| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your private ruling
Authorisation Number: 1012120603685
This edited version of your ruling will be published in the public register of private binding rulings after 28 days from the issue date of the ruling. The attached private rulings fact sheet has more information.
Please check this edited version to be sure that there are no details remaining that you think may allow you to be identified. If you have any concerns about this ruling you wish to discuss, you will find our contact details in the fact sheet.
Subject: financing transaction
Question 1
That entity A and entity B will form a consolidated group under Division 703 of the Income Tax Assessment Act 1997 (ITAA 1997).
Answer
Yes.
Question 2
That dividends paid by entity A to entity B will be frankable distributions under section 202-40 of the ITAA 1997.
Answer
Yes.
Question 3
That section 177EA(5)(a) of the ITAA 1936 will not apply to certain identified schemes.
Answer
Yes.
This ruling applies for the following periods:
n 1 January 2011 to 31 December 2011
n 1 January 2012 to 31 December 2012
n 1 January 2013 to 31 December 2013
The scheme commences on:
20 May 2011
Relevant facts and circumstances
The applicant applied for a private binding ruling in relation to a financing transaction.
Relevant legislative provisions
Income Tax Assessment Act 1997 Div 703,
Income Tax Assessment Act 1997 section 202-40 and
Income Tax Assessment Act 1936 section 177EA.
Reasons for decision
Not Applicable.