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Edited version of private ruling
Authorisation Number: 1011750205369
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Ruling
Subject: Proposed return of capital
The rulee asked the following questions and the Commissioner has ruled on each of the specific questions:
Question 1
Would any of the proposed returns of capital to Company X by its subsidiaries be a dividend as defined in subsection 6(1) of the Income Tax Assessment Act 1936 (ITAA 1936)?
Answer
No.
Question 2
Would the Commissioner make a determination under section 45A of the ITAA 1936 that section 45C of the ITAA 1936 applies to any of the proposed returns of capital to Company X by its subsidiaries?
Answer
No.
Question 3
Would the Commissioner make a determination under section 45B that section 45C applies to any of the proposed returns of capital to Company X by its subsidiaries?
Answer
No.