To be eligible to receive the return of capital, you needed to be a registered shareholder on the record date for determining entitlements, which was 4.00pm (Perth time) on Friday, 19 November 2021. Neither Wesfarmers nor any of its officers, employees or advisors assumes any liability or responsibility for advising shareholders about the tax consequences of the return of capital. 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. Accordingly, section 45A has no application to the return of capital. Maria purchased 1,000 Wesfarmers shares in December 1986. 5. Continued strong cash flow generation and robust credit metrics enabled the return of capital to be undertaken without reducing balance sheet flexibility. 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. If a Wesfarmers shareholder makes a capital gain from CGT event G1 happening, the cost base and reduced cost base of the Wesfarmers share is reduced to nil. 54. Shares may have traded at a lower price from the ex return of capital date than they otherwise would have done had the return of capital not occurred. Section 45B - schemes to provide capital benefits. 25. 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: For the shares you made a capital gain on - reduce their cost base and reduced cost base to nil. 57. Also: No capital gain or capital loss should arise in respect to a share acquired on or before 19September 1985. 58. 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. Eligible shareholders received 1 COL share for each WES share owned. This payment was: A CGT event happened on 18 December 2003, when Wesfarmers made a capital return on the shares that you held in the company. It is anticipated that the share consolidation will have no effect on the value of each shareholder's shares relative to the total market value of Wesfarmers. You calculate your capital gain using the: Indexed cost base or discount method, whichever gives you the better result*, On or after 21 September 1999 and before 15December 2002, Discount method (after applying any capital losses - including unapplied capital losses from previous years). The capital loss is equal to the amount of the difference (subsection 104-25(3) of the ITAA 1997). This payment was: 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. This publication provides you with the following level of protection: This publication (excluding appendixes) is a public ruling for the purposes of the . 65. 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 ATO Class Ruling confirms that there will be no immediate tax liability relating to the return of capital for most Wesfarmers . The return of capital was announ The capital return distribution was paid on Thursday, 2 December 2021. 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). Since 2009, the dividend payout of Wesfarmers has been as follows: 14. Sections 45A, 45B and 45C of the ITAA 1936 do not apply 8. 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. ITAA 1997 104-135(4) The capital return was completed on 18 December 2003. The discount factor for resident individuals is one-half. 20. 43. At the Annual General Meeting, held on 21 October 2021, Wesfarmers shareholders approved the return of capital. The Australian Taxation Office has given Wesfarmers the all-clear to hand over $1.1 billion to shareholders. ITAA 1997 104-25 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 ). Taxation Administration Act 1953. ITAA 1997 115-25(1) 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. However, paragraph (d) of the definition of dividend 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 discount factor for resident individuals and trusts is one-half and for complying superannuation funds is one-third. Class Ruling CR 2014/76 Page status: legally binding Page 1 of 29 Class Ruling . ITAA 1997 995-1(1) 41. Shareholders were sent the payment advice for the return on capital payment by email or in hard copy on Thursday, 2 December 2021. As a result of the return of capital, you must adjust the cost base of your Wesfarmers shares. 14. The Class Ruling confirms the availability of demerger tax relief for certain Wesfarmers shareholders. All Wesfarmers shareholders on 15 December 2003 (the record date) received the capital return. 19. 39. The capital gain is equal to the amount of the excess. 40. ITAA 1936 45B(3) 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). Section 855-15 sets out the categories of CGT assets that are taxable Australian property: 63. No part of the return of capital paid to you by Wesfarmers on the Payment Date is a dividend as defined in subsection 6(1) of the Income Tax Assessment Act 1936 (ITAA 1936). Make sure you have the information for the right year before making decisions based on that information. This is due to the outflow of funds to shareholders. 55. Accordingly, the principal asset test in section 855-30 will not be satisfied. 8 December 2021. 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. During the years ended 30 June 2018 to 30 June 2020, Wesfarmers disposed of a number of assets and received sale proceeds totalling $4.3 billion. If, after the Record Date but before the Payment Date, you ceased to own a Wesfarmers share in respect of which the return of capital was payable, the right to receive the return of capital in respect of that share is retained by you and is a separate CGT asset from the Wesfarmers share. * If you choose to index the cost base of shares you acquired before 21September 1999, you cannot apply the CGT discount when you dispose of them. 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. Wesfarmers will reduce its share capital by returning $0.50 per fully paid share (being ordinary shares and partially protected ordinary shares). 22. The Wesfarmers Dividend Investment Plandid not apply to the return of capital payment. 33. 4:00pm (Perth time) Friday, 19 November 2021. 28. A Wesfarmers shareholder cannot make a capital loss from CGT event G1 happening (subsection 104-135(3) of the ITAA 1997). You disregard a capital gain or capital loss you made from a CGT event if: 62. 65. adjust the cost base and reduced cost base of your Wesfarmers shares. ITAA 1936 47 The following is a detailed contents list for this Ruling: ITAA 1997 977-50 The right to receive the payment of the return of capital is one of the rights inherent in a Wesfarmers share at the Record Date. 82. 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. If, after the Record Date but before the Payment Date, a Wesfarmers shareholder ceases to own some, or all, of their shares in Wesfarmers, the right to receive the payment of the return of capital in respect of each of the shares disposed of will be retained by the shareholder and is considered to be a separate CGT asset. CGT events C1-C3 - end of a CGT asset If the scheme actually carried out is materially different from the scheme that is described in this Ruling, then: 7. 57. The return of capital will be paid equally to each holder of a Wesfarmers share who is registered on the Wesfarmers share register on the Record Date. 46. 