Shareholders are sent return of capital payment advice. 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. 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)). The ruling applies from 1 July 2021 to 30 June 2022. Since 2009, the dividend payout of Wesfarmers has been as follows: 14. On 3 November 2003 Wesfarmers Limited announced a return of capital ('capital return'). 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. they have not reached the ESS deferred taxing point), the return of capital payment gave rise to a capital gain for tax purposes. Wesfarmers Limited was founded in 1914 and is headquartered in Perth, Australia. On 3November 2003 Wesfarmers Limited announced a return of capital ('capital return'). Therefore, if the cost base or reduced cost base of the share previously owned by you has been fully applied in working out a capital gain or capital loss on the share, the right to receive the return of capital will have a nil cost base. Mark has not made a capital gain on his shares as a result of the capital return so he does not have to put anything on his 2003-04 tax return to reflect this event. How do I adjust the cost base and reduced cost base of my Wesfarmers shares? 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 assets disposed of were Wesfarmers' interests in Wesfarmers Bengalla Pty Ltd, Wesfarmers Curragh Pty Ltd, Tyre & Auto Pty Ltd and Quadrant Energy Holdings Pty Ltd, as well as 10.1% of Wesfarmers' 15% shareholding in Coles Group Limited. 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). The cost base of a Wesfarmers shareholder's right to receive the return of capital is worked out under Division 110 of the ITAA 1997 (modified by Division 112 of the ITAA 1997). As discussed in paragraph 52 of this Ruling, the payment of the return of capital to Wesfarmers shareholders will be a capital benefit. 25. 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. Section 45A applies in circumstances where capital benefits are streamed to certain shareholders (the advantaged shareholders) who derive a greater benefit from the receipt of capital and it is reasonable to assume that the other shareholders (the disadvantaged shareholders) have received or will receive dividends. CGT events G1-G3 - shares At Wesfarmers we believe sustainability is about understanding and managing the ways we impact the communities and environments in which we operate, to ensure that we continue to create value in the future. The total amount of the distribution was approximately $2,268 million and was paid on Thursday, 2December 2021. The capital return was completed on 18December 2003. 38. This publication (excluding appendix) is a public ruling for the purposes of the Taxation Administration Act 1953. The purpose which causes section 45B to apply may be the purpose of any party to the scheme. ITAA 1997 855-30 33. 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. Wesfarmers operates a diverse business which covers home improvement, office supplies, department stores and an industrials division with businesses in chemicals, energy and fertilisers, and industrial and safety products. 21. ITAA 1997 975-300 This is clearly marked. 62. 29. Distributed by Public, unedited and unaltered, on 08 December 2021 06:41:05 UTC. 58. 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'. 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. Maria purchased 1,000 Wesfarmers shares in December 1986. to make a short-term or 'one-off' commercial gain. The return of capital was an equal reduction of capital under section 256B of the Corporations Act 2001 and required shareholder approval by ordinary resolution under section 256C of the Corporations Act 2001. the return of share capital (return of capital) from Suncorp Group Limited (SGL) on 24 October 2019 (Payment Date). We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. 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. 18. In addition, the tax implications for each shareholder will depend on the circumstances of the particular shareholder. The Commissioner makes this Ruling based on the precise scheme identified in this Ruling. All legislative references in this Ruling are to the Income Tax Assessment Act 1997, unless otherwise indicated. ITAA 1997 115-25(1) 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). The class of entities defined in this Ruling may rely on its contents provided the scheme actually carried out is carried out in accordance with the scheme described in paragraphs 8 to 30 of this Ruling. Depending on the outcome, you may have to include some details on your 2003-04 tax return. The payment was entirely capital in nature with no dividend component. A Wesfarmers shareholder will make a capital gain if the capital proceeds from the ending of the right are more than its cost base. The summary in these documents and in this section is general in nature and should not be relied upon as advice. A Wesfarmers shareholder who is a foreign resident just before CGT event G1 happens, disregards any capital gain made when CGT event G1 happens if their shares in Wesfarmers are not 'taxable Australian property' (section 855-10 of the ITAA 1997). If you provided your direct credit payment instructions by 4:00pm (Perth time) on Friday, 19November2021, the return of capital payment was made on Thursday, 2 December 2021 by direct credit to your financial institution if your registered address is in Australia, New Zealand or the UK. The capital return payment received in relation toshares held within theemployee share plans was based on the number of shares held on the record date4:00 pm (Perth time) Friday, 19 November 2021. There was no dividend component as part of this capital management initiative. What will happen to the number of shares I hold? Note: certain information has been provided on a commercial-in-confidence basis and will not be disclosed or released under Freedom of Information legislation. Maria can choose to apply either the indexation method or the discount method to calculate any capital gain. ITAA 1997 Div 109-A Shares in Wesfarmers will be 'an indirect Australian real property interest' if (among other things) they pass the principal asset test in section 855-30. 