No action is required by members. If a member is eligible, a cheque will be mailed to their last known address by no later than 31 July. Members will only receive a distribution if their account balance during the year returns an income in excess of the 'notional' annual administration member account keeping fee.
The annual income distribution is generally taxable in the hands of the members and accordingly a taxation statement will be included. Any payment should be included in each members tax return for the financial year just ended 30 June. This means that an ACIRT member who receives a distribution cheque in July 2011 must include this amount in their Income Tax Return for the year ended 2011.