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Demerged Companies 1996-2023 (see table below)

To download full table click here


A demerger occurs when a company splits its operations into two or more entities or groups and distributes to its shareholders a direct interest in one or more of the parts. New tax rules applied to demergers from 1 July 2002. Broadly the tax consequences are:

  relief from capital gains tax (CGT) that would otherwise be payable as a result of the demerger transaction;

  the cost base in the original interest is spread between the original interest and the interest in the demerged entity (based on the relative split in market values); and

  an exemption from the provisions that would otherwise treat the shareholder as having received a taxable dividend from the transaction, subject to specific anti-avoidance rules.

  any pre-CGT interests retain their pre-CGT status.



Key tax relief criteria


To our knowledge our table contains the key features of all demergers of listed companies since 1996 and in most cases a link to the relevant ATO Class Ruling. As a general rule the following applies to individual taxpayers (unless they acquired their shares under an employee share scheme) who are Australian residents for tax purposes, who acquired their shares after 19 September 1985 and who hold shares as an investment asset rather than as trading stock.

To qualify for tax relief the key criteria are:

The underlying ownership of the demerged entity must be maintained. (The ATO will examine the proportional interests and market values of ownership interests.)

The Head Entity must divest at least 80% of its ownership interests in the demerged entity. This is to ensure that only ‘genuine’ demergers are able to obtain the tax relief. (Importantly, demerger relief will not be available for disposals of the remaining ownership interests at a later date.)


Shareholder action


The Head Entity will normally advise shareholders if it has undertaken an eligible demerger and shareholders should be aware that:

they may be entitled to choose rollover relief (see below) for any capital gain or loss

they are required to calculate immediately after the demerger the cost base and reduced cost base of their interests in the Head Entity and their new interests in the Demerged Entity



Rollover relief


If shareholders choose rollover relief:

any capital gain or loss is disregarded

the new interests are acquired on the date of the demerger. (Note that if a proportion of your original interests was acquired before 20 September 1985 (pre-CGT), the same proportion of the new interests is treated as pre-CGT assets)


If shareholders do not choose rollover relief:


any capital gain or loss cannot be disregarded

all of the new interests are acquired on the date of the demerger


A calculator at the ATO website helps shareholders work out the capital gains tax consequences under a demerger, including the BHP Billiton, CSR, Sonic Healthcare, Mincor and WMC demergers. It can be accessed here.


Here is an extract from the full table of demergers 1996-2022.  Please click on the link below to download the full table updated to 31 December 2022.


DEMERGERS 1996-2023 (to 31/12/2023)

Last updated: 5 January 2024

Date Head (or Demerging) Entity Demerged Entity IPO or distribution to existing shareholders Do the new rules apply?

(Note 1) 

Reduce cost base etc

Acquisition date

(Note 2) 

Acquisition cost per share

(Note 3) 

% of market value

Click on ATO etc for rulings and further info
Apr-00 Amcor Limited Paperlinx Limited One for three
Dec-03 AMP Limited HHG plc Rights to acquire
Shareholders should click on the ATO link for the AMP Ltd demerger calculator
Jun-00 AGL Limited Australian Pipeline Trust IPO priority alloc.
Unitholders paid $2.00 a unit on 13 June 2000
Feb-07 Arafura Resources NL NuPower Rersources Limited One for three
ATO Arafura
Aug-08 ARC Energy Ltd Buru Energy Ltd 0.425 for one 


25-Aug 08




Table contains details (including CGT treatment) of the following demergers:

