23. Wesfarmers shareholders received a $1.00 per share cash distribution. Note: If you made a capital gain on this CGT event, you must include it in your calculations when completing item 17 on your 2003-04 tax return (supplementary section). 56. ITAA 1997 995-1(1) For the purposes of Subdivision 109-A, you are considered to have acquired the right at the time when you acquired your Wesfarmers share. ITAA 1997 Div 112 At Wesfarmers we believe sustainability is about understanding and managing the ways we impact the communities and environments in which we operate, to ensure that we continue to create value in the future. 51. . In the event that the return of capital did represent a dividend rather than a capital benefit, it is likely that a Wesfarmers shareholder would incur a greater tax liability. 17. The question is whether it would be concluded that a person who entered into or carried out the scheme did so for the purpose of obtaining a tax benefit for the relevant taxpayer in respect of the capital benefit. Sections 45A and 45B of the ITAA 1936 are two anti-avoidance provisions which, if they apply, allow the Commissioner to make a determination that section 45C of the ITAA 1936 applies. She paid $2,200 ($2.20 per share) plus brokerage of $100 - making her cost base $2,300. If Maria chooses the discount method, she calculates her capital gain by subtracting her cost base from the amount she received in the return of capital. Distributed by Public, unedited and unaltered, on 08 December 2021 06:41:05 UTC. However, having regard to the relevant circumstances of the scheme, it cannot be concluded that the scheme was entered into or carried out for a more than incidental purpose of enabling Wesfarmers shareholders to obtain a tax benefit. The return of capital will be debited to Wesfarmers share capital account. If Maria chooses the indexed cost base, she calculates her cost base by multiplying her original cost base by an uplift factor. 72. ITAA 1997 Subdiv 115-A The term 'dividend' in subsection 6(1) includes any distribution made by a company to any of its shareholders. In working out the capital gain or capital loss made when CGT event C2 happens, the capital proceeds will be the amount of the return of capital ($0.50 per fully paid share) (subsection 116-20(1) of the ITAA 1997). 11. Under with section 112-25 of the ITAA 1997, the consolidation of Wesfarmers shares will not result in a CGT event happening where the company converts its shares in accordance with section 254H of the Corporations Act. Create your myGov account and link it to the ATO, Help and support to lodge your tax return, Occupation and industry specific income and work-related expenses, Residential rental properties and holiday homes, Instalment notices for GST and PAYG instalments, Your obligations to workers and independent contractors, Encouraging NFP participation in the tax system, Australian Charities and Not-for-profits Commission, Departing Australia Superannuation Payment, Small Business Superannuation Clearing House, Annual report and other reporting to Parliament, Complying with procurement policy and legislation, Wesfarmers Group Limited (Wesfarmers) return of capital. The Commissioner will not make a determination under section 45A or 45B that section 45C applies to the return of capital. AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA. ITAA 1997 104-165(3) Collectively, shareholders received a total distribution of approximately $2,268million. ITAA 1997 115-25(1) Assuming that she has no other capital gains or capital losses for the 2003-04 year, Maria would complete item 17 on the 2004 tax return (supplementary section) as follows: Did you have a capital gains tax event during the year? The Wesfarmers Dividend Investment Plandid not apply to the return of capital payment. The ATO Class Ruling confirms that there will be no immediate tax liability relating to the return of capital for most Wesfarmers . ATO Class Ruling - return of capital to shareholders. Make sure you have the information for the right year before making decisions based on that information. This is clearly marked. 43. ato class ruling wesfarmers return of capital. You received 200 cents for every share you held as a registered holder on the record date of 4:00pm (Perth time) Friday, 19 November 2021. CGT event C2 (section 104-25 of the ITAA 1997) will happen when the return of capital is paid. If the scheme is not carried out as described, this Ruling cannot be relied upon. All registered shareholders on the record date received the capital return there was not an opportunity for these shareholders to 'opt out' of the capital return. Record date for determining entitlement to participate in the return of capital. For more information about this return of capital, see Class Ruling CR 2003/105W: Return of capital: Wesfarmers Limited. 