The ATO on Wed 28.11.2012, issued the following Class Rulings:
- CR 2012/103: Scrip-for-scrip: exchange of shares in Aon Corporation for shares in Aon plc. It applies from 1 July 2011 to 30 June 2012. Broadly, the Ruling states that if a shareholder chooses scrip-for-scrip rollover, the capital gain made on the cancellation of their shares is disregarded under s 124-785(1) of the ITAA 1997.
- CR 2012/104: Aon group reorganisation – employee share schemes – treatment of shares or rights. It applies from 1 July 2011 to 30 June 2012. Among other things, the Ruling states that where the rights and obligations of deferred shares under the employee share scheme are assumed by the new company in the reorganisation, those shares or rights are treated as a continuation of the deferred shares or rights.
- CR 2012/105: Scrip-for-scrip: merger of Auzex Resources Limited and Bullabulling Gold Limited. It applies from 1 July 2011 to 30 June 2012. The Ruling broadly states that subject to certain conditions, shareholders who make a capital gain from the disposal of a share is eligible to choose scrip-for-scrip rollover under ss 124-780 and 124-785(1) of the ITAA 1997.
- CR 2012/106: Demerger of Auzex Exploration Limited by Auzex Resources Limited. It applies from 1 July 2011 to 30 June 2012. According to the Ruling, a shareholder who chooses demerger roll-over relief can broadly disregard any capital gain made when CGT event G1 occurred to the shares under the demerger.
- CR 2012/107: Lend Lease Corporation Limited Capital Reallocation. It applies from 1 July 2012 to 30 June 2013. The Ruling states that the Commissioner will not make a determination under s 45B(3) of the ITAA 1936 that s 45C applies to the whole or any part of the return of capital.
- CR 2012/108: Energy Delivery Early Retirement Scheme. It applies from today [Wed 28.11.2012] to 30 June 2013. The Ruling, among other things, states that the scheme implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
- CR 2012/109: R&D tax incentive: membership funding for the ACA Low Emissions Technologies Program. It applies from 1 July 2011 to 30 June 2017. The Ruling broadly states that for the 2012 to 2017 income years where certain conditions are met, a contributor will be entitled to a tax offset calculated in accordance with s 355-100 of the ITAA 1997 for levy payments made.
[LTN 231, 28/11]