The ATO [on Wed 18.2.2015] released the following Class Rulings:
- CR 2015/11: Exchange of units in the Bailador Trust for shares in Bailador Technology Investments Limited; and
- CR 2015/12: Restructure of Bailador Siteminder Co Investment Trust.
The ATO also released an Addendum to Taxation Determination TD 2007/18 (Consolidation: in applying the statutory cap in s 705-40 (tax cost setting amount for reset cost base assets held on revenue account) of the ITAA 1997, does the definition of revenue asset in s 977-50 of that Act include any CGT asset, a hypothetical realisation of which would have an amount reflected in the joining entity’s taxable income (disregarding the single entity rule), otherwise than solely as a capital gain or capital loss?).
In addition, the ATO released Errata to the following Class Rulings:
- CR 2013/32: GST treatment of Australian fees and charges imposed by NSW Councils for supplies in relation to building and property development applications and other related permits and approvals; and
- CR 2015/10: Provision of accommodation by Shell Korea Ltd to employees who are residents of Australia for tax purposes.
[LTN 32, 18/2/15]