Following engagement with the Australian Taxation Office (ATO),...

Following engagement with the Australian Taxation Office (ATO), the ATO has confirmed that no part of the capital reduction will be treated as a dividend for Australian taxation purposes. Boral expects the ATO to issue a Class Ruling following completion of the capital reduction and payment of the dividend regarding the Australian income tax implications of the capital reduction.

For shareholders who hold their shares on capital account for Australian income tax purposes, each share's cost base (and reduced cost base) will be reduced by $2.65 per share to calculate any capital gain or loss on the ultimate disposal of that share for Australian income tax purposes. An immediate capital gain would arise for shareholders whose cost base of any share is less than $2.65.

https://www.aggbusiness.com/ab10/news/boral-return-aus3-billion-shareholders