Let me start by saying that I am not an accountant. But wouldn’t...

Let me start by saying that I am not an accountant. But wouldn’t the logical thing for the ATO to do is use the same split that the company used to apportion the FFX/LLL MC ratio which was 0.35 and 0.65.

Therefore if someone bought all their FFX when the SP was say 22c. Then their cost base for the demerged FFX and LLL is simply in that split. 7.7c and 14.3 c for each. Their cost base. So if they sell FFX now they have a capital gain of 22-7.7c. Plus the 50% discount if held for more than 1 year.