57. It is anticipated that shareholder approval will be sought at Wesfarmers' Annual General Meeting (AGM) which is scheduled for 7 November 2013. The return of capital was recorded as a debit to Wesfarmers untainted share capital account. Wesfarmers Limited (WES) - Demerger . Eligible shareholders received 1 COL share for each WES share owned. Commissioner of Taxation The cost base of your right to receive each return of capital is worked out under Division 110 (modified by Division 112). TD 2000/10, Subject References: 31. 'Share capital account' is defined in section 975-300 of the ITAA 1997 as an account which the company keeps of its share capital, or any other account created after 1 July 1998 where the first amount credited to the account was an amount of share capital. The Commissioner makes this Ruling based on the precise scheme identified in this Ruling. We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. Note: certain information has been provided on a commercial-in-confidence basis and will not be disclosed or released under Freedom of Information legislation. 29. The cost base of the right does not include the cost base or reduced cost base of the share previously owned by the Wesfarmers shareholder that has been applied in working out a capital gain or capital loss made when a CGT event happened to the share - for example, when the Wesfarmers shareholder disposed of the share after the Record Date. 30. ITAA 1936 6(1) The following description of the scheme is based on information provided by the applicant. As such, paragraph (d) of the definition of 'dividend' in subsection 6(1) of the ITAA 1936 applies and the return of capital is not a dividend. 28. CGT events C1-C3 - end of a CGT asset ITAA 1936 45C(1) A Wesfarmers shareholder will make a capital loss if the capital proceeds from the ending of the right are less than the reduced cost base of the right. That is, you will not pay any more tax or penalties or interest in respect of the matters covered by this Ruling. Payments made to credit unions may take longer. In working out the capital gain or capital loss when CGT event C2 happens, the capital proceeds are equal to the amount of the return of capital ($2.00 per Wesfarmers share) (subsection 116-20(1)). Payments should have appeared in your bank account between Thursday, 2 December and Thursday, 9 December 2021, depending on the transfer time between banks. The ATO Class Ruling confirms that there will be no immediate tax liability relating to the return of capital for most Wesfarmers shareholders. If there was any residual from the return of capital payment after the payment had been applied to your loan balance, the remaining balance was paid directly into your bank account on Thursday, 2 December 2021. The return of capital was considered and approved by shareholders at the 2021 AGM. For those shareholders who are not tax residents of Australia and hold their shares on capital account, no Australian income tax implications should arise as a consequence of the return of capital. CGT events G1-G3 - shares ITAA 1997 104-135(3) Maria can apply the CGT discount (50% for individuals) to reduce this amount to $100 ($200x50%). a capital payment (it was not classed as a dividend for any purpose and had no dividend component). Sections 45A, 45B and 45C of the ITAA 1936 do not apply. 4. If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice. Foreign-resident shareholders able to disregard capital gains tax. : Yes. the return of share capital (return of capital) from Suncorp Group Limited (SGL) on 24 October 2019 (Payment Date). TAA 1953 A Wesfarmers shareholder who is a foreign resident just before CGT event C2 happens, disregards any capital gain or capital loss made when CGT event C2 happens if their right to the return of capital is not 'taxable Australian property' (section 855-10 of the ITAA 1997). If you provided your direct credit payment instructions by 4:00pm (Perth time) on Friday, 19November2021, the return of capital payment was made on Thursday, 2 December 2021 by direct credit to your financial institution if your registered address is in Australia, New Zealand or the UK. She must use the indexed cost base method in all future events affecting these shares. 74. Collectively, shareholders received a total distribution of approximately $1,143 million. At 30 June 2007, Wesfarmers' share capital was $2,256 million, with retained earnings of $1,131 million (effectively $588 million after the final 2007 dividend of $543 million). 49. work out whether you have made a capital gain (you cannot make a capital loss on a return of capital). The record date for the capital return payment was 4:00pm(Perth time) on Friday, 19 November 2021. 61. Depending on the outcome, you may have to include some details on your 2003-04 tax return. 38. A Wesfarmers shareholder cannot make a capital loss from CGT event G1 happening (subsection 104-135(3) of the ITAA 1997). ITAA 1997 104-135 There was no dividend component as part of this capital management initiative. 