The ATO on Wed 4.9.2013, released the following Class Rulings:
- CR 2013/68: Cancellation of shares in Tower Ltd. It applies from 1 July 2012 to 30 June 2013. Broadly, the Ruling states that the return of capital to Tower Ltd shareholders will not be a dividend under s 6(1) of the ITAA 1936.
- CR 2013/69: Return of capital: Wesfarmers Ltd. It applies from 1 July 2013 to 30 June 2014. Among other things, the Ruling states that the return of capital is not a dividend for income tax purposes under s 6(1) of the ITAA 1936.
- CR 2013/70: Early retirement scheme – VicForests. It applies from Wed 4.9.2013 to 31 March 2014. The Ruling states that the early retirement scheme to be implemented by VicForests is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
[LTN 171, 4/9/13]