On Wed 15.11.2017, the Commissioner issued 4 Class Rulings:
- CR 2017/78 – Seymour Whyte Limited Scheme of Arrangement and Special Dividends. This ruling considers the income tax and CGT consequences for shareholders of Seymour Whyte Limited who,pursuant to a scheme of arrangement,disposed of their ordinary shares to VINCI Construction Australasia Pty Ltd and received special dividends. In particular, CR 2017/78 states that various anti-avoidance rules do not apply to the scheme. Date of effect: 1 July 2017 to 30 June 2018;
- CR 2017/79 – Fuel tax credits: clients of GPSI Group Pty Ltd who use the Fuel Tax Credit Report generated by the GPSI FleetConnect System for calculating the kilometres travelled in a vehicle as a record for fuel tax credit purposes. The ATO accepts that the Fuel Tax Credit Report qualifies as a “record” for fuel tax credit purposes. Date of effect: 20 June 2017 to 30 June 2020;
- CR 2017/80 – Programmed Maintenance Services Limited – Scheme of Arrangement and Special Dividend. This ruling considers the income tax and CGT consequences for shareholders of Programmed Maintenance Services Limited who, pursuant to the scheme of arrangement, disposed of their shares to Autalent Solutions Pty Ltd and received special dividends and a “scheme consideration” payment. In particular, CR 2017/80 provides that various anti-avoidance rules do not apply to the scheme. Date of effect: 1 July 2017 to 30 June 2018;
- CR 2017/81 – Radio Frequency Systems Pty Limited Retirement Scheme 2017. The ATO accepts that the scheme is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. Date of effect: 15 November 2017 to 31 March 2018.
[LTN 219, 15/11/17; Tax Month Nov 2017]