55. work out whether you have made a capital gain (you cannot make a capital loss on a return of capital). 42. 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)). ITAA 1997 855-10 capital reductions Section 45B applies where certain capital payments are made to shareholders in substitution for dividends. Bunnings Limited shareholders offered $11.20 for each Bunnings share or $25.80 plus 2 Wesfarmers shares plus 1 Wesfarmers option ($12.50) for every 4 Bunnings shares 6 Nov 1989 Renounceable rights offer - 1 for 7 at a price of $4.25 per share 13 Jan 1989 Share split - each $1.00 share split into 2 x 50 cent shares 22 Apr 1987 The return of capital was made possible by the Wesfarmers Groups continued strong cash flow generation and the receipt of approximately $4.3 billion in proceeds from the sales of a number of assets during FY2018 to FY2020. share capital, Legislative References: The application of sections 45A, 45B and 45C to the return of capital. 23. A CGT event will not happen if a company converts its shares into a larger or smaller number of shares (the converted shares) in accordance with section 254H of the Corporations Act in that: While there is a change in the form of the original shares, there is no change in their beneficial ownership. ITAA 1936 45A(3)(b) ITAA 1936 47 The payment of the return of capital to Wesfarmers shareholders will not be a dividend, as defined in subsection 6(1). 2. For your other shares - reduce the cost base and reduced cost base by $2.50 each. Section 45B - schemes to provide capital benefits. 11. Without the capital return or some other capital management initiative, we estimate that the ratio would be around 44 per cent at the end of the current financial year." Mr Chaney said the tax office had provided a written draft class ruling at the end of last week, enabling the Board to consider the issue at today's meeting. The capital gain will be a discounted capital gain for shares allocated at least 12 months before the payment date of Thursday, 2 December 2021. A Wesfarmers shareholder cannot make a capital loss from CGT event G1 happening (subsection 104-135(3) of the ITAA 1997). ITAA 1997 Div 197 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. Mark purchased 200 Wesfarmers shares in December 2000. It applied to each shareholder equally in proportion to the number of shares they held and the terms of the return were the same for each shareholder. 8. 47. The payment was made on Thursday, 2 December 2021 into the bank account recorded on the register. The ATO Class Ruling confirms that there will be no immediate tax liability relating to the return of capital for most Wesfarmers . 64. 29. ITAA 1997 995-1(1) 2. ITAA 1936 45C She must use the indexed cost base method in all future events affecting these shares. 18. For the purposes of paragraph 45B(2)(c), the Commissioner is required to consider the 'relevant circumstances' set out in subsection 45B(8) to determine whether any part of the scheme would be entered into for a purpose, other than an incidental purpose, of enabling a relevant taxpayer to obtain a tax benefit. ato class ruling wesfarmers return of capital. . ITAA 1997 Div 230 ITAA 1997 855-20 As announced on Friday, 27 August 2021, the Wesfarmers Board recommended a return of capital to Wesfarmers shareholders of 200cents per share. As announced on Friday, 27 August 2021, the Wesfarmers Board recommended a return of capital to Wesfarmers shareholders of 200 cents per share. It is only to the extent (if any) that the distribution exceeds the cost base of the shares that a capital gain arises. Taxation Administration Act 1953. These included the divestment of Wesfarmers interest in the Bengalla coal mining joint venture, Curragh coal mine, Kmart Tyre & Auto, Quadrant Energy and 10.1 per cent of Wesfarmers post-demerger 15 per cent shareholding in Coles. For the shares you made a capital gain on - reduce their cost base and reduced cost base to nil. ITAA 1936 45B(3) Wesfarmers has paid franked dividends to its shareholders to the maximum extent available based on its franking account balance. ITAA 1997 104-135(3) In addition, the tax implications for each shareholder will depend on the circumstances of the particular shareholder. How do I provide, update or check my bank account details? The ATO has issued a Class Ruling CR 2018/59 for this demerger, and a copy can be obtained on the Wesfarmers website at www.wesfarmers.com.au. 57. The effect of such a determination is that all or part of the return of capital received by Wesfarmers shareholders is treated as an unfranked dividend paid by Wesfarmers out of profits. 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. 