The ATO Wed 5.3.2014, released the following Class Rulings:
- CR 2014/24: Scrip-for-scrip: exchange of securities in Atlassian Corporation Pty Limited for securities in Atlassian Corporation PLC. It applies from 1 July 2013 to 30 June 2014. Among other things, the Ruling states that subject to certain qualifications, shareholders who make a capital gain from the disposal of their shares are eligible to choose scrip-for-scrip roll-over under s 124-780 of the ITAA 1997.
- CR 2014/25: Melbourne IT Ltd – return of capital. It applies from 1 July 2013 to 30 June 2014. Broadly, the Ruling states that the return of capital to shareholders is not a dividend for the purposes of s 6(1) of the ITAA 1936.
[LTN 43, 5/3/14]