The ATO on Wed 11.7.2012, issued the following Class Rulings:

  • : Royal Bank of Scotland Group plc adjustment to employee share schemes due to sub-division and consolidation of ordinary share capital. It applies from 1 July 2011 to 30 June 2014 and states that an CR 2012/49adjustment made to conditional awards or options issued under the share plans will not give rise to an ESS deferred taxing point for the purposes of s 83A-120 of the ITAA 1997.
  • CR 2012/50: 100% donation private practice arrangements of full-time dentists, dental specialists and dental prosthetists of Dental Health Services Victoria participating in Commonwealth Medicare Chronic Disease Dental Scheme. It applies from 1 July 2012 to 30 June 2016. Among other things, the Ruling states that fees collected and paid by the Health Service to the Dentists for private practice are assessable income of the Dentists under s 6-5 of the ITAA 1997.
  • CR 2012/51: Doxa Cadetship Program living allowance payments made by the Doxa Youth Foundation. It applies from 1 July 2011. The Ruling states that living allowance payments are assessable as ordinary income of the cadet under s 6-5 of the ITAA 1997, however, the payments are exempt from income tax under item 2.1A in s 51-10 of the ITAA 1997.
  • CR 2012/52: Gloucester Coal Limited – Special Dividend and Capital Return. It applies from 22 June 2012 to 30 June 2013. The Ruling broadly states that the special dividend paid to shareholders will constitute a dividend under s 6(1) of the ITAA 1936, however, shareholders will be entitled to a tax offset equal to the franking credit attached.

[LTN 132, 11/7]