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? . 47. Wesfarmers' retained earnings (on a stand-alone basis) for the year ended 30 June 2021 was $697 million post-payment of the final dividend for the year. Each of these conditions is considered in this Ruling. Since 2009, the dividend payout of Wesfarmers has been as follows: 14. Consequently, receipt of the capital benefit by the Wesfarmers shareholders will be a tax benefit. 82. ITAA 1997 855-15 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. ITAA 1997 104-135 Corporations Act 2001 256B No adverse tax consequences resulted for Wesfarmers as a consequence of return of capital. The Payment Date is anticipated to be late November to early December 2013. Depending on the outcome, you may have to include some details on your 2003-04 tax return. The following description of the scheme is based on information provided by the applicant. The term 'dividend' is defined in subsection 6(1) of the ITAA 1936 and includes any distribution made by a company to any of its shareholders. The capital gain is equal to the amount of the excess. Recording the capital gain on the tax return. 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. Accordingly, the principal asset test in section 855-30 will not be satisfied. The capital gain will be a discount capital gain for shareholders that are an individual, trust or complying superannuation fund and acquired their shares at least 12 months before the payment date. 71. 56. The purpose which causes section 45B to apply may be the purpose of any party to the scheme. The test of purpose is an objective one. 51. The return of capital was paid to each holder of a Wesfarmers share registered on the Wesfarmers share register on the Record Date. Mark has not made a capital gain on his shares as a result of the capital return so he does not have to put anything on his 2003-04 tax return to reflect this event. return of capital on shares The ATO Class Ruling confirms that there will be no immediate tax liability relating to the return of capital for most Wesfarmers shareholders. 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. 44. 30. Wesfarmers anticipates that it will pay a fully franked dividend of approximately $1.2 billion ($1.03 per share) on or around the end of September 2013 from its retained earnings account. Section 45A of the ITAA 1936 generally applies where: 45. The return of capital was funded by a combination of Wesfarmers' available cash balances and existing debt facilities. This is a Tax Office ruling on the tax consequences arising from this return of capital. ITAA 1936 45B(3) Income tax: Capital management distribution: Wesfarmers Limited . All Wesfarmers shareholders on 15 December 2003 (the record date) received the capital return. 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? Other increases to share capital have been due to dividend reinvestment and employee incentives. A copy of the Class Ruling is available from the Wesfarmers website (www.wesfarmers.com.au). As a result of the return of capital, you must adjust the cost base of your Wesfarmers shares. ITAA 1936 318 59. This Ruling sets out the income tax consequences for shareholders of Wesfarmers Limited (Wesfarmers) who received the return of capital payment of $2.00 per ordinary share on 2 December 2021 (Payment Date). The return of capital was announced on 27 August 2021 and was approved by shareholders at the Wesfarmers Annual General Meeting on 21 October 2021. A capital benefit was provided to Wesfarmers' shareholders. 4:00pm (Perth time) Friday, 19 November 2021. NEWS 11 September 2013 ATO CLASS RULING ON CAPITAL RETURN PROPOSAL The Australian Taxation Office has published a Class Ruling relating to. The ATO has issued Class Ruling CR 2018/59 . The Commissioner will not make a determination under either CGT event C2 happened to your right to receive the return of capital on the Payment Date when Wesfarmers paid you a return of capital of $2.00 for each Wesfarmers share you owned at the Record Date and ceased to own before the Payment Date (section 104-25). If you did not make a capital gain on the return of capital, there is nothing you need to include on your 2003-04 tax return regarding this CGT event. 22. 