Network Tasman Trust’s annual distribution to consumers
Each December the Network Tasman Trust makes a tax-free distribution to consumers connected to Network Tasman Limited’s network.
Pre Christmas Distribution to beneficiaries of Network Tasman Trust
As from 5 December 2016 all eligible customers will receive a cheque for their share of a tax-free distribution to beneficiaries from Network Tasman Trust’s accumulated funds. To qualify for the payment, customers must have been connected to the Network Tasman distribution system at midnight on Friday 18 November 2016. The total amount to be distributed is approximately $3 million. Most consumers will receive $80.00. Eligible customers will receive a distribution cheque regardless of who their retail power supplier is.
The distribution is a surplus of accumulated funds held by the Network Tasman Trust. The funds themselves come from dividends paid by Network Tasman Limited.
This Trust makes its distribution via a cheque posted to the individual consumer who is responsible for paying the line charge for a connection.
To be eligible to receive the cheque consumers must have a permanent metered connection to Network Tasman’s electricity distribution system as at midnight on a set date in November which is announced each year and must not have been disconnected, have had their meters removed, or have requested a final reading to be taken on or before midnight on that same date (the date is announced via advertisements and in direct communication with consumers each year).
The property to which the line charge applies must not be vacant, have temporary boxes, streetlights or electric fences and must not be a ‘child’ account (i.e. a split account not carrying the line charge).
Eligible consumers receive a cheque regardless of who their retail power supplier is.
Answers to frequently asked questions
Who is Network Tasman Trust?
Network Tasman Trust is an Electricity Consumer Investment Trust. The Trustees hold shares in Network Tasman Limited in accordance with the Trust Deed.
What is the Network Tasman Trust distribution?
A distribution of surplus accumulated Trust funds.
Where have the accumulated funds come from?
Dividends received prior to 31 March 2016 by the Trust as shareholders of Network Tasman Limited and interest from investments.
How much am I entitled to receive?
Does everyone get the same distribution?
Why can’t I get a credit instead?
Because this is a distribution of accumulated Trust funds and not a credit on the Network Tasman Limited line charge. For further information please telephone the Network Tasman Trust Secretary’s office.
Do I have to pay GST or Income Tax on this payment?
No, this payment is exempt from all taxes.
What name is printed on the cheque?
The account name held with your energy retailer. (Name on the power bill).
If someone has lost their cheque?
We will send a form out for them to complete before we send a new cheque and will cancel the original cheque.
If someone would like to amend the payee of cheque?
They must complete a Request to Amend Payee of Cheque form and return to the Craig Anderson office along with the distribution cheque and some proof that they do in fact pay the power bill at the property i.e. copy of bank statement showing a Direct Debit.
If the name on the cheque is deceased?
To enable us to change the cheque into someone else’s name the holder of the cheque must complete a Request to Amend Payee of Cheque form and return it along with a copy of the death certificate of deceased and the distribution cheque.
I live in Nelson city, do I get a distribution too?
Only customers connected to Network Tasman’s network get a Network Tasman Trust distribution. This includes Stoke, Tahunanui and Atawhai, but not other parts of the city central.
Who is entitled to receive this distribution?
Basically, all permanent metered connections to the Network Tasman distribution system as at midnight on 18 November 2016 are eligible. For further information see the eligibility section on page one or refer to the Network Tasman Trust Secretary’s office.
Will it affect my benefit?
No, it is not income for benefit or tax purposes.
Why isn’t the distribution apportioned or offered on a pro rata basis?
The distribution is provided by Network Tasman Trust at a set point in time and any customers affected eg. by house sales, should make their own apportionment arrangements. For further information, please contact the Network Tasman Trust Secretary’s office.
I sold my house before the cut off date. Will I get a distribution cheque?
Eligible customers whose name is on the power accounts as at the cut-off date will receive a distribution. Any apportionment in these or any other circumstances is the responsibility of the interested parties and not Network Tasman Trust.
TIMING AND PAYMENT
When do we get our distribution cheque?
Cheques will be/were sent out from Monday 5 December 2016. If you have not received your cheque by the 31 December 2016, please phone 0800-82-78-78 and we will arrange for the Network Tasman Trust Secretary’s office to contact you when their office reopens on
16 January 2017.
How often will we get a distribution cheque?
There are no fixed rulings on future distributions.
Do I get a choice of a cheque or a credit on my power bill?
No, Network Tasman Trust is making a distribution by cheque only.
What do I do if I didn’t receive my cheque?
If your cheque has not arrived by 31 December 2016, phone 0800-82-78-78 and it will be arranged for the Network Tasman Trust Secretary’s office to contact you when it reopens on 16 January 2017.
Can I use this cheque to pay my power bill?
No, the cheque can only be paid into the bank account of the payee.
Indemnity Forms (PDFs)
For more information
Network Tasman Trust
C/- Craig Anderson Ltd
270A Queen Street, Richmond, Nelson
PO Box 3115, Richmond 7050, Nelson
Telephone: 64 3 544 6179
Fax: 64 3 544 5979