Private ruling: Return of capital
Date of advice: 16 November 2022
Published: 16 January 2023

Ruling: Q1: Will the Commissioner make a determination under subsection 45B(3) of the Income Tax Assessment Act 1936 (ITAA 1936) that section 45C of the ITAA 1936 applies in relation to the whole, or a part, of the capital benefit obtained by Head Co as a consequence of the return of capital paid by Sub Co? | A1: No. The Commissioner was asked to consider the above question and following due consideration of all of the relevant circumstances of the proposed scheme as set out in subsection 45B(8) of the ITAA 1936, did not make a determination under subsection 45B(3) of the ITAA 1936 that section 45C applied.