Private ruling: Tier 1 capital raising
Date of advice: 22 October 2020
Published: December 2020
Ruling period: 1 July 20XX to 30 June 20XX
Date scheme commenced: Income tax year ending 30 June 20XX

Ruling: Q1: Will the Instrument be characterised as an 'equity interest' for the purposes of the debt/equity rules in Division 974 of the Income Tax Assessment Act 1997 ? | A1: Yes. | Q2: Will distributions payable in respect of the Instrument constitute frankable distributions under section 202-40 of the Income Tax Assessment Act 1997 and not be unfrankable under section 202-45 of the Income Tax Assessment Act 1997 ? | A2: Yes. | Q3: Will Section 204-30 of the Income Tax Assessment Act 1997 apply to the issue of the Instrument? | A3: No. | Q4: Will section 177EA of the Income Tax Assessment Act 1936 apply to the issue of the Instrument? | A4: No.

Relevant facts and circumstances: The Entity applied for a private binding ruling in respect of the issue of the Instrument by the Entity for the purpose of raising Tier 1 capital.

Relevant legislative provisions: Income Tax Assessment Act 1997 Division 974 | Income Tax Assessment Act 1997 Section 202-40 | Income Tax Assessment Act 1997 Section 202-45 | Income Tax Assessment Act 1997 Section 204-30 | Income Tax Assessment Act 1936 Section 177EA