The ATO on Wed 6.3.2013, issued the following Class Rulings:
- CR 2013/17: Westpac Banking Corporation – Westpac Capital notes. It applies from 1 July 2012 to 30 June 2021. Broadly, the Ruling states that the distributions and franking credits from the capital notes are non-share dividends under s 974-120 of the ITAA 1997 and are assessable.
- CR 2012/18: National Australia Bank Limited – issue of convertible preference shares. It applies from 20 March 2013 to 30 June 2021. Among other things, the Ruling states that holders of the convertible preference shares must include in their assessable income all dividends received in respect of the shares under s 44 of the ITAA 1936.
[LTN 44, 6/3/13]