...However, we know that the interim dividend was not fully imputed. It was imputed to 85.7% (FY2023) and
78.6% 71.4%(FY2022).
So the imputation credit for FY2023 is 0.857x5.444c = 4.666c, and the equivalent figure for FY2022 was
0.786x5.444c = 4.279c 3.8889c -- see NZX
This allows us to work out the gross interim dividend for the years under consideration as follows:
FY2022: 14c + 4.279c = 18.279c
17.8889c
FY2023: 14c + 4.666c = 18.666c
Now the company tax rate is 28%, but the individual tax rate reduction must add up to 33%. The difference between the company tax rate and the individual tax rate is adjusted by the taking away of resident withholding tax.
|
Gross Dividend |
less Company Tax |
less Resident Withholding Tax |
equals Payment into Shareholder Bank Account |
FY2022 |
18.279c |
5.118c |
0.914c |
12.247c |
FY2023 |
18.666c |
5.226c |
0.935c |
12.506c |