TERMINATION OF SCA UNLISTED RETAIL FUND 1 (updated on Friday 26 June)
SURF 1 (SURF 1 or Fund) was established as a closed end fund with a nominal 5-year term ending on the 5th anniversary of the Closing Date (30 September 2015).
As outlined in the PDS, and in accordance with the Fund’s Constitution and with the Corporations Act 2001 (Cth), the Responsible Entity may decide to wind up the Fund at any time (such a decision being a Termination Event).
WHAT TERMINATION OF THE FUND MEANS FOR YOU?
As result of the decision to wind up the Fund, the proceeds from the sale of SURF 1’s assets, less all of the Fund’s liabilities (Net Proceeds), will be distributed to members in the proportion to the number of SURF 1 Units held. Below is the expected timeframe for the distribution of the Net Proceeds:
- Payment of expenses associated with the sales – 28 January 2020 – Complete
- Payment of January Distribution (including capital return) of $1.021 – 28 January 2020 – Complete
- Further Interim Distribution to Unitholders of $0.135 – 21 April 2020 – Complete
- Payment of fees to Fund Manager – June 2020 – Complete
- Completion of the Fund accounts for year ended June 2020 – late July 2020
- Final residual distribution to Unitholders – October 2020
This process is expected to be completed in 2020.
The Constitution provides that all Units in the Fund will be cancelled and taken to be redeemed from the date the final distribution of the Net Proceeds is made.
PAYMENT OF PROCEEDS
To ensure that there is no unnecessary delay in receipt of your distribution/s from the Fund, please ensure that the contact and bank account details we have on file for you are accurate and up to date.
Refer to the quarterly updates below for more information.
We will continue to keep investors informed of developments.
|SURF 1 Quarterly Update (April ’18 to June ’18)|
|SURF 1 Quarterly Update (Jan ’18 to March ’18)|
|SURF 1 Quarterly Update (Oct ’17 to Dec ’17)|
|SURF 1 Quarterly Update (Jul ’17 to Sept ’17)|
|SURF 1 Quarterly Update (Apr ’17 to June ’17)|
|SURF 1 Quarterly Update (Jan ’17 to Mar ’17)|
|SURF 1 Quarterly Update (Oct ’16 to Dec ’16)|
|SURF 1 Quarterly Update (July ’16 to Sept ’16)|
|SURF 1 Quarterly Update (April ’16 to June ’16)|
|SURF 1 Quarterly Update (Jan ’16 to Mar ’16)|
|SURF 1 Quarterly Update (Oct ’15 to Dec ’15)|
|Period Ended||Date Paid||Distribution (cpu)|
|31 March 2020||22 April 2020||13.5|
|31 December 2019||28 January 2020||102.1|
|30 September 2019||16 October 2019||2.10|
|30 June 2019||31 July 2019||2.10|
|31 March 2019||23 April 2019||2.10|
|31 December 2018||21 January 2019||2.10|
|30 September 2018||16 October 2018||2.10|
|30 June 2018||31 July 2018||2.05|
|31 March 2018||20 April 2018||2.05|
|31 December 2017||22 January 2018||2.05|
|30 September 2017||16 October 2017||2.05|
|30 June 2017||31 July 2017||2.04|
|31 March 2017||21 April 2017||2.04|
|31 December 2016||16 January 2017||2.04|
|30 September 2016||26 October 2016||2.04|
|30 June 2016||29 July 2016||2.02|
|31 March 2016||19 April 2016||2.02|
|31 December 2015||19 January 2016||2.02|
|Financial Report||30 June 2019|
|Financial Report||30 June 2018|
|Financial Report||30 June 2017|
|Financial Report||30 June 2016|
Distribution Tax Components
|December Quarter 2019 Distribution|
|September Quarter 2019 Distribution|
|June Quarter 2019 Distribution|
|March Quarter 2019 Distribution|
|December Quarter 2018 Distribution|
|September Quarter 2018 Distribution|
|June Quarter 2018 Distribution|
|March Quarter 2018 Distribution|
|December Quarter 2017 Distribution|
|September Quarter 2017 Distribution|
|June Quarter 2017 Distribution|
|March Quarter 2017 Distribution|
|December Quarter 2016 Distribution|
|September Quarter 2016 Distribution|
In respect of each income tax year, you will be required to include your share of the net income of the SURF 1 in your assessable income for tax purposes. SCA Property Group will provide unitholders with Annual Taxation Statements by August of each year.
You should not complete your tax return for the prior tax year before you receive this Annual Taxation Statement.
Distributions from SURF1 may include various components, the tax treatment of which may differ. If you are an Australian tax resident and an individual, distributions from SURF 1 received after June will generally need to be included in your tax return for the preceding tax year.
Annual Taxation Statement
If you are an Australian tax resident and an individual you will receive an Annual Taxation Statement by August each year. Amounts in this Annual Taxation Statement will generally need to be included in your tax return for the preceding taxation year.
You should not complete your tax return for the preceding taxation year until you receive the Annual Taxation Statement.
To obtain your Annual Taxation Statement go to www.investorserve.com.au or contact the SURF 1 information line on 1300 780 316 (within Australia) or +61 2 9290 9600 (outside Australia) to request the Annual Taxation Statement to be sent to you.
Resident withholding tax deductions
If you are classified as an Australian tax resident for Australian tax purposes you will have resident withholding tax deducted at the rate of 47% on the full amount of your future distributions unless you provide your Tax File Number (TFN) or Australian Business Number (ABN).
TFN withholding tax is a refundable credit. That is, if the credit exceeds the tax liability you would otherwise have, it will be refunded to you by the Australian Taxation Office. For further information you should contact your own tax advisor.
Go to www.investorserve.com.au in order to provide your TFN or ABN or your bank account or financial institution account information and other details online for your holding. Alternatively contact the SCP Information Line on 1300 780 316 (within Australia) or +61 2 9290 9600 (outside Australia) to request the forms to be sent to you.
Q: When will SURF 1 make distributions?
A: SURF 1 intends to make distributions quarterly in the month after each calendar quarter. The distribution for the June calendar quarter may be delayed in order to determine the final annual taxation components.
Q: How do I change my bank or EFT or address details or get details of may distribution or other unitholder records?
A: Please contact the SURF 1 Unit Registry on 1300 780 316.
SURF 1 Unitholder Enquiries
If you have any queries relating to a unitholding in SURF 1 please call the SURF 1 information line:
1300 780 316 (within Australia)
+61 2 8016 2885 (outside Australia)
Or you may contact:
SURF@boardroomlimited.com.au or log onto www.investorserve.com.au to update your bank account, TFN, ABN or other details.
SCA Property Group
Level 5, 50 Pitt Street
Sydney NSW 2000
Telephone: 02 8243 4900