The ATO, on Wed 6.11.2013, issued the following Class Rulings:
- Class Ruling CR 2013/78: FBT and income tax: employer contributions to the ReddiFund. According to the Ruling, the payment of a contribution to the ReddiFund by an employer pursuant to an “industrial instrument”, as that term is defined in s 136(1) of the FBTAA, will be an exempt benefit under s 58PA of the FBTAA. It applies from 9 May 2013;
- Class Ruling CR 2013/79: CGT for shareholders – Separation of new News Corporation from Twenty First Century Fox, Inc. Broadly, the Ruling applies to current and/or former shareholders in Twenty-First Century Fox, Inc (“21CF”) who were shareholders in 21CF on the Record Date (21 June 2013) and who held their 21CF shares on capital account. The Ruling provides the Commissioner’s views on the CGT consequences of the Separation. It applies from 1 July 2012 to 30 June 2013;
- Class Ruling CR 2013/80: CGT scrip-for-scrip roll-over: proposed merger and acquisition of units in RFM Chicken Income Fund. Broadly, the Ruling applies to Members of the RFM Chicken Income Fund (CIF) who dispose of their interests in CIF under the scheme to which the Ruling relates. The Ruling states that subject to certain qualifications, a CIF unitholder who makes a capital gain from the disposal of a CIF unit to RFF is eligible to choose scrip-for-scrip roll-over (s 124-781 and s 124-785(1) of the ITAA 1997). It applies from 1 July 2013 to 30 June 2014;
- Class Ruling CR 2013/81: CGT scrip-for-scrip roll-over: proposed merger and acquisition of units in RFM Australian Wine Fund. Generally, the Ruling applies to Members of the RFM Australian Wine Fund (AWF) dispose of their interests in the AWF under the scheme to which the Ruling relates. According to the Ruling, an AWF unitholder who makes a capital gain from the disposal of an AWF unit is not eligible to choose scrip-for-scrip roll-over as AWF is part of a consolidated group under s 703-50 of the ITAA 1997. It applies from 1 July 2013 to 30 June 2014;
- Class Ruling CR 2013/82: Stockland Group Capital Reallocation. This Ruling applies to holders of Stockland Group stapled securities (each stapled security consisting of a share in Stockland Corporation Limited (SCL) stapled to a unit in Stockland Trust (ST)) as specified in the Ruling, and who participate in the capital reallocation announced on 13 February 2013 as described in the Scheme part of the Ruling. The Ruling says the capital reallocation will not alter the time that a securityholder acquired its units in ST or shares in SCL under Div 109 of the ITAA 1997. It applies from 1 July 2013 to 30 June 2014.
[LTN 215, 6/11/13]