• What are the capital gains tax consequences for me?

    Your Westfield America Trust units were consolidated as the first step of the sale arrangement. After consolidation you held 0.15 units for every pre-existing unit (rounded up to the next whole number). There are no direct tax effects from this consolidation. If you acquired your units in more than one transaction, you may need to round the consolidated units and adjust the cost bases for the parcels. A fact sheet on how to do this will be available shortly.

    A CGT event happened to your Westfield America Trust units on their sale on 2 July 2004, the effective date for the sale.

    You may have made a capital gain or a capital loss on your Westfield America units, depending on their cost base (or reduced cost base) and the amount you received for them. The amount that you received for them depends on whether you received cash or stapled securities for your units.

    Unit holders who received cash

    Westfield America unit holders who participated in the sale arrangement and received cash received approximately $2.30 for each unit* that they disposed of.

    * The actual amount was worked out as (number of units participating x 0.15, and rounded up to the next whole number) x $15.35.

    Work out if you have made a capital gain or capital loss using the capital payment amount that you received for each unit. If you acquired all of your Westfield America Trust units in one transaction, you can simply compare the total cost base with the total amount of cash that you received to work out your capital gain or loss. However, if you acquired your Westfield America Trust units in more than one transaction, you must allocate the cash that you received between the different parcels of units on a pro rata basis.

    The following table will help you to work out your capital gain or loss.

    For each Westfield America Trust unit with a:

    you have made:

    equal to:

    cost base of less than the cash that you received for it

    a capital gain

    the cash that you received minus the cost base of the unit.

    reduced cost base of more than the cash that you received for it

    a capital loss

    the reduced cost base of the unit minus the cash that you received.

    For information on how to work out the cost base and reduced cost base for units, see the Guide to capital gains tax 2004-05.

    Unit holders who received stapled securities

    Westfield America Trust unit holders who participated in the sale arrangement and received stapled securities received proceeds worth approximately $2.32 for each unit* that they disposed of.

    * The actual amount was worked out as (number of units participating x 0.15, and rounded up to the next whole number) x the value of a stapled security at the time. The stapled securities were valued at $15.48 each at the time of the sale arrangement.

    Work out if you have made a capital gain or capital loss using the capital proceeds amount of $15.48 for each stapled security you received under the sale. If you acquired all of your Westfield America Trust units in one transaction, you can simply compare the total cost base with the total value of the Westfield Group stapled securities that you received to work out your capital gain or loss. However, if you acquired your Westfield America Trust units in more than one transaction, you must allocate the value of the stapled securities that you received between the different parcels of units on a pro rata basis. There is a fact sheet on how to do these calculations in preparation.

    The following table will help you to work out your capital gain or loss.

    For each Westfield America Trust unit with a:

    you have made:

    equal to:

    cost base of less than of the value of the securities that you received for it

    a capital gain

    the value of the securities received for it minus the cost base of the unit.

    reduced cost base of more than the value of the securities that you received for it

    a capital loss

    the reduced cost base of the unit minus the value of the securities received for it.

    * For information on how to work out the cost base and reduced cost base for units, see the Guide to capital gains tax 2004-05.

      Last modified: 06 Oct 2009QC 18186