51. Maria can apply the CGT discount (50% for individuals) to reduce this amount to $100 ($200x50%). Will my shares be worth less after the capital return? 24. The cost base of the right does not include the cost base or reduced cost base of the share previously owned by you to the extent that it was applied in working out a capital gain or capital loss made when a CGT event happened to the share; for example, when you disposed of the share after the Record Date and before the Payment Date. Consequently, receipt of the capital benefit by the Wesfarmers shareholders will be a tax benefit. 42. We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. The record date for the return of capital was 4:00pm (Perth time) on Friday, 19 November 2021. 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. All legislative references in this Ruling are to the Income Tax Assessment Act 1997, unless otherwise indicated. ITAA 1936 45A 39. As discussed in paragraph 52 of this Ruling, the payment of the return of capital to Wesfarmers shareholders will be a capital benefit. 4. ITAA 1936 45B(3)(b) 9. ITAA 1936 6(1) No adverse tax consequences resulted for Wesfarmers as a consequence of return of capital. The converted shares will have the same date of acquisition as the original shares to which they relate. 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. A capital benefit was provided to Wesfarmers' shareholders. Who this Ruling applies to 4. This publication (excluding appendix) is a public ruling for the purposes of the Taxation Administration Act 1953. The capital return was completed on 18December 2003. 6. Division 230 does not apply to individuals unless they have made an election for it to apply. 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. The ruling applies from 1 July 2021 to 30 June 2022. 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. CGT events G1-G3 - shares 19. Taxation Administration Act 1953. 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. As Wesfarmers has a high dividend payout ratio and distributes, where possible, available franking credits, a return of capital was seen as the most efficient distribution of capital to shareholders. 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). . If the Wesfarmers share to which the return of capital relates was acquired by a Wesfarmers shareholder at least 12 months before the payment, a capital gain from CGT event G1 happening may qualify as a discount capital gain under subsection 115-25(1) of the ITAA 1997, provided the other conditions in Division 115 of the ITAA 1997 are satisfied. Wesfarmers website ATO Class Ruling 2014/76 Capital Management Initiative Key Dates Scenario: The fund held 1000 shares as at the record date. Note: Wesfarmers primary objective is to deliver satisfactory returns to shareholders through financial discipline and strong management of a diversified portfolio of businesses. 1. The return of capital will be debited to Wesfarmers share capital account. ITAA 1997 104-135 The distribution was entirely capital in nature. Collectively, shareholders received a total distribution of approximately $2,268million. 64. A Wesfarmers shareholder will make a capital gain if the amount of the return of capital ($0.50 per fully paid share) is more than the cost base of the Wesfarmers share (subsection 104-135(3) of the ITAA 1997). 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. ITAA 1936 45C ITAA 1997 104-165(3) 17. You received $2.50 for each share that you held on the record date. What are the shareholder tax implications of 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? The principal asset test is passed in the case of shares in a company if the sum of the market values of the company's assets that are taxable Australian real property exceed the sum of the market values of the company's other assets. The arrangement involving Wesfarmers return of capital to the Wesfarmers shareholders will constitute a 'scheme' for the purposes of section 45B. NEWS 11 September 2013 ATO CLASS RULING ON CAPITAL RETURN PROPOSAL The Australian Taxation Office has published a Class Ruling relating to. ITAA 1936 45A Australian Taxation Office for the Commonwealth of Australia. 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 summary in these documents and in this section is general in nature and should not be relied upon as advice. In particular: 26. ato class ruling wesfarmers return of capitalsiesta key luxury hotels on the beach ato class ruling wesfarmers return of capital. 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. Wesfarmers Ltd. published this content on 08 December 2021 and is solely responsible for the information contained therein. For more information on how to work out the cost base and the reduced cost base of shares, see the Guide to capital gains tax. 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. ATO Class Ruling - return of capital to shareholders. What are the capital gains tax consequences for me? No part of the return of capital paid to you by Wesfarmers on the Payment Date is a dividend as defined in subsection 6(1) of the Income Tax Assessment Act 1936 (ITAA 1936). 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. 59. Therefore, you can treat a capital gain made when CGT event C2 happened to your right to the payment of the return of capital as a discount capital gain under Subdivision 115-A if you acquired your Wesfarmers share at least 12 months before the Payment Date (subsection 115-25(1)) provided the other conditions in Subdivision 115-A are satisfied. This Ruling applies from 1 July 2013 to 30 June 2014. 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? A fact sheet on the tax consequences for Australian resident shareholders who received a return of capital on their Wesfarmers' shares. ITAA 1936 45A(3)(b) Corporations Act 2001 256C. 31. Copyright Act 1968 ITAA 1997 855-10(1) ITAA 1936 45A(2) ITAA 1997 855-10(1) 15. 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. 47. Expand Company Description ATO Class Ruling - return of capital to shareholders StockBot 357,511 posts about a year ago WES released this announcement to the ASX on 8 December 2021, 17:19. 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. ITAA 1997 Subdiv 115-A The table sets out these five categories of CGT assets: 77. 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. 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 ATO Class Ruling confirms that there will be no immediate tax liability relating to the return of capital for most Wesfarmers shareholders. The Payment Date is anticipated to be late November to early December 2013. There was no share consolidation in relation to the capital return. ITAA 1936 6(1) Income tax: Capital management distribution: Wesfarmers Limited . ITAA 1997 Div 112 Maria received a total of $2,500 (1,000 x $2.50) in the return of capital. 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). Accordingly, the Commissioner will not make a determination under subsection 45B(3) of the ITAA 1936 that section 45C of the ITAA 1936 applies in relation to the whole, or a part, of the return of capital. 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