Home » 2024 Financial Year Information

Below is the June 2024 financial year distribution and tax information and estimated dates for the end of financial year processes. As each item is completed, we will update the information.

The end of the financial year is a busy time for us. In addition to determining and paying the final year-end distribution for each fund, we also complete tax calculations and finalise tax statements for investors. We will also be finalising investment statements, preparing fund accounts and arranging to have them audited.

Each of our Affluence fund portfolios comprises a range of investments including a range of unlisted funds and LICs. Our year-end processes rely on each of those fund managers to provide us with data to complete our calculations. This does take some time and means that some procedures tend to take a little longer in July than in other months. Please bear with us.

Once calculations are completed, unit pricing, distribution and tax information for the Fund will be updated here

EventTarget Date 
Release of June 2024 unit price10 July 2024 (completed)
Payment of June 2024 distribution10 July 2024 (completed)
Distribution/reinvestment advices sent11 July 2024 (completed)
Release of June 2024 Fund Report21 July 2024 (completed)
Annual Investment statements31 August 2024 (completed)
Annual Tax statements31 August 2024 (completed)

Once calculations are completed, unit pricing, distribution and tax information for the Fund will be updated here

EventTarget Date 
Release of June 2024 unit price10 July 2024 (completed)
Payment of June 2024 distribution10 July 2024 (completed)
Distribution/reinvestment advices sent11 July 2024 (completed)
Release of June 2024 Fund Report21 July 2024 (completed)
Annual Investment statements31 July 2024 (completed)
Annual Tax statements31 July 2024 (completed)

Once calculations are completed, unit pricing, distribution and tax information for the Fund will be updated here

EventTarget Date 
Release of June 2024 unit price10 July 2024 (completed)
Payment of June 2024 distribution10 July 2024 (completed)
Distribution/reinvestment advices sent11 July 2024 (completed)
Release of June 2024 Fund Report21 July 2024 (completed)
Annual Investment statements31 August 2024 (completed)
Annual Tax statements31 August 2024 (completed)

Once calculations are completed, unit pricing, distribution and tax information for the Fund will be updated here

How we decide whether to pay a higher June distribution

Like all managed funds, the Affluence Funds do not pay tax directly. Instead, Fund investors are allocated a share of the taxable income of the Fund each financial year. This allocation is based on each investors share of the distributions paid to them during the year and is set out in an annual tax (or AMMA) statement.

The taxable income to be allocated to Fund investors usually includes a range of different taxable components, such as dividends, distributions, interest, foreign income and capital gains, as well as associated tax credits.

In June each year, we estimate the type of value of these taxable components for each Fund based on what has been received for the year to date, plus estimates provided by underlying fund managers. We use this information to decide how much to pay for the final distribution of the tax year (paid on 10 July). Where the taxable income for a given year exceeds our target distribution of 5% per annum, we will pay a higher June distribution. Our aim in doing this, is to make sure that any taxable income for investors does not exceed the amount of the cash distributions paid to them.

The taxable amount can be quite different from the actual returns generated by the Fund for each year. The main factor impacting this is the amount and timing of capital gains. For tax purposes, capital gains are generally only realised and taxable when an investment is sold.

Affluence Funds have paid a higher June distribution in most years, and we expect this to continue for the 2024 financial year. Details of June distributions will be included in distribution advices and the June Fund Reports, which are expected to be released around 19 July.

Distributions are not the same as total returns

It is important to note that there is almost always a difference between distributions and total returns. This difference results in a change (increase or decrease) in the unit price. For example, the Affluence LIC Fund generated total returns of 10.8% for the 2024 financial year. Monthly distributions accounted for approximately 6.9% of this return. The balance 3.9% came by way of an increase in the LIC Fund unit price during the year.

Ultimately, it’s the total returns that matter most, and that’s where we focus most of our efforts. In the example above, had a 1% lower distribution been paid, the unit price would have increased by 1% more, such that the total return (distribution plus change in unit price) would have been the same.

Want to know more?

If you have any questions regarding your investment, please do not hesitate to contact us or your financial advisor.

Thank you for your continued support. It means a lot to us.

If you’d like to learn more about how to report income and claim deductions for managed investment trusts, the ATO has published information on their website here.

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