81. ITAA 1997 855-15 CGT event C2 happened to your right to receive the return of capital on the Payment Date when Wesfarmers paid you a return of capital of $2.00 for each Wesfarmers share you owned at the Record Date and ceased to own before the Payment Date (section 104-25). 25. The return of capital satisfies the first two conditions. How do I provide, update or check my bank account details? 5. 41. 80. 54. CGT event C2 in section 104-25 of the ITAA 1997 will happen when Wesfarmers pays the return of capital to a Wesfarmers shareholder in respect of a Wesfarmers share that they own at the Record Date but which they cease to own before the Payment Date. Some of the information on this website applies to a specific financial year. 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. adjust the cost base and reduced cost base of your Wesfarmers shares. The payment of the return of capital to Wesfarmers shareholders will not be a dividend, as defined in subsection 6(1). A capital benefit was provided to Wesfarmers' shareholders. A fact sheet on the tax consequences for Australian resident shareholders who received a return of capital on their Wesfarmers' shares. Division 230 does not apply to individuals unless they have made an election for it to apply. ITAA 1936 45B(2)(a) 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). 35. Distributed by Public, unedited and unaltered, on 08 December 2021 06:41:05 UTC. ITAA 1936 47 TR 2006/10 If the scheme is not carried out as described, this Ruling cannot be relied upon. 60. 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. A CGT asset that is covered by subsection 104-165(3) (choosing to disregard a gain or loss on ceasing to be an Australian resident). This amount represents your capital proceeds. The term 'share capital account' is defined in section 975-300 as an account which the company keeps of its share capital, or any other account created on or after 1 July 1998 where the first amount credited to the account was an amount of share capital. 8. However, the list of relevant circumstances in subsection 45B(8) is not exhaustive and regard may be had to other circumstances on the basis of their relevance. CGT event C2 happened when the return of capital was made. Wesfarmers' return of capital will be recorded as a debit to the share capital account and Wesfarmers shareholders will receive a distribution of share capital to the value of $0.50 per share. Australian Taxation Office (ATO) Class Ruling . 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). As discussed in paragraph 52 of this Ruling, the payment of the return of capital to Wesfarmers shareholders will be a capital benefit. CGT event C2 (section 104-25 of the ITAA 1997) will happen when the return of capital is paid. Wesfarmers Limited (WES) completed the demerger of Coles Group Limited (COL) on 28 November 2018. 25. The Ruling continues to apply after 30 June 2014 to all entities within the specified class who entered into the specified scheme during the term of the Ruling. Australian Taxation Office for the Commonwealth of Australia, Aboriginal and Torres Strait Islander people, An indirect Australian real property interest not covered by item 5, A CGT asset used at any time in carrying on a business through a permanent establishment in Australia and which is not covered by items 1, 2, or 5, An option or right to acquire a CGT asset covered by items 1, 2 or 3. The Australian Taxation Office (ATO) has published a Class Ruling in relation to the taxation treatment of the $2.00 per share return of capital to Wesfarmers shareholders, which was paid on 2 December 2021. If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice. 73. As announced on Friday, 27 August 2021, the Wesfarmers Board recommended a return of capital to Wesfarmers shareholders of 200 cents per share. If the return of capital is approved by shareholders at the 2013 . The Record Date for the return of capital is expected to be on 15 November 2013. 31. Wesfarmers primary objective is to deliver satisfactory returns to shareholders through financial discipline and strong management of a diversified portfolio of businesses. The capital loss is equal to the amount of the difference (subsection 104-25(3)). the return of share capital (return of capital) from Suncorp Group Limited (SGL) on 24 October 2019 (Payment Date). ATO Class Ruling - return of capital to shareholders. At 30 June 2007, Wesfarmers' share capital was $2,256 million, with retained earnings of $1,131 million (effectively $588 million after the final 2007 dividend of $543 million). 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. Wesfarmers derived a net profit after tax of $1.335 billion from the disposal of the assets, which was paid to shareholders as special dividends in April 2019 and October 2020. Foreign-resident shareholders able to disregard capital gains tax. Part 5 - Further information 5.1 Has the +entity applied for an ATO class ruling relating to this cash return of . The payment was entirely capital in nature with no dividend component. 37. 