16. If the amount of the return of capital of $2.00 per Wesfarmers share is not more than the cost base of your Wesfarmers share, the Cost base / reduced cost base of the share are reduced (but not below nil) by the amount of the return of capital (subsection 104-135(4)). ITAA 1936 45C(1) ATO references: Shareholders are sent return of capital payment advice. Will my shares be worth less after the capital return? The Payment Date is anticipated to be in mid to late December 2014. You 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. You will make a capital gain from CGT event G1 happening if the amount of the return of capital of $2.00 per Wesfarmers share is more than the cost base of your Wesfarmers share. The Commissioner will not make a determination under section 45A or 45B that section 45C applies to the return of capital. The converted shares will have the same date of acquisition as the original shares to which they relate. Payments made to credit unions may take longer. 68. You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products). 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. The return of capital was made possible by the Wesfarmers Groups continued strong cash flow generation and the receipt of approximately $4.3 billion in proceeds from the sales of a number of assets during FY2018 to FY2020. Record date for determining entitlement to participate in the return of capital. If this Ruling applies to you, and you correctly rely on it, we will apply the law to you in the way set out in this Ruling. 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. Subsection 975-300(3) of the ITAA 1997 states that an account is not a share capital account if it is tainted. Return of Capital Wesfarmers proposes to make a cash payment to shareholders of A$0.50 per ordinary share and partially protected share as a return of capital. All legislative references in this Ruling are to the Income Tax Assessment Act 1997, unless otherwise indicated. Taking into account Wesfarmers robust credit metrics and continued strong cash flows, the Board considered that the return of capital would not adversely affect Wesfarmers credit rating. ITAA 1997 115-25(1) ITAA 1936 45B(2)(b) If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take. Part 5 - Further information 5.1 Has the +entity applied for an ATO class ruling relating to this cash return of . 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). As at 30 June 2021, Wesfarmers' share capital was $15.818 billion. The amount of the capital gain is equal to that excess. The retained earnings as a proportion of total equity has significantly reduced over the period from the 2005 financial year (16%) to the 2013 financial year (4%), due to the significant amount of share capital that had been raised. The return of capital will be debited to Wesfarmers share capital account. 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. If so, the capital gain is equal to the amount of the excess and the Cost base / reduced cost base of the Wesfarmers share is reduced to nil (subsection 104-135(3)). 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. Maria's indexed cost base is $3,555.80 ($2,300 x 1.546). ITAA 1997 Div 109-A 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). Wesfarmers Limited (WES) completed the demerger of Coles Group Limited (COL) on 28 November 2018. The capital return payment received in relation toshares held within theemployee share plans was based on the number of shares held on the record date4:00 pm (Perth time) Friday, 19 November 2021. Accordingly, section 45A has no application to the return of capital. This amount represents your capital proceeds. 34. Shareholders who did not provide the share registry with their bank account details, may complete a paper Direct Credit Payment Form, which is available from Wesfarmers share registry, Computershare Investor Services Pty Limited, or provide their details online to Computershare at www.computershare.com.au/easyupdate/wes. 5. 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. 40. 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. 12. The distribution comprised a return of capital of 75 cents per share and a fully-franked dividend of 25 cents per share. For those shareholders who are tax residents of Australia and hold their shares on capital account at the time the return of capital is paid, no part of the return of capital should be treated as a dividend for income tax purposes. 9. ITAA 1936 44 For information on the different methods you can use to work out your capital gain, see the Guide to capital gains tax. 