34. If the amount of the return of capital of $2.00 per Wesfarmers share is not more than the cost base of your Wesfarmers share, the Cost base / reduced cost base of the share are reduced (but not below nil) by the amount of the return of capital (subsection 104-135(4)). The Class ITAA 1997 115-25(1) 45. Demerger tax relief gives certain Wesfarmers shareholders the choice to defer the Australian capital gains tax (CGT) consequences that arise as a result of a Wesfarmers shareholder receiving Coles shares under the demerger. ITAA 1936 45A(3)(b) 8 December 2021. However, the circumstances of the return of capital indicate that there was no streaming of capital benefits to some Wesfarmers' shareholders and dividends to other Wesfarmers' shareholders. 2. 23. The Class Ruling and further details regarding the return of capital can be accessed via the Investor Centre section of the Wesfarmers website at www.wesfarmers.com.au. ITAA 1936 44 All Wesfarmers shareholders on 15 December 2003 (the record date) received the capital return. 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. ITAA 1936 6(1) The return of capital will be paid equally to each holder of a Wesfarmers share (being ordinary shares and partially protected ordinary shares) who is registered on the Wesfarmers share register on the Record Date. The capital return was completed on 18 December 2003. A Wesfarmers shareholder who is a foreign resident or the trustee of a foreign-resident trust for capital gains tax (CGT) purposes, and received the return of capital, can disregard any capital gain made if CGT event G1 happened or disregard any capital gain or capital loss if CGT event C2 happened under section 855-10, provided also that your Wesfarmers share or your right to receive the return of capital on the Wesfarmers shares: 15. It is only to the extent (if any) that the distribution exceeds the cost base of the shares that a capital gain arises. Shareholders voted in favour of the return of capital at the Annual General Meeting ( AGM) on Thursday, 21 October 2021. 47. 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). The distribution comprised a return of capital of 75 cents per share and a fully-franked dividend of 25 cents per share. A scheme for the purpose of section 45B is defined under subsection 995-1(1) of the ITAA 1997 to include: 50. NO 1-4UM8A44, Related Rulings/Determinations: AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA. You calculate your capital gain using the: Indexed cost base or discount method, whichever gives you the better result*, On or after 21 September 1999 and before 15December 2002, Discount method (after applying any capital losses - including unapplied capital losses from previous years). 74. 42. 14. The following description of the scheme is based on information provided by the applicant. Create your myGov account and link it to the ATO, Help and support to lodge your tax return, Occupation and industry specific income and work-related expenses, Residential rental properties and holiday homes, Instalment notices for GST and PAYG instalments, Your obligations to workers and independent contractors, Encouraging NFP participation in the tax system, Australian Charities and Not-for-profits Commission, Departing Australia Superannuation Payment, Small Business Superannuation Clearing House, Annual report and other reporting to Parliament, Complying with procurement policy and legislation, Wesfarmers Group Limited (Wesfarmers) return of capital. 24. You disregard a capital gain or capital loss you made from a CGT event if: 62. The term 'dividend' in subsection 6(1) includes any distribution made by a company to any of its shareholders. 36. 22. 2. If the return of capital is approved by shareholders at the 2013 . . Wesfarmers has advised that, at the time CGT event G1 happens for any foreign resident Wesfarmers shareholder who is entitled to the return of capital, a Wesfarmers share will not be an indirect Australian real property interest (as defined in section 855-25 of the ITAA 1997). If you participated in the Loan Plans the payment for these shares was applied to each outstanding loan balance. The new cost base for his share parcel is $2,550 ($3,050 - $500), or $12.75 per share. The capital return distribution was paid on Thursday, 2 December 2021. ITAA 1997 855-10 capital reductions The proportion of funding from each source was determined having regard to the most cost-effective source of funding available as at the date of payment. Last date for trading in cum return of capital for shares. This Ruling sets out the Commissioner's opinion on the way in which the relevant provision(s) identified below apply to the defined class of entities, who take part in the scheme to which this Ruling relates. 55. She paid $2,200 ($2.20 per share) plus brokerage of $100 - making her cost base $2,300. CGT events C1-C3 - end of a CGT asset Mark received a total of $500 (200 x $2.50) in the return of capital. 5. 58. 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. 