Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

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Articles
Business Losses deduction denied
School Building Funds
Superannuation Guarantee - 'Ordinary Time Earnings"
Excellent Salary Sacrifice Contribution
Self Education Deductible
Salary Sacrifice arrangements
Generic domain names auction
Interest rates - fixed or variable?
Interest - Disgrace or Just Plain Theft
No ABN quoted?
Unsure about an ABN quoted to you?
New CGT Asset Register
Coles Myer Shares in super funds
Fringe benefits at Christmas
Coles Myer Shares in super funds
Existing Coles Myer shareholders treatment to be continued BUT no new discount shares.

You may have become aware that the discount card scheme by Coles Myer Ltd has changed in the last twelve months.  If the shares are owned by a superannuation fund, the Australian Taxation Office is now taking the view that the superannuation fund could be providing a benefit to members in breach of the ?sole purpose test?, prior to retirement.  There is some technical support for that view, because the dividends paid on the qualifying shares is now lower than the ?Ordinary Shares?.

Because of this view, it is unlikely that any new Shareholder Discount Card acquisitions through superannuation funds will be possible.

However, the Australian Taxation Office have confirmed that the treatment of existing fund members will be unaffected, as they did not purchase the Shareholder Discount Scheme via a dividend reduction.

Therefore, anyone with shares in AustChoice Superannuation Scheme - Coles Myer Card Deferred Holding should be unaffected by the Australian Taxation Office ruling or by the changes made by Coles Myer Ltd.  It will only be if AustChoice change their internal procedures that there is any impact.  Equally other super fund providers will be effected - the penalty to the entire fund could be non-complying status.  (A huge sledge hammer to crack a very small nut).



3rd-January-2002