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. If you rely on this ruling, the Commissioner must apply the law to you in the way set out in the ruling (unless the Commissioner is satisfied that the ruling is incorrect and disadvantages you, in which case the law may be applied to you in a way that is more favourable for you - provided the Commissioner is not prevented from doing so by a time limit imposed by the law). Income tax: Capital management distribution: Wesfarmers Limited . For more information about this return of capital, see Class Ruling CR 2003/105W: Return of capital: Wesfarmers Limited. Accordingly, the principal asset test in section 855-30 will not be satisfied. ITAA 1936 45C(2) Wesfarmers credited $12,733 million to its share capital account on the issue of Wesfarmers ordinary shares and partially protected ordinary shares to Coles Group shareholders in part payment for the acquisition of all the issued shares in Coles Group. For those shareholders who are tax residents of Australia and hold their shares on capital account at the time the return of capital is paid, no part of the return of capital should be treated as a dividend for income tax purposes. 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. ITAA 1936 45B(5)(b) The Payment Date is anticipated to be late November to early December 2013. The ATO ruling, if 64. 43. 57. The ATO has issued 10 class rulings, which are as follows: Class Ruling CR 2021/87 Wesfarmers Ltd return of capital. The requisite purpose does not have to be the most influential or prevailing purpose but it must be more than an incidental purpose. Shareholders are sent return of capital payment advice. 72. ITAA 1997 995-1(1) Wesfarmers is committed to efficient capital management and its focus on providing a satisfactory return to all shareholders. ITAA 1997 Subdiv 115-A Full details of this scheme are set out in paragraphs 15 to 38 of this Ruling. 18. 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. ITAA 1936 45C No part of the return of capital to a Wesfarmers shareholder will be a dividend, nor included in a shareholder's assessable income. return of capital on shares ITAA 1997 855-10 Australian Taxation Office for the Commonwealth of Australia. Recording the capital gain on the tax return. 19. Our diverse business operations cover: home improvement and outdoor living; apparel and general merchandise; office supplies;health, beauty and wellbeing; and an Industrials division with businesses in chemicals, energy and fertilisers, and industrial and safety products. Wesfarmers Limited (WES) - Demerger . AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA. The Commissioner will not make a determination under either 65. The last date to purchase shares that were eligible to receive the return of capital was Wednesday, 17 November 2021. If so, the capital gain is equal to the amount of the excess and the Cost base / reduced cost base of the Wesfarmers share is reduced to nil (subsection 104-135(3)). * 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. ITAA 1936 45B(2)(c) 29. For information on how to work out the cost base (and reduced cost base) for shares, see the Guide to capital gains tax. As the right to receive the payment of the return of capital was inherent in the Wesfarmers share during the time it was owned, the right is considered to have been acquired at the time when the share was acquired (section 109-5 of the ITAA 1997). ITAA 1936 44 For enquiries, please contact Computershare Investor Services Pty Limited on 1300 558 062 (within Australia) or (+61 3) 9415 4631. The capital gain is equal to the amount of the excess. 28. The discount factor for resident individuals and trusts is one-half and for complying superannuation funds is one-third. You 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. If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice. 38. 49. 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. 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? This is clearly marked. You will make a capital gain from CGT event G1 happening if the amount of the return of capital of $2.00 per Wesfarmers share is more than the cost base of your Wesfarmers share. This announcement was authorised to be given to the ASX by the Wesfarmers Company Secretary. The distribution was entirely capital in nature. 22. 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. Shareholders were sent the payment advice for the return on capital payment by email or in hard copy on Thursday, 2 December 2021. 21. 82. 12. The share consolidation is conditional upon the approval by shareholders of an ordinary resolution. 