Class Ruling

CR 2005/13W

Income tax: return of capital: WMC Resources Limited

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FOI status:

Notice of Withdrawal

Class Ruling CR 2005/13 is withdrawn with effect from today.

1. Class Ruling CR 2005/13 sets out the tax consequences for the shareholders of WMC Resources Limited (WMC) of a proposed return of capital (Capital Return) as described in the Arrangement part of the Ruling.

2. The Board of Directors of WMC decided that the proposed Capital Return would proceed if approved by WMC shareholders at its Annual General Meeting but only if the takeover offer made by BHP Billiton group (BHP) is not successful and no other takeover bid for WMC is successful.

3. As the offer period for the BHP takeover had not expired prior to the WMC Annual General Meeting held on 30 May 2005 and the takeover is now progressing to completion, the proposed Capital Return under the Arrangement identified will not be made before 1 July 2005. Consequently CR 2005/13 is withdrawn.

Commissioner of Taxation
29 June 2005

Not previously issued as a draft

References

ATO references:
NO 2003/11684