Distribution of in specie Genesis shares by St Barbara.

Hi Graeme,

The ATO ruling was announced late last year. From the communication:

• a CGT event occurred when Genesis shares were distributed in accordance with the Scheme;
• they made a capital gain if the capital proceeds from the event were more than the cost base of the St Barbara shares and cannot make a capital loss if the capital proceeds were less than the reduced cost base of the St Barbara shares;
• the Commissioner accepts that the capital proceeds for each Genesis share is $0.3014; and
• the cost base of their St Barbara shares is reduced by the capital proceeds received in the form of the Genesis shares,
  but cannot be reduced below nil.

Please note, this advice is general in nature and does not take into account your personal circumstances. You should not rely solely on this information and you should consult with your tax advisor before taking any action.

Source: St Barbara (SBM) Company announcements