CR 2012/98-101 – Preference shares; ESS; conversion of a co-operative; exchangeable securities (57)

The ATO on Wed 31.10.2012, issued the following Class Rulings: Class Ruling CR 2012/98: Whitefield – allotment of convertible resettable preference shares (CRPS). It applies from 9 August 2012 to 30 June 2019. Among other things, the Ruling states that dividends paid the shareholders of the preference shares will be a dividend pursuant to s…

CR 2012/94-97 – Convertible preference shares; stock plan; employer contributions; disability payments (55)

The ATO Wed 24.10.2012 issued the following Class Rulings: : Deductibility of CR 2012/94employer contributions to the Australian Construction Industry Redundancy Trust. It applies from 1 July 2012 to 30 June 2018. Broadly, the Ruling states that an employer who makes contributions to the trust can claim a deduction under s 8-1 of the ITAA…

CR 2012/84 and 85 – Employer contributions to redundancy trust; early retirement scheme (53)

The Tax Office on Wed 3.10.2012, released the following Class Rulings: : FBT: employer contributions to the Class Ruling CR 2012/84Australian Construction Industry Redundancy Trust (ACIRT). The ATO says contributions made by employers to ACIRT under the terms of the Building and Construction General On-site Award 2010 will be exempt benefits under s 58PA of…

*TD 2012/D9 – Ordinary income from allowing wind farming on a farm, is not and “assessable primary production income” for Div 392 averaging purposes (51)

This Draft TD, issued on Wed 24.10.2012, says ordinary income derived by an individual from allowing wind farming infrastructure to be constructed, operated and accessed on freehold land that they own and use in carrying on a primary production business does not constitute “assessable primary production income” of that individual for the purposes of Div…