourced income rises with the purchase of Vodafone NZ and that this lifts the availability of Imputation credits to Infratil. 

Can I get my dividends direct credited?

Most of Infratil's shareholders have their dividends and Bond interest coupons direct credited to their bank accounts. 

In addition to receiving dividend by direct credit shareholders can also elect to receive payment advice by supplying an email address to Infratil's registry Link Market Services  enquiries@linkmarketservices.co.nz  

To arrange for your dividends/interest to be direct credited, please contact Link and notify them as to the account you want the sums credited to and your shareholder details.

Or if you prefer update your details online by visiting Link's Investor Centre. 

New Zealand registered holders

Australian registered holders

Could you give a brief summary of the New Zealand tax treatment of bond and share investors?

Capital gains on equity securities

Capital gains on equity securities are generally not taxed in New Zealand unless an investor is in the business of dealing in the securities or had the dominant purpose of resale for profit when the security was purchased.

Imputation credits

The New Zealand recipient of dividend income may offset their New Zealand income tax obligation on that income if imputation credits were attached to the dividend. Imputation credits reflect income tax paid by the company and may be attached up to the level of corporate tax paid (28%). Non-New Zealand recipients may also benefit from imputation credits as, to the extent dividends are fully imputed and the shareholder holds less than 10% of the total Infratil shares on issue, no NRWT will be deducted as described.

Resident Withholding Tax (RWT) Applies to New Zealand Resident Investors

Except for investors that hold a valid exemption certificate issued by the IRD, RWT will be deducted at 33% if an IRD number has not been provided to the bond/share registry. As previously mentioned, investors may have RWT deducted at their marginal tax rate if an IRD number has been provided and the relevant tax rate has been provided (the rates of RWT allowed are either 10.5%, 17.5%,  28%, 30% or 33%) 

Bond investors may have RWT deducted at their marginal tax rate if an IRD number has been provided and the relevant tax rate has been provided to the Registry. The rates of RWT on interest are either 10.5%, 17.5%, 28%, 30% or 33%.

For shareholders, the RWT on dividends is always just at a straight 33% rate (less imputation credits) (unless, the shareholder has an exemption certificate).   Unfortunately, shareholders can’t specify a lower rate, but they can ultimately receive a refund to the extent the RWT deducted exceeds their tax liability.

Non-Resident Withholding Tax (NRWT) Applying to Non-Resident Share and Bond Holders

When a dividend is paid to non-resident shareholders NRWT will be deducted at the rate applicable to the country of the shareholders residence (which depends on the tax treaty between NZ and the relevant country). 15% is a common rate. However, to the extent that the dividend is imputed, there is relief to the cost in the form of a supplementary dividend.

• If Infratil’s dividend were “fully imputed” (i.e. 28 cents of imputation credits are attached for every 72 cents of the cash dividend) then the supplementary dividend should fully cover any NRWT due. For example, if Infratil’s dividend was 17cps cash and 6.61cps of imputation credits, then the offshore resident shareholder will still receive 17cps in cash.
• However, at present Infratil is not fully imputing its dividend, therefore there will be a net NRWT deduction on the part that is not fully imputed. For example, if Infratil’s dividend was 17cps cash and 4.25 cps of imputation credits, then effectively the difference between the fully imputed portion of the dividend (being 10.93 cps based on imputation credits attached of 4.25 cps) and unimputed portion is 6.07cps. The 6.07cps portion represents the cash dividend which is unimputed. NRWT of 0.91cps (at an NRWT rate of 15%) will be deducted on the unimputed portion with no supplementary dividend paid. The non- resident shareholder will then receive a net dividend of 16.09cps.

The rate of NRWT applying to interest varies depending on the resident country of the investor. It is usually either 10% or 15%. However, Infratil registers all of its bonds under the approved issuer levy regime, which is an alternative to deducting non-resident withholding tax (NRWT).  This means that NRWT is withheld at a rate of 0%.