Private ruling: Tier 1 capital raising
Date of advice: 21 February 2024
Published: 15 April 2024
Ruling period: 1 July 20XX to 30 June 20XX
Date scheme commenced: Income tax year ending 30 June 20XX

Ruling: Q1: Will the Capital Notes be characterised as 'non-share equity interests' as defined in subsection 995-1(1) of the Income Tax Assessment Act 1997 (ITAA 1997) ? | A1: Yes | Q2: Will Distributions payable in respect of the Capital Notes constitute frankable distributions under section 202-40 of the ITAA 1997 and not be unfrankable under section 202-45 of the ITAA 1997 ? | A2: Yes | Q3: Will section 204-30 of the ITAA 1997 apply to the scheme consisting of the issue of the Capital Notes? | A3: No | Q4: Will section 177EA of the Income Tax Assessment Act 1936 (ITAA 1936) apply to the scheme consisting of the issue of the Capital Notes? | 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