The ATO on Wed 31.10.2012, issued the following Class Rulings:
- Class Ruling CR 2012/98: Whitefield – allotment of convertible resettable preference shares (CRPS). It applies from 9 August 2012 to 30 June 2019. Among other things, the Ruling states that dividends paid the shareholders of the preference shares will be a dividend pursuant to s 6(1) of the ITAA 1936.
- Class Ruling CR 2012/99: Accenture Group reorganisation – employee share scheme – treatment of Options and Restricted Share Units. It applies from 1 July 2009. The Ruling broadly states that the reorganisation of the Accenture Group did not trigger a cessation time under former s 139CB of the ITAA 1936 in relation to the restricted share units.
- Class Ruling CR 2012/100: Conversion by Poultry Farmers of Western Australia Co-operative Ltd to a company registered under the Corporations Act 2001. It applies from 3 July 2012 to 30 June 2013. The Ruling states, among other things, that members of the co-operative can choose to roll-over their interests under s 124-520 of the ITAA 1997 in relation to the conversion.
- Class Ruling CR 2012/101: Commonwealth Bank of Australia – Perpetual Exchangeable Resaleable Listed Securities. It applies from 1 July 2012 to 30 June 2021. Broadly, the Ruling sets out the CGT and tax implications for holders.
[LTN 211, 31/10]