Dividends

Franking Credit

As at 31 December 2021, IAG had a $228m franking balance on a consolidated basis. The holding company currently has no franking credits available for distribution.

The depletion of the holding company’s franking balance reflects minimal tax payable by the IAG tax consolidated group in Australia in FY20 and FY21, which were influenced by severe net natural perils claims costs and adverse reserving, including the business interruption provision.  As a result, IAG expects no franking will apply to any ordinary dividends that it may declare and pay during the remainder of the 2022 financial year, and zero franking will also apply to relevant distributions on the Capital Notes in respect of the same period.

Conduit Foreign Income (CFI)

The whole of the dividend is unfranked. For non-residents of Australia, this unfranked dividend is declared conduit foreign income. No Australian withholding tax is deducted from dividends paid to non-residents to the extent that the dividend is conduit foreign income. You may need advice from your local tax agent on how to declare any dividends in your tax return.

Dividend and interest payment frequently asked questions can be found in the FAQs section of this website. Please note: the information provided below is for payments in financial years ended 30 June.

New Zealand holders

Following the phase out of New Zealand cheques, all payments (ie sale proceeds and dividend) will be made to New Zealand holders as direct deposit to a nominated bank account. If Computershare does not have bank account details before the next dividend record date and the company has mandated direct credit, dividend payments will be held pending receipt of bank account details.