See sample GMD Investment sheet below and cost base is roughly $1.17700645756458 according to my calculation.
I'm proposing (via a private ruling application) that the GMD shares distributed are treated as a Dividend because I function on a holding cost basis. See sample SBM Investment Sheet below.. At the end of the day its is not you or your accountant that needs to be convinced of the treatment... It will be ATO. As such I've contacted my accountant to apply for a "private ruling application" to ATO. I make my accountant earn his keep If they deny the request then they should be able to give guidance on an alternative treatment.
It should get approved no problem as there are many precedence to it. The latest would be BHP's distribution of WDS shares FY22.
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If they deny the request then they should be able to give guidance on an alternative treatment.
(20min delay)