Just a minor adjustment based on my understanding, you cannot...

Just a minor adjustment based on my understanding, you cannot claim more than your cost of capital as capital return. "you cannot make a capital loss on a capital return". That's one of the reasons why for me personally it made more sense scaling out than waiting for the dividend. The retained share would have to reach 20c for me to break even tax wise from my calcs. Obviously wishing I had some funds at the ready for a 6.5c re-entry but oh well. I shall sit on the side-lines for now.

https://www.ato.gov.au/Individuals/Ind/Events-affecting-shareholders/Promina-Group-Limited-(Promina)-return-of-capital/?page=3#:~:text=The%20capital%20return%20on%20your,base%20of%20your%20Promina%20shares.

Edit: re read your post, you account for that, my mistake.