The ATO on Wed 7.5.2014, issued the following Class Rulings:
- CR 2014/41: Aviva Corporation Limited: 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 as defined in s 6(1) of the ITAA 1936.
- CR 2014/42: Scrip-for-scrip: exchange of shares in Envestra for APA stapled securities. It applies from 1 July 2013 to 30 June 2015. The Ruling states, among other things, that if a capital gain is made, shareholders are able to choose a partial scrip-for-scrip rollover under s 124-790(1) of the ITAA 1997 in relation to the disposal of Envestra shares and replacement APT units.
[LTN 85, 7/5/14]