8. Accordingly, section 45A has no application to the return of capital. purchased their shares after the shares started trading on an ex return of capital basis (i.e., from Thursday, 18 November 2021 onwards), the cost base for each share acquired after 19 September 1985 should be reduced by the return of capital amount (on a cents per share basis) for the purpose of calculating any capital gain or capital loss on the ultimate disposal of that share; and. The return of capital satisfies the first two conditions. 16. Maria can choose to apply either the indexation method or the discount method to calculate any capital gain. Shares in Wesfarmers will be 'an indirect Australian real property interest' if (among other things) they pass the principal asset test in section 855-30. 18. 81. Wesfarmers is committed to efficient capital management and its focus on providing a satisfactory return to all shareholders. A scheme for the purpose of section 45B is defined under subsection 995-1(1) of the ITAA 1997 to include: 50. Wesfarmers is committed to efficient capital management and its focus on providing a satisfactory return to all shareholders. ITAA 1997 975-300(3) Accordingly, all shareholders are encouraged to seek their own professional advice in relation to their tax position. 2. ITAA 1936 45A ITAA 1997 104-135(4) It is only to the extent (if any) that the distribution exceeds the cost base of the shares that a capital gain arises. The following description of the scheme is based on information provided by the applicant. Wesfarmers provided separate information in relation to the tax implications of the return of capital payment for participants who were located within Hong Kong and India at the time of the capital return payment. It is anticipated that shareholder approval will be sought at the AGM scheduled for 7 November 2013. Sections 45A, 45B and 45C of the ITAA 1936 do not apply 8. The Australian Taxation Office (ATO) has published a Class Ruling in relation to the taxation treatment of the $2.00 per share return of capital to Wesfarmers shareholders, which was paid on 2 December 2021. As announced on Friday, 27 August 2021, the Wesfarmers Board recommended a return of capital to Wesfarmers shareholders of 200cents per share. The total amount of the distribution was approximately $2,268 million and was paid on Thursday, 2December 2021. 25. 50. All Wesfarmers shareholders on 15 December 2003 (the record date) received the capital return. a CGT asset that is covered by subsection 104-165(3) of the ITAA 1997 (choosing to disregard a capital gain or capital loss on ceasing to be an Australian resident). If you participated in the Loan Plans the payment for these shares was applied to each outstanding loan balance. On 27 August 2021, Wesfarmers announced that it will return share capital to Wesfarmers shareholders of $2.00 per Wesfarmers share totalling $2.3 billion (return of capital). if the cost base (after any adjustment, as may be relevant, for any indexation, any previous return of capital or as a result of the Coles demerger) of a share acquired after 19 September 1985 is less than the return of capital amount (on a cents per share basis), then an immediate capital gain will arise for the difference. The amount of the capital gain is equal to that excess. However, the circumstances of the return of capital indicate that there was no streaming of capital benefits to some Wesfarmers' shareholders and dividends to other Wesfarmers' shareholders. The cost base of a Wesfarmers shareholder's right to receive the return of capital is worked out under Division 110 of the ITAA 1997 (modified by Division 112 of the ITAA 1997). ITAA 1936 45B(2)(a) Continued strong cash flow generation and robust credit metrics enabled the return of capital to be undertaken without reducing balance sheet flexibility. Our diverse business operations cover: home improvement and outdoor living; apparel and general merchandise; office supplies;health, beauty and wellbeing; and an Industrials division with businesses in chemicals, energy and fertilisers, and industrial and safety products. The purpose which causes section 45B to apply may be the purpose of any party to the scheme. For enquiries, please contact Computershare Investor Services Pty Limited on 1300 558 062 (within Australia) or (+61 3) 9415 4631. On 3November 2003 Wesfarmers Limited announced a return of capital ('capital return'). This Ruling applies from 1 July 2021 to 30 June 2022. ITAA 1997 109-5 The return of capital was funded by a combination of Wesfarmers available cash balances and existing debt facilities. 2. 42. Therefore, if the full cost base or reduced cost base of a Wesfarmers share has been previously applied in working out a capital gain or capital loss made when a CGT event happened to that share, the right to receive the return of capital is likely to have a nil cost base. Each of these conditions is considered in this Ruling. 