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. The term 'taxable Australian property' is defined in the table in section 855-15 of the ITAA 1997. Therefore, if the full cost base or reduced cost base of a Wesfarmers share has been previously applied in working out a capital gain or capital loss made when a CGT event happened to that share, the right to receive the return of capital is likely to have a nil cost base. ITAA 1997 Div 197 The Australian Taxation Office has given Wesfarmers the all-clear to hand over $1.1 billion to shareholders. The Commissioner makes this Ruling based on the precise scheme identified in this Ruling. If you made a capital gain on this CGT event, you must include it in your calculations when completing item 17 on your 2003-04 tax return (supplementary section). Part 5 - Further information 5.1 Has the +entity applied for an ATO class ruling relating to this cash return of . ato class ruling wesfarmers return of capital. an indirect Australian real property interest not covered by item 5; a CGT asset used at any time in carrying on a business through a permanent establishment in Australia and which is not covered by item 1, 2 or 5; an option or right to acquire a CGT asset covered by item 1, 2 or 3, and. 21. Commissioner of Taxation 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. For participants in the Australian tax exempt share plans or the loan plans the cost base for each share held on behalf of employees should be reduced by the return of capital amount. You can treat a capital gain made when CGT event G1 or CGT event C2 happened as a discount capital gain if you acquired your Wesfarmers shares at least 12 months before the Payment Date (subsection 115-25(1)), provided the other conditions in Subdivision 115-A are satisfied. Therefore, Wesfarmers shareholders will obtain a tax benefit from the return of capital. 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. Section 45A - streaming of dividends and capital benefits. 69. In working out the capital gain or capital loss when CGT event C2 happens, the capital proceeds are equal to the amount of the return of capital ($2.00 per Wesfarmers share) (subsection 116-20(1)). 44. Who this Ruling applies to 4. The return of capital was considered and approved by shareholders at the 2021 AGM. 3. 55. Wesfarmers has paid franked dividends to its shareholders to the maximum extent available based on its franking account balance. WES Indicative Capital Return Timetable Effective Date All trading in WES ETO contracts will be on an adjusted basis effective on the ex-date, Thursday, 18 November 2021. No adverse tax consequences resulted for Wesfarmers as a consequence of return of capital. The Commissioner will not make a determination under section 45A or 45B that section 45C applies to the return of capital. TD 2000/10, Subject References: Having regard to the relevant circumstances of the scheme, it cannot be concluded that the scheme is proposed to be entered into for a more than incidental purpose of enabling a taxpayer to obtain a tax benefit. Make sure you have the information for the right year before making decisions based on that information. 23. In working out the capital gain or capital loss made when CGT event C2 happens, the capital proceeds will be the amount of the return of capital ($0.50 per fully paid share) (subsection 116-20(1) of the ITAA 1997). Wesfarmers provided separate information in relation to the tax implications of the return of capital payment for participants who were located within Hong Kong and India at the time of the capital return payment. 47. 10. You received 200 cents for every share you held as a registered holder on the record date of 4:00pm (Perth time) Friday, 19 November 2021. Shares commence trading on an ex return of capital basis. 34. 35. 13. Maria's capital gain is $200 ($2,500 - $2,300). It is anticipated that shareholder approval will be sought at the AGM scheduled for 7 November 2013. Will my shares be worth less after the capital return? 1. Shareholders who did not provide the share registry with their bank account details, may complete a paper Direct Credit Payment Form, which is available from Wesfarmers share registry, Computershare Investor Services Pty Limited, or provide their details online to Computershare at www.computershare.com.au/easyupdate/wes. Ruling Return of capital is not a dividend 7. 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. Ruling Return of capital is not a dividend 7. ITAA 1997 116-20(1) 6. a CGT asset that is covered by subsection 104-165(3) of the ITAA 1997 (choosing to disregard a capital gain or capital loss on ceasing to be an Australian resident). The Record Date for the return of capital is expected to bein late November or early December 2014. 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. ITAA 1936 45A(3)(b) 25. 79. ITAA 1997 Div 112 41. This method was seen as the most equitable way of returning a portion of surplus capital in cash to all shareholders. If the return of capital ($0.50 per fully paid share) is not more than the cost base of the Wesfarmers share at the Payment Date, the cost base and reduced cost base of the share will be reduced (but not below nil) by the amount of the return of capital (subsection 104-135(4) of the ITAA 1997). 