On Wed 19.4.2017, the ATO released the following Class Rulings:
- Class Ruling CR 2017/26– Income tax: scrip-for-scrip roll-over: acquisition of Centuria Metropolitan REIT No. 2 (CMR2) by Centuria Metropolitan REIT No. 1 (CMR1). The ATO says that, subject to certain conditions, a CMR2 Unitholder who makes a capital gain from the disposal of a CMR2 unit to the Responsible Entity of CMR1 is eligible to choose scrip for scrip roll-under Subdivision 124-M of the ITAA 1997. The Ruling applies from 1 July 2016 to 30 June 2017.
- Class Ruling CR 2017/27– Income tax: Restructure of PRP Investment Trust. The ATO says, among other things, that CGT event C2 (s104-25 of the ITAA 1997) will not occur to participating unitholders when the income distribution rights attached to the Class Units are varied. However, CGT event H2 will happen to them under ss104-155(1). The Ruling applies from 1 July 2016 to 30 June 2017.
- Class Ruling CR 2017/28– Income tax: AGL Loy Yang Early Retirement Scheme 2017. The ATO states that the AGL Loy Yang Early Retirement Scheme 2017 is an early retirement scheme for the purposes of s83-180 of the ITAA 1997. The Ruling applies from 19 April 2016 to 31 May 2017.
[LTN 72, 19/4/17]