Market Taxation Guide - Australia

This Market Taxation Guide (Australia) provides the following details:

Reference information about all taxes applied at source to investments fund securities that are held with the Australian local depository and deposited by the client in Clearstream Fund Centre (the Vestima fund securities); and
Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream Fund Centre.

New and improved tax information and procedures that become available will be included on an ongoing basis.

Important note:

This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered legal advice on any subject matter. Readers of this Market Taxation Guide, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.

Withholding tax

ETFs, Managed Investment Trusts (MITs)^a	Holding restriction	Withholding tax rate	Relief at source	Quick refund	Standard refund
	No	0-45^b/47%^c
Residents of Australia^d			Yes	Yes	Yes
Tax-exempt beneficial owners			Yes	Yes	Yes
Residents of Double Taxation Treaty (DTT) country			Yes	Yes	Yes
Non- residents of Australia (not tax-exempt or resident of DTT country)			Yes	Yes	Yes

a. Dividend (“unfranked”) and interest components are covered by non-resident or DTT agreements only and not by Exchange of Information (EOI) agreements. For residents of EOI countries, relief at source and reclaim of withholding tax are not available through Clearstream Fund Centre but they may be able to reclaim tax withheld on “other income components” directly via the Australian Tax Office (ATO).

b. For MITs, depending on the tax components announced.

c. For undisclosed residents of Australia, the maximum rate of withholding tax (47.0%) is applied upon request from the client.

d. There is no relief at source or reclaim of withholding tax available through Clearstream Fund Centre for undisclosed Australian residents.

Capital gains tax

There is no capital gains tax withheld through Clearstream Fund Centre on Vestima fund securities held in Clearstream Fund Centre. Capital gains tax may however be payable on specific gains. Clearstream Fund Centre does not assist in this regard. Please consult your tax advisor for further information.

Stamp Duty

There is no stamp duty withheld through Clearstream Fund Centre on Vestima fund securities held in Clearstream Fund Centre. Stamp duty may however be payable on specific transactions. Clearstream Fund Centre does not assist in this regard. Please consult your tax advisor for further information.

Notes on tax reclaims

Clients warrant the completeness and accuracy of the information they supply to Clearstream Fund Centre.

It is the client's responsibility to determine any entitlement to a refund of tax withheld, to complete the forms required correctly and to calculate the amount due. Clearstream Fund Centre is under no obligation to carry out any investigation in respect of such information.

With respect to tax reclaims in general, clients are reminded that Clearstream Fund Centre accepts no responsibility for their acceptance or non-acceptance by the tax authorities of the respective country.

Market Taxation Guide - Australia - CFCL