What this ruling covers
The Australian Taxation Office (ATO) has issued Class Ruling CR 2026/65. The ruling sets out the income tax and capital gains tax (CGT) treatment for former shareholders of ClearView Wealth Limited (an ASX-listed company) who participated in a scheme of arrangement.
The transactions covered
The ruling covers two payments received by former ClearView Wealth Limited shareholders:
- A special dividend of $0.05 per share, paid on 12 August 2026
- Scheme consideration of $0.60 per share in cash, with the scheme completed on 20 August 2026
Special dividend - frankable distribution
The ruling confirms the special dividend is a frankable distribution. Australian resident shareholders who held shares on capital account and who are a 'qualified person' under Division 1A of former Part IIIAA of the ITAA 1936 are required to include both the dividend and any attached franking credits in their assessable income for the 2026-27 income year. Those shareholders can also claim a corresponding tax offset.
The Special Dividend Record Date is stated in the ruling as 5 August 2026.
Capital gains tax consequences
The ruling also covers the CGT consequences for shareholders who disposed of their ClearView Wealth Limited shares under the scheme. The disposal date is 20 August 2026 - the date the scheme was implemented. The scheme consideration for CGT purposes is $0.60 per share.
The Scheme Record Date is stated in the ruling as 13 August 2026.
Income year this ruling applies to
The ruling applies for the 2026-27 income year (1 July 2026 to 30 June 2027).
Who this ruling does not apply to
The ruling explicitly states it does not apply to former ClearView Wealth Limited shareholders who:
- Held shares as trading stock
- Held shares through an employee share scheme with a deferred taxing point on 20 August 2026
- Are non-residents, temporary residents, or exempt entities
Those shareholders are outside the scope of CR 2026/65.
Key actions
- Former ClearView shareholders who held shares on the Special Dividend Record Date of 5 August 2026 or the Scheme Record Date of 13 August 2026 can read CR 2026/65 in full at the ATO website to understand the tax treatment for their 2026-27 tax return.
- Australian resident shareholders who held shares on capital account are required to include the $0.05 per share special dividend in assessable income for the 2026-27 income year.
- Shareholders are required to check whether they are a 'qualified person' under Division 1A of former Part IIIAA of the ITAA 1936 - this determines whether franking credits attached to the special dividend can be included in assessable income and whether the corresponding tax offset applies.
- Shareholders are required to calculate their CGT position on disposal of ClearView shares under the scheme, applying the CGT consequences set out in the ruling, with 20 August 2026 as the disposal date and $0.60 per share as the scheme consideration.
- Shareholders who held ClearView shares as trading stock, through an employee share scheme with a deferred taxing point on 20 August 2026, or as a non-resident or temporary resident are outside the scope of this ruling and require separate tax advice.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.