60. For each of these shares, you have made a capital gain of: For shares with a cost base equal to or greater than $2.50, you have made no capital gain as a result of the return of capital. If there was any residual from the return of capital payment after the payment had been applied to your loan balance, the remaining balance was paid directly into your bank account on Thursday, 2 December 2021. The following tables sets out what method you can use. The return of capital will be debited against an amount standing to the credit of Wesfarmers' share capital account. This payment was: The method you use to work out the amount to include in your item 17 calculations depends on when you acquired the shares. Please find below some information and frequently asked questions in relation to the 2021capital return. 2. dividend income 46. What are the shareholder tax implications of the capital return? As at 30 June 2021, Wesfarmers' share capital was $15.818 billion. ITAA 1997 855-10(1) If this Ruling applies to you, and you correctly rely on it, we will apply the law to you in the way set out in this Ruling. To calculate your payment, multiply the number of shares held on the record date by $2.00 per share. . any gain or loss you made on the shares is a capital gain or capital loss - this means that you held your shares as an investment asset. Accordingly, if the Wesfarmers share was acquired by the Wesfarmers shareholder at least 12 months before the return of capital was paid, a capital gain from CGT event C2 happening on the ending of the corresponding right 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. The Australian Taxation Office (ATO) has published a Class Ruling in relation to the taxation treatment of the $2.00 per share return of capital to Wesfarmers shareholders, which was paid on 2 December 2021. By . ITAA 1997 104-25(3) The capital loss is equal to the amount of the difference (subsection 104-25(3) of the ITAA 1997). The amount of the capital gain is equal to that excess. Make sure you have the information for the right year before making decisions based on that information. Corporations Act 2001 256B The converted shares will have the same date of acquisition as the original shares to which they relate. The ATO Class Ruling confirms that there will be no immediate tax liability relating to the return of capital for most Wesfarmers shareholders. Section 45B - schemes to provide capital benefits. Wesfarmers Chemicals, Energy and Fertilisers, People development, diversity and inclusion, Chairman and Managing Director's 2022 sustainability message, Bunnings collaborates with Indigenous artists through exclusive plant pots range, Bunnings support for flood affected communities, Bunnings launches national battery recycling programs, Bunnings expands fleet with all electric trucks, Information for participants of the Wesfarmers employee share plans. The record date for the return of capital was 4:00pm (Perth time) on Friday, 19 November 2021. Accordingly, CGT event G1 will happen when Wesfarmers pays the return of capital to a Wesfarmers shareholder in respect of a Wesfarmers share that they own at the Record Date and continue to own at the Payment Date. 2. ITAA 1997 104-135(4) 6. 11. If Maria chooses the indexed cost base, she calculates her cost base by multiplying her original cost base by an uplift factor. For participants in all other Australian employee share plans, the tax implications are as follows: For shares that had not reached their ESS deferred taxing point at the time of the return of capital payment (i.e. The return of capital was not eligible to participate in the DIP. The right to receive the payment (being an intangible CGT asset) will end by the right being discharged or satisfied when the payment is made. The capital return was completed on 18December 2003. Under subsection 855-10(1) of the ITAA 1997, an entity disregards a capital gain or capital loss from a CGT event if they are a foreign resident, or the trustee of a foreign trust for CGT purposes, just before the CGT event happens, and the CGT event happens in relation to a CGT asset that is not 'taxable Australian property'. As with dividend payments, payments of the distribution to shareholders with a registered address in Australia, New Zealand and the United Kingdom were made by way of direct credit to a financial institution in Australia, New Zealand or the United Kingdom, as applicable, (including a bank, building society or credit union account). You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products). The new cost base for his share parcel is $2,550 ($3,050 - $500), or $12.75 per share. He paid $2,900 ($14.50 per share) plus brokerage of $150 - making his cost base $3,050, or $15.25 per share. 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). 4:00pm (Perth time) Friday, 19 November 2021. 13. Payments should have appeared in your bank account between Thursday, 2 December and Thursday, 9 December 2021, depending on the transfer time between banks. Accordingly, the Commissioner will not make a determination under subsection 45A(2) 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. Division 230 does not apply to individuals unless they have made an election for it to apply sent payment! 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