COMMISSIONER OF TAXATION
The Commissioner of Taxation, Chris Jordan, gives notice of the following Rulings, copies of which can be obtained from http://ato.gov.au/law.
NOTICE OF RULINGS | ||
Ruling Number | Subject | Brief Description |
CR 2017/84 | Income tax: off‑market share buy‑back: Rio Tinto Limited | The Ruling sets out the Commissioner’s positon on the off-market share buy-back for ordinary shareholders of Rio Tinto Limited. The Ruling applies from 1 July 2017 to 30 June 2018 and continues to apply after 30 June 2018 to all entities within the specified class who entered into the specified scheme during the term of the Ruling. |
CR 2017/85 | Income tax: demerger of Clime Private Ltd by Clime Investment Management Limited | The Ruling sets out the Commissioner’s positon of ordinary shareholders in the demerger of Clime Private Ltd by Clime Investment Management Limited. The ruling applies from 1 July 2016 to 30 June 2017 and continues to apply after 30 June 2017 to all entities within the specified class who entered into the specified scheme during the term of the Ruling. |
CR 2017/86 | Income tax: The National Pharmacies Early Retirement Scheme 2017 | The Ruling sets out the Commissioners positon on The National Pharmacies Early Retirement Scheme 2017. The Ruling applies from 13 December 2017 to 30 June 2018 and continues to apply after 30 June 2018 to all entities within the specified class who entered into the specified scheme during the term of the Ruling. |
CR 2017/87 | Income tax: Suncorp Group Limited: Suncorp Group Limited Capital Notes 2 | The Ruling sets out the Commissioners positon on investors who are allotted perpetual, convertible, subordinated and unsecured notes by Suncorp Group Limited called Suncorp Group Limited Capital Notes 2. The Ruling applies from 1 July 2017 to 30 June 2026 and continues to apply after 30 June 2026 to all entities within the specified class who entered into the specified scheme during the term of the Ruling. |
CR 2017/88 | Income tax: scrip for scrip: exchange of Kore Potash shares, options and performance rights for Kore UK CDIs, options and performance rights | The Ruling sets out the Commissioners positon on shareholders, option holders and employees of Kore Potash Limited and the exchange of Kore Potash shares, options and performance rights for Kore UK CDIs, options and performance rights. The Ruling applies from 1 July 2017 to 30 June 2018 and continues to apply after 30 June 2018 to all entities within the specified class who entered into the specified scheme during the term of the Ruling. |
CR 2017/89 | Income tax: return of capital: IWIF Holdings Limited (IWIFH) | The Ruling sets out the Commissioners positon on holders of ordinary shares in IWIF Holdings Limited. The Ruling applies from 1 July 2017 to 30 June 2018 and continues to apply after 30 June 2018 to all entities within the specified class who entered into the specified scheme during the term of the Ruling. |
TD 2017/23 | Income tax: does the residency assumption in subsection 95(1) of the Income Tax Assessment Act 1936 (ITAA 1936) apply for the purpose of section 855‑10 of the Income Tax Assessment Act 1997 (ITAA 1997), which disregards certain capital gains of a trust which is a foreign trust for CGT purposes? | The Determination sets out the Commissioner’s position on the residency assumption where a Capital Gains Tax (CGT) event happens to a CGT asset of a foreign trust for CGT purposes and that asset is not a ‘taxable Australian. The Determination applies to years of income commencing both before and after 13 December 2017. |
TD 2017/24 | Income tax: where an amount included in a beneficiary’s assessable income under subsection 99B(1) of the Income Tax Assessment Act 1936 (ITAA 1936) had its origins in a capital gain from non‑taxable Australian property of a foreign trust, can the beneficiary offset capital losses or a carry‑forward net capital loss (‘capital loss offset’) or access the CGT discount in relation to the amount? | The Determination sets out the Commissioner’s position on whether a beneficiary’s assessable income under subsection 99B(1) Income Tax Assessment Act 1936 is not treated as a capital gain for capital loss offset or CGT discount purposes. The Determination applies to years of income commencing both before and after 13 December 2017. |
NOTICE OF ADDENDA | ||
Ruling Number | Subject | Brief Description |
MT 2012/1 | Miscellaneous Taxes: Application of the income tax and GST laws to immediate transfer farm‑out arrangements | The Addendum is necessary because the income tax guidance in the ruling no longer reflects the law in respect of an immediate transfer farm-out arrangement entered into after 7.30 pm, by legal time in the Australian Capital Territory, on 14 May 2013, because of the enactment of the Tax and Superannuation Laws Amendment (2014 Measures No. 3) Act 2014 and the Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015. The Addendum applies after 7.30 pm, by legal time in the Australian Capital Territory, on 14 May 2013. |
MT 2012/2 | Miscellaneous Taxes: Application of the income tax and GST laws to deferred transfer farm‑out arrangements | The Addendum is necessary because the income tax guidance in the ruling no longer reflects the law in respect of a deferred transfer farm‑out arrangement entered into after 7.30 pm, by legal time in the Australian Capital Territory, on 14 May 2013, because of the enactment of the Tax and Superannuation Laws Amendment (2014 Measures No. 3) Act 2014 and the Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015. The Addendum applies after 7.30 pm, by legal time in the Australian Capital Territory, on 14 May 2013. |