The ATO on Wed 13.2.2013, released Class Ruling CR 2013/11 (Conversion of shares – WorkPac Pty Ltd). It applies from 1 July 2012 to 30 June 2013. Broadly, the Ruling states that the variation of rights attaching to various class shares on the conversion to ordinary shares will cause CGT event H2 to occur, however, shareholders will not make a capital gain as they will not receive any capital proceeds.
[LTN 29, 8/2/13]