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
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: email@example.com
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:
The New Zealand Exchange code for Infratil is IFT. Please click here for price information from the New Zealand Exchange.
The Australian Stock Exchange (ASX) code for Infratil is IFT. Please click here for price information from the ASX.
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.
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 firstname.lastname@example.org
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.
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.
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.
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%.
When you provide your IRD number to the share/bond registry (Link Market Services at: PO Box 384, Ashburton), you can ask them to deduct RWT from your interest at either 10.5%, 17.5%, 28%, 30% or 33% as appropriate.
The default rate is 33% if you do not specify a rate. Alternatively, if you have a valid exemption certificate you should send it to the registry and it will not deduct any New Zealand RWT from your interest or dividends.
From April 2020 failure to provide your IRD number will require the deduction of RWT from interest at the punative non-declaration rate of 45%
All of the Infratil Bonds are listed on the NZX and most trade on a regular basis. Mainly however investors hold to maturity so trading is much less than for Infratil’s shares.
This website has bids/offers and the last price of listed bonds, including all those issued by Infratil.
The secondary market price tends to reflect the number of buyers and sellers and will tend to fluctuate over time.
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