Balance of business tests
REIT legislation specifies conditions in relation to the type of business a REIT may conduct, which the Group is required to meet in order to retain its REIT status. In summary, at least 75% of the Group’s profits must be derived from REIT qualifying activities (the 75% profits test) and 75% of the Group’s assets must be employed in REIT qualifying activities (the 75% assets test). Qualifying activities means our property rental business. The result of these tests for the Group for the six months ended 30 September 2008 and 30 September 2007, and at the balance sheet date, is as follows:
Table 7: REIT balance of business tests
For the six months ended
30 September 2008 / as at
30 September 2008 |
For the six months ended
30 September 2007 / as at
30 September 2007 |
For the year ended
31 March 2008 / as at
31 March 2008 |
Tax–
Exempt
Business |
Residual
Business |
Adjusted
Results |
Tax–
Exempt
Business |
Residual
Business |
Adjusted
Results |
Tax–
Exempt
Business |
Residual
Business |
Adjusted
Results |
| 184.4 |
(5.4) |
179.0 |
186.5 |
(12.0) |
174.5 |
351.1 |
9.7 |
360.8 |
| 103.0% |
(3.0%) |
|
106.9% |
(6.9%) |
|
97.3% |
2.7% |
|
| 13,163.6 |
1,444.7 |
14,608.3 |
16,189.5 |
2,308.1 |
18,497.6 |
14,766.8 |
1,962.9 |
16,729.7 |
| 90.1% |
9.9% |
|
87.5% |
12.5% |
|
88.3% |
11.7% |
|
