The ATO on Wed 12.6.2012, issued the following Class Rulings:
- : Merger of Xstrata plc and Glencore International plc – Xstrata plc Long Term Incentive Plan. It applies from 1 July 2011 to 30 June 2013. The Ruling broadly states that any capital gains or losses that arise as a result of the exchange of options under the merger will be CR 2012/38disregarded in accordance with s 130-80 of the ITAA 1997 [the capital gain is disregarded because the discount on the ESS interest is taxed as income].
- CR 2012/39: SABMiller plc Executive Share Award Plan 2008. It applies from 1 July 2011 to 30 June 2015. Among other things, the Ruling states that where an employee is granted a provisional allocation of shares under the executive share award plan, the employee will not acquire an employee share scheme (ESS) interest.
- CR 2012/40: Ex gratia payment – Stolen Wages Reparation Scheme WA. It applies from 1 July 2011 to 20 June 2013. Broadly, the Ruling states there are no CGT consequences for an individual where they receive a lump sum payment under the Stolen Wages Reparation Scheme WA.
[LTN 112, 13/6]