The ATO on Wed 30.5.2012, issued the following Class Rulings:
- Class Ruling CR 2012/35: Assessable income: football umpires: AFL Riverina Incorporated. It applies from 1 July 2011. The Ruling broadly states that the match fees received by members of the RUA are not assessable income under s 6-5 and s 6-10 of the ITAA 1997. The ATO has also withdrawn Class Ruling CR 2004/39 (Assessable income: football umpires: Riverina Australian Football Umpires Association Inc. Receipts) as it has been replaced by Class Ruling CR 2012/35.
- Class Ruling CR 2012/36: Scrip-for-scrip: exchange of shares in Aurecon Australia Group Limited for shares in Aurecon 37 Limited. It applies from 1 July 2011 to 30 June 2012. Among other things, the Ruling states that subject to certain conditions, a shareholder who made a capital gain from the disposal of their shares is eligible to choose scrip-for-scrip rollover and disregard any capital gain under Subdiv 124-M of the ITAA 1997.
- Class Ruling CR 2012/37: Luxury car: meaning of “luxury car”. It applies to tax periods commencing on or after 1 February 2005. Broadly, the Ruling states that HiLux Vehicles do not fall within the meaning of “luxury car” under s 25-1 of the LCT Act.
[LTN 103, 30/5]