GLEBE INCOME ACCOUNTS
MEETING INVESTMENT NEEDS

FEES TAXES, DUTIES AND CHARGES

FEES

As an investor in Glebe Income Accounts, you will not pay any entry or exit fees to GAB. Your account is also free of management and account keeping fees. However, some normal government taxes, duties and charges may still apply.

GAB reserves the right to recoup any fees incurred in the operation of the Accounts.

GAB reserves the right to recoup any taxes, duties or charges incurred by it in connection with any investment under this offer document and to make withholding tax and other taxation deductions where required to do so under any applicable taxation laws.

 A schedule of fees is available from Glebe Income Accounts. Please refer to GIA'S schedule of fees for more details.

 

 

TAXATION STATEMENTS

GAB will forward to you a statement providing details of your investment and the interest you have earned during the preceding taxation year to 30th June.

The interest earned on investments in Glebe Income Accounts should be included in your assessable income on your taxation return. As taxation implications will vary, we recommend that you seek professional taxation advice relevant to your personal circumstances.

 

TAX FILE NUMBERS

The collection of Tax File Numbers is authorised and their use and disclosure are strictly regulated by tax laws and the Privacy Act 1988 (Cth). It is not compulsory to quote your Tax File Number. However, if you do not, GAB may deduct tax from your interest at the highest marginal rate plus the Medicare Levy. Some investors, such as pensioners and organisations not required to lodge a tax return, may be entitled to an exemption and this should be indicated on the application form.

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SOCIAL SECURITY DEEMING PROVISIONS

Investments are not exempt from the deeming provisions on financial investments made by Social Security recipients. We recommend that you seek professional advice on this matter.

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RIGHTS RESERVED BY THE GLEBE ADMINISTRATION BOARD

GAB reserves the right to vary minimum subscription levels and to impose maximum subscription amounts at any time. GAB also reserves the right to accept or refuse any application. Monies received with any application not accepted within one week will be refunded promptly.

In addition, GAB reserves the right to repay at any time monies in an At-Call account even where no request for repayment has been made by the investor. GAB may change the terms and conditions of Glebe Income Accounts on one month’s notice by providing written notice to investors.

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UNSECURED INVESTMENTS

All investments in Glebe Income Accounts form part of the Diocesan Endowment of the Anglican Church Diocese of Sydney and are unsecured.

At 31 December 2008 the Diocesan Endowment consisted of total assets of $291 million, total liabilities of $180 million (including liabilities of $154 million for Glebe Income Accounts) and net assets of $111 million.

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MATERIAL BENEFITS

No person other than GAB and the Anglican Church or an employee of GAB or of the Anglican Church in that capacity receives a material benefit in connection with:

  • The promotion of Glebe Income Accounts or any other part of the Diocesan Endowment;
  • The administering or managing of the assets of Glebe Income Accounts or any other part of the Diocesan Endowment;

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