What Are the Tax Changes In the Class Ruling and How Do They Impact Me?

How the tax changes in the Class Ruling will impact you will depend upon your particular circumstances. You should refer to the relevant appendices identified in the table below for a more detailed explanation of how the tax changes in the Class Ruling impact you.

In summary, the tax change in the Class Ruling relates to when you will be treated as acquiring your "25 Shares at No Cost to You" and Loan Shares for capital gains tax purposes.

Previously, if you elected to be taxed upfront on your shares you would have been treated as acquiring your shares for capital gains tax purposes at the time the shares were purchased by the Trustee on your behalf.

The Class Ruling issued by the ATO confirms that, if you elected to be taxed upfront on your shares, you will now be taken to acquire your shares when you become "absolutely entitled" to your shares.

The appendices referred to in the table below explain in more detail when you will become "absolutely entitled" to your shares and therefore when you will be treated as acquiring your shares.

The appendices will also explain what impact this will have in your particular circumstances.

If you are still an employee, Appendices A and B as well as Appendices C and D, explain in more detail the impact of the Class Ruling to your situation. These Appendices are available internally through the National's Human Resources Lotus Notes Bulletin Board.

QUERIES

The table below sets out who you should contact if you have a query. Who you should contact differs depending upon your particular query.

The above comments and the comments in the relevant Appendices are of a general nature only and it is recommended that you provide a copy of this document to your tax agent or the person who prepares your tax return. You may need to discuss further with your tax agent or accountant the implications of the tax change in the Class Ruling for you.