The ATO on Wed 27.6.2012 released the following Class Rulings:

  • CR 2012/41: Demerger of Phillips 66 by ConocoPhillips Company. It applies from 1 July 2011 to 30 June 2012. The Ruling broadly states that shareholders who choose demerger rollover relief may disregard any capital gain made when CGT event G1 happens to their shares under the demerger (s 125-80(1) of the ITAA 1997).
  • CR 2012/42: Demerger of Phillips 66 by ConocoPhillips Company – employee share schemes. It applies from 1 July 2011 to 30 June 2012. Among other things, the Ruling states that the demerger will not cause an ESS deferred taxing point under s 83A-115 of the ITAA 1997.
  • CR 2012/43: Proposed return of capital: Murchison Metals Ltd. It applies from 1 July 2012 to 30 June 2013. Broadly, the Ruling states that neither the first nor the second return of capital will be a dividend as defined in s 6(1) of the ITAA 1936.
  • CR 2012/44: Category B 100% assignment model private practice arrangement for salaried specialists employed by the NT in NT Public Hospitals. It applies from 1 July 2011. The Ruling, among other things, states that the private practice fees derived by the specialist are assessable income under s 6-5 of the ITAA 1997 but does not include any GST component due to s 17-5 of the ITAA 1997.
  • CR 2012/45: The 2012 BlueScope Sheet Metal Supplies Chullora and Trade Coast Early Retirement Scheme. It applies from the date of the Commissioner’s approval to 30 September 2012. Broadly, the Ruling states the early retirement scheme set out in the Ruling is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.

[LTN 122, 27/6]