• Flowchart 2: Treatment of bonus units issued on or after 20 September 1985

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention
    1. Did you acquire the original units on or after 20 September 1985?

    Yes

    Read on from question 2

    No

    Read on from question 3

    1. Is any part of the bonus units included in your assessable income?

    Yes

    Read answer 1

    No

    Read answer 2

    1. Is any part of the bonus units included in your assessable income?

    Yes

    Read on from question 4

    No

    Read on from question 5

    1. Were the bonus units issued on or after 20 September 1985?

    Yes

    Read answer 1

    No

    Read answer 4

    1. Are the bonus units partly paid?

    Yes

    Read on from question 6

    No

    Read answer 4

    1. Were the bonus units issued before 10 December 1986?

    Yes

    Read answer 4

    No

    Read on from question 7

    1. Before the sale of the bonus units were any further call payments made to the trust?

    Yes

    Read answer 3

    No

    Read answer 4

    Answer 1

    1. The bonus units are subject to capital gains tax.
    2. The acquisition date of the bonus units is their date of issue.
    3. The cost base includes the amount included in assessable income, plus any calls on partly paid bonus units.

    Answer 2

    1. The bonus units are subject to capital gains tax.
    2. The bonus units are acquired when the original units were acquired.
    3. The cost base of each original and bonus unit is equal to:  
      • the cost of the original units divided by the total number of original and bonus units, plus
      • any calls on partly paid bonus units.
       

    Answer 3

    1. The bonus units are subject to capital gains tax.
    2. The acquisition date of the bonus units is the date when the liability to pay the first call arises.
    3. The cost base is the market value of the bonus units just before the liability to pay the first call arises, plus the amount of call payments made.

    Answer 4

    You are taken to have acquired the bonus shares before 20 September 1985 and they are not subject to capital gains tax.

    Last modified: 04 Mar 2016QC 27527