The ATO on Wed 19.3.2014, released the following Class Rulings:
- CR 2014/28: GDI Property Group – creating a new stapled security. It applies from 1 July 2013 to 30 June 2014. Broadly, the Ruling states that Australian resident unitholders are able to choose scrip-for-scrip rollover on the disposal and replacement of their units.
- CR 2014/29: Government funded payments made under the Breadwinners’ Program. It applies from 1 July 2012. The Ruling states that generally the payments students receive under the program are exempt from income tax under item 2.1A in the table in s 51-10 of the ITAA 1997.
- CR 2014/30: Macmahon Holdings Limited 2009 and 2013 Executive Equity Plans. It applies from 1 July 2009. Among other things, the Ruling states that the rights granted to participants under the executive equity plan are at real risk of forfeiture for the purpose of s 83A-105(3) of the ITAA 1997.
- CR 2014/31: Return of share capital: Iron Mountain Mining Limited. It applies from 23 January 2014 to 30 June 2014. The Ruling broadly states that the return of share capital payment made to shareholders will not be a dividend as defined in s 6(1) of the ITAA 1936.
- CR 2014/32: James Cook University 2014 early retirement scheme. It applies from 19 March 2014 to 31 December 2014. The Ruling states that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
- CR 2014/33: Melbourne Market Authority early retirement scheme. It applies from 19 March 2014 to 31 March 2015. The Ruling states that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
[LTN 19/3/14]