2014 3 31 October 2010 PwC 1
... 4 I. REIT... 5.... 25 Appendix... 43 PwC 2
REIT PwC 4
I. (REIT) I-1. REIT REIT REIT US-REIT 1960 1961 2013 US-REIT 600 US-REIT 10 83 10 US-REIT US-Mutual Fund (CMBS) US-REIT LLC REIT REIT US-REIT LLC US-REIT 856 860 US-REIT US-REIT REIT REIT IRS US-REIT PwC 5
US-REIT US-REIT REIT US-REIT 100 5 REIT 50 US-REIT REIT 5 REIT 50 US-REIT US-REIT 50 US-REIT REIT LLC (disregarded entity) REIT Real Estate Mortgage Investment Conduit CMBS REIT REIT REIT REIT US-REIT REIT REIT PwC 6
REIT US-REIT 4 Excise Tax (dividend) US-REIT REIT REIT 100 REIT REIT 100 REIT Sovereign Wealth Fund REIT LLC REIT US-REIT LLC REIT REIT REIT REIT 75 REIT 10 REIT 5 REIT REIT REIT REIT 25 PwC 7
REIT 75 REIT REIT 95 75 90 1 REIT consent dividend REIT REIT REIT REIT REIT 25 US-REIT Real Proper y Real Property Real Property REIT IRS PLR Real Property Real Property Real Property Real Property REIT REIT 1 90 - PwC 8
US-REIT REIT Passive Active income Passive Active income REIT REIT Passive income Active REIT dealer 100 REIT REIT US-REIT 1120 REIT REIT REIT 10 US-REIT PwC 9
US-REIT REIT NAREIT Foreign Investment in Real Property Act, FIRPTA REIT 10 PwC 10
I-2. REIT REIT REIT A-REIT 1971 ASX REIT 2013 3 46 REIT ASX 900 A-REIT 70 A-REIT A-REIT ASX REIT REIT A-REIT REIT 1998 Managed Investment Scheme MIS REIT MIS REIT 2008 Managed Investment Trust MIT A-REIT MIT MIT REIT A-REIT Trust deed REIT REIT tax deferred (tax base) trust income PwC 11
A-REIT REIT A-REIT A-RETI REIT ASX A-REIT A-REIT REIT A-REIT A-REIT A-REIT MIT 10 A-REIT SPV A-REIT REIT A-REIT (entitle to all income) 1936 ITAA1936 3 6C Public Unit Trust Eligible Investment Business PwC 12
46.5 A-REIT 12 A-REIT 50 CGT 30 REIT / / A-REIT MIT 4 Eligible Investment Business Public Unit Trust Eligible Investment Business REIT - 75 rent excluded rent Excluded rent land rent (incidental) land rent - eligible investment business 2 unit trust REIT REIT Trust PwC 13
Excluded Rent Profit Based Rent Turnover Based Rent Passive Active income REIT Eligible Investment Business Passive Active income rent (rent) debenture foreign hybrid company Excluded Rent Fee PwC 14
A-REIT A-REIT 2013 REIT MIT Arm s length 2015 PwC 15
I-3. REIT REIT REIT 1999 2002 REIT ASX REIT S-REIT 26 S-REIT 8 SGX S-REIT 2013 4 750 REIT REIT S-REIT the Code on Collective Investment Schemes the Property Fund Guidelines S-REIT S-REIT S-REIT 3 S-REIT S-REIT S-REIT 25 500 S-REIT spread of holders S-REIT REIT REIT PwC 16
SPV S-REIT SPV SPC S-REIT S-REIT S-REIT REIT IRAS S-REIT tax transparent (specified income ) S-REIT ( revenue gain ) S-REIT S-REIT ITA 13 8) 2015 3 31 REIT( 6 REIT ) SPV S-REIT GST Goods and Services Tax 2006 2 17 2015 3 31 PwC 17
REIT S-REIT the Code on Collective Investment Schemes the Property Fund Guidelines S-REIT permissible investment non-property corporations S-REIT 75 Income-producing Real Estate 5 S-REIT taxable income 90 Specified Income PwC 18
S-REIT the Code on Collective Investment Schemes the Property Fund Guidelines (permissible investment) non-property corporations S-REIT Passive Active income S-REIT Rent S-REIT S-REIT 17 PwC 19