61. ITAA 1936 45B(5) All Wesfarmers shareholders on 15 December 2003 (the record date) received the capital return. The return of capital constituted an equal reduction of Wesfarmers share capital for the purposes of Part2J.Iof the Corporations Act 2001 (Cth). 10. Annual General Meeting, at which shareholders voted to approve the return of capital. You will be protected from having to pay any underpaid tax, penalty or interest in respect of the matters covered by this ruling if it turns out that it does not correctly state how the relevant provision applies to you. CGT event C2 happened when the return of capital was made. The capital loss is equal to the amount of the difference (subsection 104-25(3) of the ITAA 1997). Wesfarmers announced a proposed return of capital on 15 August 2013 with Wesfarmers returning to each shareholder $0.50 per fully paid share. There was no share consolidation in relation to the capital return. All legislative references in this Ruling are to the Income Tax Assessment Act 1997 unless otherwise indicated. 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). ITAA 1997 104-135 As such, paragraph (d) of the definition of 'dividend' in subsection 6(1) of the ITAA 1936 applies and the return of capital is not a dividend. 65. 57. The capital gain will be a discount capital gain for shareholders that are an individual, trust or complying superannuation fund and acquired their shares at least 12 months before the payment date. A fact sheet on the tax consequences for Australian resident shareholders who received a return of capital on their Wesfarmers' shares. Consequently, receipt of the capital benefit by the Wesfarmers shareholders will be a tax benefit. 69. Class Ruling CR 2014/76 Page status: legally binding Page 1 of 29 Class Ruling . Section 45B of the ITAA 1936 applies where certain capital payments are made to shareholders in substitution for dividends. Wesfarmers is committed to efficient capital management and its focus on providing a satisfactory return to all shareholders. 32. ITAA 1936 45A(2) 36. The Australian Taxation Office has given Wesfarmers the all-clear to hand over $1.1 billion to shareholders. ITAA 1997 Div 112 Maria must also adjust the cost base and the reduced cost base of her Wesfarmers shares to nil. ITAA 1997 116-20(1) Since 2009, Wesfarmers has reported the following retained earnings: 17. Return of capital is not a dividend for income tax purposes. 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. ITAA 1936 45B(2)(a) 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). ITAA 1997 855-15 After the share consolidation, Wesfarmers shareholders will own fewer shares that are proportionately higher priced. The return of capital . Collectively, shareholders received a total distribution of approximately $1,143 million. Maria received a total of $2,500 (1,000 x $2.50) in the return of capital. Subsection 44(1) includes in a shareholder's assessable income any dividends, as defined in subsection 6(1), paid to the shareholder out of profits derived by the company from any source (if the shareholder is a resident of Australia) and from an Australian source (if the shareholder is a non-resident of Australia). If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take. ITAA 1997 104-25(3) Section 45A - streaming of dividends and capital benefits. Copyright Act 1968 Having regard to Wesfarmers strong balance sheet and cash flow generation, together with its wellestablished funding sources and robust credit metrics, the Board was of the opinion that, consistent with Wesfarmers growth strategy, Wesfarmers was able to undertake the return of capital without materially prejudicing its ability to fund new investments, or to take advantage of value accretive opportunities, if they arise. Wesfarmers shareholders received a 200 cents per share cash distribution. Collectively, shareholders received a total distribution of approximately $2,268million. Subsection 975-300(3) provides that an account is generally taken not to be a share capital account if it is tainted. 41. The Commissioner will not make a determination under section 45A or 45B that section 45C applies to the return of capital. Wesfarmers primary objective is to deliver satisfactory returns to shareholders through financial discipline and strong management of a diversified portfolio of businesses. Accordingly, the Commissioner will not make a determination under subsection 45B(3) that section 45C applies to the return of capital. For shares that had reached a taxing point (i.e. 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. 7. 31. 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 Record Date for the return of capital is expected to bein late November or early December 2014. 79. 23. What are the capital gains tax consequences for me? 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. Class Ruling CR 2003/105W: Return of capital: Wesfarmers Limited, Personal investors guide to capital gains tax, Aboriginal and Torres Strait Islander people, you are an Australian resident for tax purposes, you held shares in Wesfarmers and received the return of capital in December2003, you did not acquire your shares under an employee share scheme, and. And reduced cost base and reduced cost base $ 2,300 public, unedited and unaltered, 08... Received a total distribution of approximately $ 2,268 million and was paid on Thursday, 2December 2021 in return. Ruling are to the number of shares I hold participated in the return of capital ( & x27. Will depend on the ato class ruling wesfarmers return of capital of the particular shareholder relied upon as.... 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