Ann: Prospect sells interest in Arcadia for US$378M, page-431

The ATO will want to avoid a situation of shareholders receiving a 'free' beneficial CGT write-off if they sell if/when the SP falls from ~75c to ~15c after a dividend payout. Instead it will be seen as some kind of 'capital return', perhaps with a dividend component, so that the value of the company is reset to post-distribution 'fair value'. The question then is of the size of the capital return and the dividend remainder. Someone already suggested this earlier on the forum.

IMO, trying to think like a tax agent.

eg. using 75c and 15c, 90c total pay out, 60c capital return + 30c dividend, the first subject to CGT compared to your purchase price, the second to income tax.

FAR example:
https://hotcopper.com.au/threads/ann-capital-return-ato-class-ruling-published.6347792/