Class Ruling

CR 2006/68W

Income tax: capital gains: Step-up Preference Shares: St George Bank Limited

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FOI status:

This Ruling provides you with the following level of protection: This publication (excluding appendices) is a public ruling for the purposes of the Taxation Administration Act 1953. A public ruling is an expression of the Commissioner's opinion about the way in which a relevant provision applies, or would apply, to entities generally or to a class of entities in relation to a particular scheme or a class of schemes. If you rely on this ruling, we must apply the law to you in the way set out in the ruling (or in a way that is more favourable for you if we are satisfied that the ruling is incorrect and disadvantages you, and we are not prevented from doing so by a time limit imposed by the law). You will be protected from having to pay any underpaid tax, penalty or interest in respect of the matters covered by this ruling if it turns out that it does not correctly state how the relevant provision applies to you.

Withdrawal

1. This Ruling is withdrawn on and ceases to have effect after 30 June 2009. The Ruling continues to apply in respect of the relevant provisions ruled upon to all entities within the specified class who entered into the specified scheme during the term of the Ruling. Thus the Ruling continues to apply to those entities, even following its withdrawal, for the scheme entered into prior to the withdrawal of the Ruling. This is subject to there being no change in the scheme or in the entities' involvement in the scheme.

Commissioner of Taxation
26 July 2006

Not previously issued as a draft

References

ATO references:
NO 2006/11953

Related Rulings/Determinations:

TR 94/30

Subject References:
acquisition dates
capital gains tax
CGT cost base
conversion of securities
dividend imputation
franking rebates
preference shares

Legislative References:
ITAA 1936 6(1)
ITAA 1936 6BA
ITAA 1936 6BA(3)
ITAA 1936 44(1)
ITAA 1936 46H
ITAA 1936 Pt IIIAA Div 1A
ITAA 1936 160APHO
ITAA 1936 160APHM
ITAA 1936 160APHN
ITAA 1936 177EA
ITAA 1936 177EA(3)
ITAA 1936 177EA(3)(a)
ITAA 1936 177EA(3)(b)(i)
ITAA 1936 177EA(3)(c)
ITAA 1936 177EA(3)(d)
ITAA 1936 177EA(5)(b)
ITAA 1936 177EA(14)(a)
ITAA 1936 177EA(17)
ITAA 1997 Div 67
ITAA 1997 67-25
ITAA 1997 67-25(1C)
ITAA 1997 67-25(1D)
ITAA 1997 Div 104
ITAA 1997 104-25
ITAA 1997 104-25(a)
ITAA 1997 104-25(f)
ITAA 1997 104-155
ITAA 1997 104-155(1)
ITAA 1997 104-155(5)(c)
ITAA 1997 108-5
ITAA 1997 109-10
ITAA 1997 110-25
ITAA 1997 110-25(2)(a)
ITAA 1997 110-55
ITAA 1997 110-55(2)
ITAA 1997 Subdiv 130-A
ITAA 1997 130-20
ITAA 1997 130-20(3)
ITAA 1997 Subdiv 130-C
ITAA 1997 130-60(2)
ITAA 1997 202-40
ITAA 1997 Subdiv 204-D
ITAA 1997 204-30
ITAA 1997 204-30(3)(c)
ITAA 1997 204-30(6)
ITAA 1997 204-30(8)
ITAA 1997 Div 207
ITAA 1997 207-20
ITAA 1997 207-20(1)
ITAA 1997 207-20(2)
ITAA 1997 207-145
ITAA 1997 207-145(1)
ITAA 1997 207-145(1)(a)
ITAA 1997 207-145(1)(b)
ITAA 1997 207-145(1)(c)
ITAA 1997 207-145(1)(d)
ITAA 1997 207-155
ITAA 1997 Div 974
ITAA 1997 995-1
TAA 1953
TAA 1953 Sch 1 357-75(1)
Copyright Act 1968
Corporations Act 2001

Case References:
Ord Forrest Pty Ltd v. FC of T
(1974) 130 CLR 124
74 ATC 4034
(1974) 4 ATR 230

Other References:
Explanatory Memorandum to the New Business Tax System (Imputation) Bill of 2002