On Wed 3.2.2016, the ATO released the following Class Rulings:

CR 2016/7: treatment of compensation payments received under Div 5 of Pt 8 of the Fisheries Act 1995 (Vic) relating to phasing out commercial net fishing in Port Phillip Bay. The Ruling explains the tax treatment of various compensation payments to commercial fishing licensees whose licences are cancelled or adjusted. For example, the ATO considers that an amount received for the cancellation of a fishing licence is subject to CGT, while the income component of the “Licence Surrender Package” is ordinary income. CR 2016/7 applies from 1 April 2016 to 30 June 2022; and
CR 2016/8: the Peter MacCallum Cancer Centre relocation to Parkville Early Retirement Scheme 2016. The Ruling provides that the early retirement scheme to be implemented by the Peter MacCallum Cancer Centre is an early retirement scheme for the purposes of s83-180 of the ITAA 1997. CR 2016/8 applies from 4 February 2016 to 31 December 2016.
An Addendum to Class Ruling CR 2013/96 (Ausgrid’s Network Line of Business Mix and Match Program) was also released to extend the application of the Ruling to 19 February 2016 (from 31 December 2015). The Addendum applies from 4 December 2013.

[LTN 21, 3/2/16]