Private ruling: Proposed return of capital - application of section 45B
Published: October 2013

Ruling: 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.