The ATO, Wed 19.12.2012, issued the following Class Rulings:
- CR 2012/118: Early retirement scheme – University of Tasmania. It applies from 19 December 2012 to 31 December 2013. Broadly, the Ruling states that the early retirement scheme to be implemented by the University of Tasmania is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
- CR 2012/119: R&D tax incentive membership funding for the ACA Low Emissions Technologies Program. Among other things, the Ruling states that entities will be entitled to a tax offset to the extent that they pay levies in an income year that is $1,000 or more, the activities are defined as R&D under s 355-30 of the ITAA 1997, and the expenditure arises under s 355-205.
- CR 2012/120: Employment termination payment: Australian Football League Players’ Association Incorporated. The Ruling broadly states that a payment made to a football player within 12 months of termination in accordance with the scheme described in the Ruling will be an employment termination payment under s 82-130 of the ITAA 1997.
- CR 2012/121: Woolworths Limited – creating a new stapled security. The Ruling states that the scheme is not a demerger as defined in s 125-70 and as such the demerger provisions in Div 125 of the ITAA 1997 do not apply.
- CR 2012/122: Takeover of Alesco Corporation Limited and payment of Final Dividend, Special Dividend and Additional Discretionary Dividend. Broadly, the Ruling states that the final dividend, special dividend, and additional discretionary dividend are each a “dividend” as defined in s 6(1) of the ITAA 1936 and must be included in the assessable income of the shareholder.
- CR 2012/123: Yancoal Australia Limited – contingent value right shares. The Ruling, among other things, sets out the tax consequences for shareholders who hold contingent value right shares.
[LTN 246, 19/12]