Class Ruling

CR 2016/49ER1

Income tax: demerger of Graphex Mining Limited by Indiana Resources Limited (formerly IMX Resources Limited)

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Erratum

This Erratum is a public ruling for the purposes of the Taxation Administration Act 1953. It corrects Class Ruling CR 2016/49 to correct the title of the Ruling and other issues.

CR 2016/49 is corrected as follows:

1. Title

Omit the title; substitute:

Income tax: demerger of Graphex Mining Limited by Indiana Resources Limited (formerly IMX Resources Limited)

2. Paragraph 3

Omit paragraph 3 and subparagraph (a); substitute:

3. The class of entities to which this Ruling applies is the holders of ordinary shares in Indiana Resources Limited (Indiana) who:

(a)

were listed on the share register of Indiana as at the Record Date (6 June 2016) for the demerger of ordinary shares in Graphex Mining Limited (Graphex)

3. Paragraph 6

Omit 'paragraphs 9 to 31'; substitute 'paragraphs 9 to 27'.

4. Paragraph 12

Omit '1,563,808,301' from the first dot point; substitute '1,566,831,636'.

5. Paragraph 20

Omit the paragraph; substitute:

20. The payment of the capital reduction amount was satisfied by an in specie distribution to the shareholders of Indiana of 16,454,000 ordinary shares in Graphex held by Indiana. The shares in Graphex were transferred to the shareholders of Indiana on a pro rata basis on 7 June 2016. The shareholders of Indiana received 1 Graphex ordinary share for approximately every 95 Indiana ordinary shares they held at the Record Date for the demerger (6 June 2016). As a result of the demerger, the shareholders of Indiana will own shares in both Indiana and Graphex.

6. Paragraph 24

Omit '26 May 2016'; substitute '7 June 2016'.

7. Paragraph 40 and 46

Omit 'paragraphs 41 to 43'; substitute 'paragraphs 37 to 39'.

This Erratum applies on and from 6 July 2016.

Commissioner of Taxation
6 July 2016

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

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).

References

ATO references:
NO 1-860TAAO