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  • What are the CGT consequences of exchanging my MSF member shares?

    A CGT event happened when you exchanged your MSF member shares on 17 September 2009 for MyState shares. You may have made a capital gain or a capital loss, depending on the cost base (or reduced cost base) of your MSF member shares and the amount you received for them (your capital proceeds).

    Your capital proceeds for each MSF member share were $1,178.60 - that is, 387 (the number of MyState shares you received for each MSF member share) multiplied by $3.0455 (the market value of each MyState share on 17 September 2009).

    You may have owned MSF member shares that had different cost bases (or reduced cost bases), so it is possible for you to have made a capital loss and a capital gain on different MSF member shares. The following table will help you.

    For each MSF member share with a

    You have made

    Equal to

    Cost base* of less than $1,178.60

    a capital gain

    $1,178.60 minus the cost base of your MSF member share

    Reduced cost base* of more than $1,178.60

    a capital loss

    the reduced cost base of your MSF Member Share minus $1,178.60

    * For information on how to work out the cost base and reduced cost base of shares, refer to the Guide to capital gains tax.

    Example1: Calculating the cost base of a MSF member share

    Ivan acquired one MSF member share on 30 July 2007 for $10. Ivan has not had any incidental costs, ownership costs or enhancement costs relating to his MSF member share.

    Ivan's cost base is $10. If you made a capital gain, you may be able to elect scrip for scrip rollover relief and disregard this capital gain. Scrip for scrip rollover relief is discussed below. Example 2 explains the CGT consequences if you choose scrip for scrip rollover relief. Example 3 explains the CGT consequences if you do not choose scrip for scrip rollover relief.

    End of example
      Last modified: 30 Aug 2016QC 23485