Hawke’s Bay Power Consumers’ Trust Announces Dividend Payment

November 08, 2016 09:25 AM

Close to nine million dollars will be injected into the local economy in the next week as the Hawke’s Bay Power Consumers’ Trust distributes its dividend from Unison Networks Limited.

Cheques for $150 will be posted to more than 55,000 local consumers. While the Inland Revenue Department has recently announced that it is focusing on distributions from Electricity Trusts as some are not recognising the tax liability associated with their distributions, this does not apply to the local consumers, according to Trust Chairman, John Newland.

“Some Trusts have chosen to distribute their dividend receipts as a rebate in the form of a credit to consumers’ electricity accounts. As we have considered various options, we have recognised that this option was not sustainable. As the information sent with our cheques details, there are tax credits applied to our gross dividends and Withholding Tax paid so that the dividends received by our consumers are tax free.”

Apart from this cash distribution, Hawke’s Bay Power Consumers’ Trust allocates $1.5M to supplement Unison’s own plans for converting what remains of the overhead electricity distribution service on power poles, to an underground service. Another $400,000 is applied to a program to insulate local homes to improve health and energy efficiency.

All Hawke’s Bay power consumers who were connected to the Unison network on the 30 September 2016 will receive a dividend payment, with cheques to be mailed out at the end of November.

Over the last two years the Trustees have taken the opportunity to pay out cash resources that have built up. With these reserves now diminished, this year’s distribution is back to previous levels.

The dividend information can be found at www.unison.co.nz/dividend-information