The ATO on Wed 30.1.2013, issued the following Class Rulings:
- CR 2013/7: Queensland Government Department of Education Training and Employment – early retirement scheme. It applies from 30 January 2013 to 31 December 2013. The Ruling broadly states that the scheme is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
- CR 2013/8: Demerger of Enterprise Uranium Ltd by Enterprise Metals Limited. It applies from 1 July 2012 to 30 June 2013. Among other things, the Ruling states that eligible shareholders can choose demerger roll-over relief under s 125-55(1) of the ITAA 1997 to disregard any capital gain which occurred as a result of the demerger.
- CR 2013/9: Foreign income tax offset: employee share scheme interests – ACE Insurance Ltd and ACE Group. It applies from 1 July 2008. The Ruling states that under s 770-10(1) of the ITAA 1997, an employee who holds employee share scheme (ESS) interest will be entitled to a tax offset for the income year regarding Singaporean tax paid on gains derived from an ESS interest.
- CR 2013/10: FBT: employers who are clients of Andrews Airport Parking and who enter into the Corporate Bailment Agreement. It applies from 1 April 2012 to 31 March 2013. Broadly, the Ruling states that during the bailment period, there is not availability of a car which constitutes a benefit under s 7(1) of the FBTAA, therefore, there is no car benefit under s 136(1).
[LTN 19, 30/1/13]