This is an excellent question to which I have struggled to find an answer, despite several calls to the ATO and much time spent on their website.
The statement I just received from STW (detailing the distributions paid on 04.01.08 and 03.07.08) is entitled "Annual Taxation Statement for the year ended 30 June 2008". Its fine print says "This notice contains information required for the preparation of your 2007/2008 income tax return" - i.e. I gather this means that the July 2008 distribution should be declared in the FY2007/08 tax return even though it was only paid on 3 July, 2008.
This does not conform with the usual practice of declaring company dividends in the year of the payment date rather than the ex-dividend date, but I figure that because STW is a trust (not a company), this might mean that distributions should be declared in the year they are earned (but not necessarily paid to the unitholder).
I phoned State Street Global Advisors (who manage STW) and they were somewhat unsure but suggested I declare the distribution in the year the units went ex-distribution. They also said to seek professional tax advice.
I hope this clarifies things for you and of course suggest you seek professional tax advice, as I am only going by what I can infer from STW's statement. (If you succeed in getting a straight answer from the ATO, please let me know!)
intheblack08
PS: Yes, the registry (Link Market Services) provides a detailed statement to help you complete your tax return.
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