The ATO on Wed 27.3.2013, issued the following Class Rulings:
- CR 2013/21: Return of capital: Residential – Plus Growth Company Ltd. It applies from 1 July 2011 to 30 June 2015. The Ruling broadly states that the returns of capital are not dividends as defined in s 6(1) of the ITAA 1936.
- CR 2013/22: Nuplex Industries (Aust) Pty Ltd – early retirement scheme. It applies for 12 months from Wed 27.3.2013. Among other things, the Ruling states that the early retirement scheme to be implemented by Nuplex Industries (Aust) Pty Ltd is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
- CR 2013/23: Demerger of Talon Petroleum Ltd by Texon Petroleum Ltd. It applies from 1 July 2012 to 30 June 2013. Broadly, the Ruling states that a shareholder can choose demerger roll-over relief under s 125-55(1) of the ITAA 1997 to disregard any capital gain made.
[LTN 59, 27/3/13]