URW withholding tax

By Mickey Mordech Analyst 3wks ago

Question

Withholding tax on URW CDIs I know Mickey answered a question on this back in April and posted links to various announcements. A later announcement https://www.asx.com.au/asxpdf/20190423/pdf/444gqvf064rbqq.pdf says that: "The benefit of the reduced rate of withholding tax is usually managed either upfront or after the dividend payment by the custodian holding the Stapled Shares underpinning the CDIs" (that is by Computershare) AND "For the 2019 interim dividend, work is underway to come up with a solution enabling the refund process through the custodian institution." AND "The documentation required and process will be clarified later on by Computershare." Well, it is now "later on" and the dividend has been paid with 30% tax withheld and no clarification (to me) by Computershare. I realise that you cannot provide taxation advice however you DO hold URW in both of the II portfolios - so do you have any clarification from Computershare as to how to get the withholding tax reduced to 15%? This makes a significant difference in the attractiveness of this investment to me since although you can generally claim a credit for foreign withholding tax the credit is effectively capped at $1000 of foreign tax credit (unless you qualify under some very complicated calculations) and my RMD and TME dividends already take me over this threshhold.

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