3.7 Cash return of capital amount per +security AUD 2.00000000 Part 4 - Changes to option pricing as a result of the cash return of capital 4.1 Will the cash return of capital affect the exercise price of any +entity-issued options? Mark received a total of $500 (200 x $2.50) in the return of capital. Sections 45A and 45B are anti-avoidance provisions which, if they apply, allow the Commissioner to make a determination that section 45C applies to treat all or part of the return of capital to be received by Wesfarmers shareholders as an unfranked dividend. We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. 59. ITAA 1997 104-165(3) The new cost base for his share parcel is $2,550 ($3,050 - $500), or $12.75 per share. The share consolidation will occur after the return of capital to Wesfarmers shareholders, and will be applied to both the fully paid ordinary shares and the partially protected ordinary shares. ITAA 1997 Div 230 Mark purchased 200 Wesfarmers shares in December 2000. ITAA 1936 45B(2)(c) 62. The Australian Taxation Office (ATO) has published a Class Ruling in relation to the taxation treatment of the $2.00 per share return of capital to Wesfarmers shareholders, which was paid on 2 December 2021. 66. The distribution was entirely capital in nature. The phrase 'provided with a capital benefit' is defined in subsection 45B(5). The Australian Taxation Office (ATO) has published a Class Ruling in relation to the taxation treatment of the $2.00 per share return of capital to Wesfarmers shareholders, which was paid on 2 December 2021. 25. 35. ITAA 1936 318 Make sure you have the information for the right year before making decisions based on that information. Corporations Act 2001 256B 45. Return of Capital = $750 Fully Franked Dividend = $250 Units on hand after consolidation: 983 (1000 x 0.9827 - rounded to the next whole number of shares - See Point 25 in the ATO Class Ruling 2014/76 ). Maria's indexed cost base is $3,555.80 ($2,300 x 1.546). If the return of capital of $2.00 per Wesfarmers share you received was not more than the cost base of the share, the Cost base / reduced cost base of each share is reduced by the amount of the return of capital (subsection 104-135(4)). In broad terms, section 45B of the ITAA 1936 applies where: 49. Components of the capital return The capital return was $2.50 per share. Section 45A - streaming of dividends and capital benefits. ITAA 1997 855-10(1) If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice. However, this Ruling will not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of this Ruling (see paragraphs 75 and 76 of Taxation Ruling TR 2006/10). However, the list of relevant circumstances in subsection 45B(8) is not exhaustive and regard may be had to other circumstances on the basis of their relevance. You made a capital gain when CGT event G1 happened if the return of capital of $2.00 per Wesfarmers share you received was more than the share's cost base (subsection 104-135(3)). The return of capital was announ This publication provides you with the following level of protection: This publication (excluding appendixes) is a public ruling for the purposes of the . 53. ITAA 1997 Div 230 Therefore, a Wesfarmers shareholder who is a foreign resident or the trustee of a foreign-resident trust for CGT purposes, and who received the return of capital, can disregard any capital gain made if CGT event G1 happened or disregard any capital gain or capital loss if CGT event C2 happened, provided also that your Wesfarmers share or your right to receive the return of capital on the Wesfarmers shares: However paragraph (d) of the definition of dividend specifically excludes a distribution from the meaning of 'dividend' if the amount of the distribution is debited against an amount standing to the credit of the company's share capital account. The relevant provisions dealt with in this Ruling are: All subsequent legislative references in this Ruling are to the ITAA 1936, unless otherwise stated. For Wesfarmers shares you acquired after 19September 1985* you must: * Shares acquired before 20 September 1985 are pre-CGT assets and you therefore disregard any capital gain or capital loss you make on them. Wesfarmers credited $12,733 million to its share capital account on the issue of Wesfarmers ordinary shares and partially protected ordinary shares to Coles Group shareholders in part payment for the acquisition of all the issued shares in Coles Group. Maria purchased 1,000 Wesfarmers shares in December 1986. This will bring the total dividend for the year to $2.1 billion. Wesfarmers primary objective is to deliver satisfactory returns to shareholders through financial discipline and strong management of a diversified portfolio of businesses. The share consolidation will be undertaken in accordance with section 254H of the Corporations Act such that: 27. ITAA 1936 45B(3) ITAA 1936 45B(2)(b) 2. Section 45B - schemes to provide capital benefits. 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