Ann: ATO Class Ruling on In-specie Distribution of TRT Shares, page-15

This is how I worked it out, I think I'm right!

Lets assume we have 1,000,000 TNG shares for which we have paid an average per share of 15c. Total cost $150,000.
In the inspecie distribution we would have received 34806 TRT shares.

The ruling says we have to redistribute our cost base of $150,000 in the proportion of 94.8% to TNG and 5.2% to TRT.
Therefore new cost base for TNG is $142,200 or 14.22c per share and $7800 to TRT or 22.4c per share.

To work out if you have to pay CGT you multiply the number of TNG shares by .0043.

1,000,000 x .0043 = $4300

As the amount, $4300, is less than the difference between your original cost base for TNG of $150,000 and the new cost base for TNG of $142,200 there is no capital gains tax to pay

Unfortunately you can't claim a loss either