Yes, those figures of 40% are incorrect. Should be closer to 60%.
Axiom is a company, not a partnership. So no special tax reporting here in Oz.
Because the company's profits in recent years have been paid out as a 'return of capital', the tax treatment of those distributions will have differed from the tax treatment of a 'dividend' payout.
There seems to be more reporting in the media on Axiom's projects than there is on the company itself. However, there's more than sufficient information contained in the ASX releases and annual reports in order to get a good feel for the company.
I've met the management (who are also majority shareholders) and the distinct impression I get is that they are savvy operators and are here to make money for all shareholders.
Axiom is not a company that develops for the sake of developing, so we can expect returns to be lumpy. It chooses its projects carefully and I think they set a very high rate of return hurdle, risk adjusted, before embarking on any development. They got caught out very badly on one project in the GFC, and I feel they have since learned their lesson well.
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