Note
Please note that BGL does not provide accounting or taxation advice. The following article is designed per ATO Ruling as a guide for Simple Fund 360 and Simple Invest 360 users. It is not designed to be accounting or tax advice and should not be taken as a strict guideline. Other more suitable methods may be used instead of these steps.
ATO Ruling: CR 2023/48
Overview
Following the implementation of the restructure on 3 August 2023, Abacus Property Group (ABP) changed its name to Abacus Group, and its ASX code changed from ABP to ABG.
Before the restructure implementation date, a stapled security in Abacus Property Group comprising:
- a share in each of
- Abacus Group Holdings Limited (AGHL)
- Abacus Group Projects Limited (AGPL)
- Abacus Storage Operations Limited (ASOL), and
- a unit of each of
- Abacus Trust (AT)
- Abacus Income Trust (AIT), and
- Abacus Storage Property Trust (ASPT).
After the restructure, Abacus Group (ABG) commenced trading on 10 August 2023 as a new stapled group consisting of:
- Abacus Group Holdings Limited (AGHL)
- Abacus Group Projects Limited (AGPL)
- Abacus Income Trust (AIT)
- Abacus Trust (AT)
Abacus Storage King (ASK) is separately listed as a new stapled security consisting of:
- Abacus StorageOperations Limited (ASOL)
- Abacus Storage Property Trust (ASPT)
Instructions
This article offers guidance on how to process the restructure of Abacus Property Group (ABP).
Example
BGL SMSF held 2 parcels of ABP security before the restructuring took place.
On 06/03/2012, BGL SMSF purchased Parcel One of 1000 units for $2,050.
On 06/06/2023, BGL SMSF purchased Parcel Two of 2000 units for $5,000.
A tax-deferred component of $50 from the tax distributions was attached to Parcel One.
No other CGT events happened.
Process the De-stapling & Re-stapling of ABP
- Download the cost-allocation tool - Press here to download.
- From the excel tool, Open the Data Tab.
- There are some sample data in the "Input" table. Enable editing, and replace the sample data with your fund data from the Unrealised Capital Gains Report (Detailed). The "Results" table and Journal Entries section will get updated correspondingly.
Tip
Export the Unrealised Caputal Gains Report (Detailed) to excel. Copy and Paste the Purchase Date, Units, Cost Base and Tax Deffered into the "Input" table.
- Navigate to the Transaction List screen.
- Manually post the suggested journal entries for cost base adjustment purpose.
Process Code / Class Change
- Navigate to the Corporate Action screen.
- Locate the ABP.AX Code / Class Change, then select
- Review the Corporate Action Summary
- Once satisfied with the Corporate Action, select
- The following Coroporate Action will be posted.