| Disclaimer This edited version has been archived due to the length of time since original publication.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: 1012539080941
Ruling
Subject: Proposed return of capital - application of section 45B
Questions at issue
In order to protect the privacy and commercial in-confidence components of this private binding ruling the following summary is provided.
The ruling concerned the following:
1. The taxpayer is requesting a ruling whether section 45B of the Income Tax Assessment Act 1936 (ITAA 1936) regarding schemes to provide certain benefits does not apply under their current circumstances.
2. The taxpayer is requesting a ruling whether section 45C of the Income Tax Assessment Act 1936 (ITAA 1936) regarding determinations under section 45B does not apply under their current circumstances.
The Commissioner has ruled that:
1. No, section 45B of the ITAA 1936 will not apply to the current circumstances.
2. No, section 45C of the ITAA 1936 will not apply to the current circumstances.