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Regular Member
 
Group: Forum Members
Last Login: 13/08/2008 4:56:57 PM
Posts: 20,
Visits: 86
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| Hi, I accepted the"Cash-out" option in the above takeover for my 1906 AAN shares. I received $26,447.17 in cash plus 145 shares in BEPPA plus an "in specie" distribution of 573 shares in APA but paid for by the combination of a franked dividend and capital return (i.e. no cash received). In addition a cash amount of $2.69 as a result of the rounding of the APA shares. I am really wrapped around the axle on this one so would appreciate any advice from someone who has successfully completed the correct input. Regards, Colin
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
We actually had a very similar enquiry yesterday over the phone.
The answer at the moment is that we need to see what the tax office says about the transaction and whether or not there is any modification to the capital gains or other income components that arise from this event. Additionally, we need to know what purchase dates should be used for the assets that you now have so that any capital gains are discounted (or not) accordingly.
As soon as we have more information we will provide a step by step guide with as much detail as possible.
Regards,
MySF
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Regular Member
Group: Forum Members
Last Login: 13/08/2008 4:56:57 PM
Posts: 20,
Visits: 86
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| Hi, After discussion with my broker he advises the following for the Alinta / BBI merger. 1) Enter the value of the BEPPA shares allocated as a Capital Return for AAN and bank to a Clearing Account. 2) Buy 145 BEPPA shares with the funds in the Clearing Account. 3) Enter the Franked Dividend & the Capital Return received from AAN and bank to the Clearing account. 4) Buy 573 APA shares with the funds in the Clearing Account. 5) Enter the rounding surplus received from APA as a Capital Return and bank to the normal account 5) Sell all AAN shares and bank to the normal account. The above is the straight forward method of balancing the transaction but may not be the correct method in relation to CGT as brokers are not the best advisors when it comes to such issues. I look forward to further advice on the CGT and any variation to entry methods. Regards, colin
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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| Hi, Apologies for the very late feedback. This matter was throught to have been handled. It is likely that your broker's directions will result in the correct number of units in the various assets, but is is almost inevitable that the various sales will produce incorrect capital gains results. We have received a large amount of material from an affected user, which still leaves several taxation related questions unanswered. Importantly, the alintaoffer.com site specifies that there will be tax related information sent to all affected individuals in time for their 30/06/08 tax return. We advise all users to hold off on processing this event until more tax related details (other than CR 2007/91 and CR 2007/107) emerge from the ATO or the companies involved in the event. The ATO often releases a calculator for such events which helps us to check any assistance offered to MySF Manager users. Incorrect processing of these events is likely to result in possibly problematic corrections when the details do become available. Regards, MySF
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