For more information on this restructure see the following class rulings:
- Class Ruling CR 2004/106W - scrip for scrip rollover: proposed exchange of shares and options in The News Corporation Limited for shares and options in News Corporation Inc. This is a Tax Office ruling on the availability of scrip for scrip rollover for participants in this arrangement.
- Class Ruling CR 2005/72W - Income tax: cancellation of shares in The News Corporation Limited - consequences for shareholders who do not or cannot choose scrip for scrip rollover. This is a Tax Office ruling on the tax consequences arising for participants in this arrangement who do not apply scrip for scrip rollover.
For more information about the tax implications of owning shares, see the following publications:
- You and your shares (NAT 2632-6.2005) - this publication is for individuals investing in shares or convertible notes and offers guidance on the taxation of dividends from investments, allowable deductions from dividend income and record keeping requirements for investors.
- Guide to capital gains tax (NAT 4151-6.2005) - this publication explains how capital gains tax works and will help you to calculate your net capital gain or net capital loss.
- Personal investors guide to capital gains tax (NAT 4152-6.2005) - shorter than the Guide to capital gains tax, this publication covers the sale, gift or other disposal of shares or units, distribution of capital gains from managed funds and non-assessable payments from companies or managed funds.
It does not cover CGT consequences for bonus shares, shares acquired under an employee share scheme, bonus units, rights and options, and shares and units where a takeover or demerger has occurred - for these you will need to refer to the longer Guide to capital gains tax.
For help in applying this information to your own situation, phone us on 13 28 61.