For 12 months i get 19.5c taxable income, less 2.5c credits =...

For 12 months i get 19.5c taxable income, less 2.5c credits = 17c taxable income, on 9c distribution.

If you're taxed at 30% on 17c, you would pay 5.1c tax.

The way i read it is you receive 9c and pay 5.1c in tax or 56.6% tax instead of 30%.

Could that be right or am i reading it incorrectly?


Taxable Income
For the 12 months ending 30 June 2009 the Trust’s taxable income is expected to
be approximately 19.5 cents per unit. The Trust estimates that the foreign tax
credits arising from the payment of withholding tax in Japan and available as a
credit against Australian tax payable by Unitholders for the 12 months ending 30
June 2009 will be approximately 2.5 cents per unit.
The Trust’s expected taxable income is in excess of the distribution for a number
of reasons, including:
• In August 2008, BJT realised an A$18.8 million taxable profit on the
monetisation of the Trust’s capital hedges
• In April 2009, BJT secured a A$7.7 million discount on the 2006 Trust
Performance fee
• In May 2009, the Shinjuku Sanei office property was sold for an Australian
taxable profit of approximately A$16.7 million.
Full details of the tax components of the distribution will be provided to
Unitholders in the Annual Tax Statement to be mailed in August 2009.
Distribution Reinvestment Plan (“DRP”)