Adelaide Resources Ltd    Alkane Resources Limited  Amcom Telecommunications Ltd  Amcor Limited  Amcor Limited  AMP Limited  AGL Limited  Alterra Limited  Alumina (see WMC Limited below)  APN News & Media Limited  Arafura Resources NL  ARC Energy Ltd  Arrow Energy Limited  ATI Global Limited    Australian Finance Group Limited  Australian Mines Limited  Auzex Resources Limited   Aviva Corporation Ltd  Bardoc Gold Limited  BHP Billiton Limited  BHP Limited  BHP Billiton Limited  Blackwall Limited  Bondi Mining Limited  Boral Limited  Boral Limited  Brambles Limited  Cardno Limited  Cassini Resources Limited  Cellnet Group Ltd  Centro Properties Group  Chalice Mining Limited  ChemGenix Pharmaceuticals Limited     Coca Cola Amatil Ltd  ConocoPhillips Company  Cordlife Ltd  Crown Limited  CSR Limited  Dairy Farmers Milk Co-operative Ltd  Delta Gold Limited  Donaco International Limited   EcoBiotics Limited  Elkedra Diamonds NL  Enterprise Metals Limited  Equatorial Coal Limited  Fairfax Media Limited  Firefly Resources Limited  Foodland Associated Limited  Foster's Group Limited  Foster's Group Limited  Futuris Corporation Ltd  Gindalbie Metals Limited  Graincorp Limited  Heron Resources Limited  Iluka Resources Limited  Iluka Resources Limited  ImpediMed Limited  Indiana Resources Limited (formerly IMX Resources Limited)  Intoll International Limited    Intoll Trust (II)    Invion Limited  iSignthis Ltd  Leyshon Resources Limited  Life Therapeutics Ltd  Lion Selection Limited  Liontown Resources  Limited  Macquarie Infrastructure Group    Magmatic Resources Limited    Magnis Resources Limited  Mayne Group Limited (now Symbion Health Limited)  McPhersons Limited  Metals X Limited  Mincor Resources NL  Minemakers Limited  Mineral Deposits Limited    Minotaur Exploration Limited  Minotaur Resources Limited  Moby Oil & Gas Ltd  MPH Limited  MPI Mines Limited  National Australia Bank  Neometals Ltd  New Zealand Oil & Gas  News Corporation  One Asia Resources  OreCorp Limited  Orica Limited  Orocobre Limited  PBL Limited  Pelorus Private Equity Ltd    Pelorus Private Equity Ltd    Publishing and Broadcasting Limited  Reckon Limited   Rex Minerals Limited  Rox Resources Limited  Seafarms Group Limited  Sirius Resources NL  Sonic Health Care Ltd  South Boulder Mines Ltd  Straits Resources Ltd  Strategic Energy Resources Limited  Strategic Energy Resources Limited  Summit Resources Limited  Sunrise Energy Metals Limited  Symbion Health Limited (see Mayne Group above)  Syrah Resources Limited  Tabcorp Holdings Limited  Tabcorp Holdings Limited  Tawana Resources NL  Tamaska Oil and Gas Limited  Telecom Corporation of New Zealand Ltd  Texon Petroleum Ltd  TGP Australia Limited  TPG Corporation Limited  TNG Limited  Toll Holdings Ltd  Tower Ltd  Transerv Energy Limited    Trustees Australia Limited  TTG Pty Ltd  UraniumSA Limited    Village Roadshow Ltd  Virtualplus Holdings Limited  Wesfarmers Limited  West Australian Metals Limited  Westfield Corporation Limited  Westfield Group    Westfield Retail Trust    Westgold Resources Limited  Wingate Group Holdings Pty. Ltd  WMC Limited (now Alumina)  Woolworths Group Limited    World Titanium Resources Limited    Iron Road Limited    Australian Strategic Minerals Limited  iiNet Limited  Paperlinx Limited  Orora Limited  HHG plc  Australian Pipeline Trust  Carbon Conscious Investments Limited  WMC Resources Limited  NZME Limited  NuPower Rersources Limited  Buru Energy Ltd  Dart Energy Limited  Commercial Credit Holdings Limited    Establish Property Group Ltd  Norwest Minerals Limited  Auzex Exploration Limited  NGM Resources Ltd  Edge Minerals Limited  BHP Steel Limited (now BlueScope)  OneSteel Limited (now Arrium)  South32 Limited  WOTSO Limited  Lyell Resources Ltd  Envestra Limited  Origin Energy Limited  Recall Holdings Limited  Intega Group Limited  Caspin Resources Limited  Mercury Mobility Ltd  Prime Retail Group  Falcon Metals Ltd  Autogen (subsequently renamed Verva Pharmaceuticals Ltd)  Coca Cola Beverage  Phillips 66  Cordlife Pte Ltd (Cordlife Singapore)  Consolidated Media Holdings Limited  Rinker Group Limited  Australian Co-operative Foods Limited  Zimbabwe Platinum Mines  OMI Holdings Limited (now Isentric)  QBiotics Limited  Uramet Minerals Limited  Enterprise Uranium Limited  ImmuneTX Limited  Domain  Holdings Australia Limited  Firetail Resources Limited  Progressive Enterprises Holdings Limited  Treasury Wine Estates Limited  Australian Leisure & Hospitality  Australian Agricultural Co  Coda Minerals Limited  United Malt Group Limited  Ardea Resources Limited  Deterra Royalties Limited  Sierra Rutile Holdings Limited  Impedance Cardiology Systems Inc  Graphex Mining Limited  Macquarie International Roads Limited    Macquarie Atlas Roads Limited    Chronic Airway Therapeutics Limited  ISX Financial EU Plc  Leyshon Energy Limited  NuSep Ltd  Lion Selection Group Limited  Minerals 260 Limited  Sydney Roads Group    Australian Gold and Copper Ltd     Uranium Africa Limited  Mayne Pharma Limited  MPG Printing Ltd  Westgold Resources Limited  Tethyan Copper Company  TNT Mines Limited  Teranga Gold Corporation    Demetallica Limited  Minotaur Exploration Limited  Enegex NL  AV Jennings Homes  Leviathan Resources Limited  Clydesdale Bank  Widgie Nickel Limited  Pan Pacific Petroleum  We understand the separation of the print and entertainment businesses was not a demerger.   Nusantara Resources Limited  Solstice Minerals Limited  DuluxGroup Limited  Elementos Limited  eCorp Limited  BlackWall Funds Management Ltd    BQF     Restructure - see Crown Limited above  GetBusy Plc  White Rock Minerals Limited  Cannon Resources Limited  CO2 Australia Limited  S2 Resources  SciGen Limited  Duketon Mining Ltd  Straits Metals Ltd  Tarcoola Gold Limited  Ionic Industries Limited  Pacific Mines Limited  Clean TeQ Water Limited  Mayne Pharma Limited  Jacana Minerals Limited  Echo Entertainment Group Limited  The Lottery Corporation Limited  Cowan Lithium Limited  TMK Montney Ltd  Chorus Limited  Talon Petroleum Ltd  Kogi Iron Limited  Tuas Limited  Todd River Resources Limited  Asciano Ltd  Tower Australia Group Ltd  TSV Montney Ltd    Jimmy Crow Limited  McAleese Limited  Samphire Uranium Limited    Austereo Limited  Novacoat Holdings Limited  Coles Group Limited  Austin Engineering Limited  OneMarket Limited  Westfield Corp  Scentre Group  Scentre Group    Castile Resources Limited  Now Finance Group Holdings Pty Ltd  WMC Resources Limited  World Titane Holdings Limited  Eneabba Gas Limited  UIL Energy Ltd  Endeavour Group Limited 

To download full table click here





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