From what I have seen in the past, the ATO will use a volume weighted average price (VWAP) of the two stocks for the first 5 days of when both stocks are trading to arrive at a percentage split of the cost base.
For example, if we take the last close as VWAP of each of the stocks as an example;
SP Relative VWAP SOI Market Cap Market Value FFX 0.2000 1,181,243,221 $236,248,644 28.91% LLL 0.4850 1,197,538,590 $580,806,216 71.09% $817,054,860
Now for a share purchase of 100,000 shares of FFX @ $0.60 the calculations would look something like as follows;
Qty Base Cost Date Adjusted Cost FFX 100,000 0.600 $60,000 1/10/2021 0.173 $17,349 28.91% LLL pro-rata 9,681 0.700 $6,776 6/06/2022 0.700 $6,776 LLL in specie 71,429 1/10/2021 0.597 $42,651 71.09% Total $66,776 $66,776
Now to complicate it you will need to do a similar calculation further for each share transaction made in the past.
This is my understanding, but advise all parties to get their own tax advice.
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