I-4. REIT REIT REIT 1993 1990 REIT REIT 2007 REIT REIT the REIT Rules specified investment flow-through entities SIFT the SIFT Rules SIFT 2013 4 15 TSX 34 Mutual fund trust REIT C-REIT 540 REIT 180 REIT REIT REIT C-REIT MFT(Mutual fund trusts) MFT C-REIT SIFT 2007 REIT REIT MFT REIT C-REIT MFT SIFT 2011 1 1 SIFT 2006 10 31 MFT 2011 REIT REIT 2011 REIT C-REIT PwC 20
C-REIT TSX 100 400 Net Tangible Asset, NTA 200 750 C-REIT MFT 150 C-REIT TSX 300 C-REIT 50 C-REIT C-REIT C-REIT C-REIT REIT C-REIT SIFT C-REIT C-REIT 42 50 PwC 21
/ SIFT 2013 25 32 SIFT REIT C-REIT SIFT C-REIT IFRS C-REIT C-REIT C-REIT (adjusted cost base) REIT C-REIT REIT qualified REIT property Non Portfolio Properties NPP REIT NPP 10 REIT (capital property) eligible resale property indebtedness Non Portfolio Properties (NPP) - Portfolio investment entity - 50 Canadian Real Immovable or Resource Property PwC 22
- Arm s length REIT 75 C-REIT 80 debentures REIT gross REIT revenue 75 REIT 90 C-REIT 95 debentures C-REIT C-REIT REIT MFT REIT REIT C-REIT REIT Non Portfolio Properties NPP PwC 23
REIT eligible resale property indebtedness NPP REIT Passive Active income REIT SIFT Passive income SIFT REIT REIT REIT real or immovable property rent based on profits C-REIT 2013 3 MFT C-REIT C-REIT US PwC 24
. -1. 24.... 2 16 61 2 13 1 3.. 23 1 Appendix PwC 25
(**) (***) (*) (*) (**) (*) (*) (***) (*) 1 3 23 DHC 2 PwC 26
3 13 9 1920 4 40 1965 43 1968 12 24 1 3 61 2 3 13 12 2000 5 13 2001 PwC 27
1 15 3 13 13 6 3-1-7 5 18 18 2006 3 18 22 2010 22 13 2001 13 12 2000 5 1 2 3 4 4 12 2000 10 PwC 28
12 12 13 13 5 13 13 2 3 PwC 29
6 PwC 30
-2. capitalized capital written off 5 (base cost) nondistributable reserves 2006 Open Ended Investment Company REIT Investment Trust Company REIT 90 Investment Trust Company OEIC revenue return capital return Capital loss PwC 31
revenue profit Cash Pool 90% PwC 32
Earnings & Profits Earnings & Profits E&P Earnings & Profits dividend Earnings & Profits: E&P Earnings & Profits E&P Current Earnings & Profits: CEP CEP E&P Accumulated Earnings & Profits: AEP 2 Earnings & Profits CEP AEP CEP (i) [CEP ] (ii) [CEP ] DRD PwC 33
(iii) CEP accelerated depreciation E&P Section312(k) alternative depreciation system(section 168(g)(2) 5 (iv) Earnings & Profits CEP AEP AEP CEP CEP AEP Earnings & Profits Earnings & Profits Earnings & Profits REIT Earnings & Profits (i) CEP REIT CEP REIT Earnings & Profits REIT AEP (ii) PwC 34
REIT Earnings & Profits REIT Gain Section562 e 1980 1987 Accelerated Cost Recovery System 15 Earnings & Profits 40 (ii) Earnings & Profits Gain REIT Earnings & Profits Gain (iii) REIT Excise tax E&P REIT Excise tax (iv) Deficiency dividend E&P E&P Earnings & Profits Earnings & Profits REIT REIT REIT REIT E&P REIT 90 REIT REIT REIT Earnings & Profit 90 - PwC 35
Nominal Capital Aktiengesellschaft 50Ke Gesellschaft mit beschränkter Haftung 25Ke contribution account REIT 90% PwC 36
/ 30 Treaty 25 FPI SPPICAV SIIC OPCI REIT REITs 85% PwC 37
( ) 24 1 3 137 1 18 18 67 15 23 1 3 PwC 38
Appendix 2 1 7-8 18 ( ) 3 Appendix 2 1 2 2 24 8 15 7 DHC 7 PwC 39
REIT REIT REIT REIT PwC 40
Pattern 1. REIT REIT REIT Pattern 2. REIT REIT Trust REIT REIT Pattern 3. REIT REIT ( ) REIT REIT REIT REIT REIT REIT REIT dividend paid (dividend) E&P REIT REIT E P REIT PwC 41
PwC 42
Appendix
23 1 24 1. 24 1 1. 24 1 3 6 72 1 81 20 1 9 1 1 9 2 1 1 4 PwC 44
. 24 1 3 6 72 1 81 20 1. 24 1 24 1 PwC 45
8 2 24 1 PwC 46
PwC 47
PwC 48
100 100 PwC 49
2 PwC 50