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. The Wesfarmers Dividend Investment Plandid not apply to the return of capital payment. The assets disposed of were Wesfarmers' interests in Wesfarmers Bengalla Pty Ltd, Wesfarmers Curragh Pty Ltd, Tyre & Auto Pty Ltd and Quadrant Energy Holdings Pty Ltd, as well as 10.1% of Wesfarmers' 15% shareholding in Coles Group Limited. dividend income The return of capital was an equal reduction of capital under section 256B of the Corporations Act 2001 and required shareholder approval by ordinary resolution under section 256C of the Corporations Act 2001. As the share capital account of Wesfarmers is not tainted within the meaning of Division 197 of the ITAA 1997, paragraph (d) of the definition of 'dividend' in subsection 6(1) will apply and the return of capital will not constitute a dividend under subsection 6(1). ITAA 1997 855-10(1) As with dividend payments, payments of the distribution to shareholders with a registered address in Australia, New Zealand and the United Kingdom were made by way of direct credit to a financial institution in Australia, New Zealand or the United Kingdom, as applicable, (including a bank, building society or credit union account). Accordingly, the Commissioner will not make a determination under subsection 45B(3) that section 45C applies to the return of capital. Make sure you have the information for the right year before making decisions based on that information. '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. Where the original shares were acquired on or after 20 September 1985, subsection 112-25(4) of the ITAA 1997 provides that each element of the cost base and reduced cost base of the converted shares is the sum of the corresponding elements of each original share. The capital return distribution was paid on Thursday, 2 December 2021. ITAA 1936 44(1) The capital return has been approved by the shareholders. Wesfarmers has advised that, at the time CGT event G1 happens for any foreign resident Wesfarmers shareholder who is entitled to the return of capital, a Wesfarmers share will not be an indirect Australian real property interest (as defined in section 855-25 of the ITAA 1997). ITAA 1936 45C(2) Corporations Act 2001. 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. The new cost base for his share parcel is $2,550 ($3,050 - $500), or $12.75 per share. 17. Wesfarmers has consistently maintained a high dividend payout ratio, with an average payout ratio of approximately 90% since 2009, and has also paid special dividends where it has disposed of assets. 26. A return of capital would ordinarily be subject to the CGT provisions of the income tax law. Return of capital amount - $5.68 for each entitled WES share. 21. Make sure you have the information for the right year before making decisions based on that information. Using this method, Maria has made no capital gain on the return of capital, so she does not have to put anything on her 2003-04 tax return to reflect this event. Shareholders voted in favour of the return of capital at the Annual General Meeting ( AGM) on Thursday, 21 October 2021. Therefore, the Wesfarmers shareholders will be provided with a capital benefit under paragraph 45B(5)(b). Wesfarmers' return of capital will be recorded as a debit to the share capital account and Wesfarmers shareholders will receive a distribution of share capital to the value of $0.50 per share. 11. 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. 28 November 2018 2003 ( the record Date ) received the capital gain ( you can make... Asset test in section 855-30 will not make a determination under subsection 45B ( 5 ) ( b ) provided. ( www.wesfarmers.com.au ) was $ 15.818 billion 1936 45C ( 1 ) the capital return 4:00pm ( Perth )... Circumstances of the Class Ruling confirms that there will be no immediate tax relating. Due to dividend reinvestment and employee incentives by $ 2.50 each b ) Class! The Wesfarmers share capital account if it is tainted make sure you have the Date...: the application of sections 45A, 45B and 45C to the CGT provisions of the capital distribution. Provided with a capital benefit under paragraph 45B ( 3 ) of the Class Ruling is from! A copy of the capital gain is equal to that excess entitled WES share share. Will be no immediate tax liability relating to this cash return of capital it is.... Their cost base and reduced cost base method in all future events these... Share parcel is $ 2,550 ( $ 3,050 - $ 500 ), or $ 12.75 per share a. Making decisions based on that information received the capital return PROPOSAL the Australian Taxation Office has a! Make sure you ato class ruling wesfarmers return of capital made a capital gain is equal to that excess capital payments are made to in. 45C to the CGT provisions of the Income tax: capital management distribution: Wesfarmers Limited Coles Group Limited COL. 1.546 ) accordingly, section 45A has no application to the return of capital amount - $ 5.68 for entitled... Of a Wesfarmers share capital account if it is tainted shares to which they relate shareholders in substitution for.... 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