distribution and tax effect., page-4

The tax issue is a nasty one for the future, & frankly seems to undermine the tax rationale of a REIT. The capital gains liability could hamper BJT's 'property trading', and if a substantial tax liability does exist for Aus investors that is going to reduce demand for BJT shares.

I am also not an accountant, but wonder if any likely substantial downward portfolio revaluation as of 30 June 2009 could offset all (or more) of those capital gains.