Overview
In June 2022, BHP merged its petroleum business with Woodside Energy Group (WDS).
Each BHP shareholder received Woodside shares as a special in-specie dividend — you received shares instead of cash.
What Happened
Effective date: 1 June 2022
Ratio: 1 Woodside share for every 5.534 BHP shares held
Key point: The ATO stated that a demerger (as defined in section 125-70) did not occur, but the in-specie distribution was treated similarly for CGT purposes.
Cost base split (approximate):
52 % remains with BHP
48 % moves to WDS
Example: You Held 1,000 BHP Shares
If you held 1,000 BHP shares, you received:
1,000 ÷ 5.534 = 180.73 → 180 WDS shares
You’ll now have:
1,000 BHP shares (with 52 % of your original cost base)
180 WDS shares (with 48 % of your original cost base)
Example cost-base allocation
If your total BHP cost base before the merger was $40,000:
$20,800 (52 %) remains with BHP
$19,200 (48 %) becomes the cost base of your 180 WDS shares → $106.67 per share
Before you start (only if you already held Woodside pre-merger)
WPL → WDS code/name change: On 25/05/2022, Woodside Petroleum Limited (WPL.ASX) became Woodside Energy Group (WDS.ASX).
If you held WPL before the BHP merger, rename that holding to WDS first so that historical dividends/DRP remain attached and the demerger allocation is correct.
How to rename WPL → WDS in Navexa
Open your Woodside Petroleum Limited holding (WPL).
Click Actions → Rename Symbol.
In New symbol, enter WDS and select Woodside Energy Group Ltd (ASX: WDS).
Click Update.
Your quantity and cost base stay the same; past income remains attached.
Now proceed with the BHP demerger steps below (implementation date 01/06/2022).
If you already did the BHP demerger first
Go to your BHP holding → Trades tab → delete the “Cost Base Decrease” dated 01/06/2022 to unwind the demerger.
Then complete the Rename Symbol (WPL → WDS) above and re-enter the BHP demerger.
🔧 How to Enter the BHP/Woodside Event in Navexa
Follow these steps to record the 2022 merger (in-specie dividend) between BHP and Woodside (WDS) correctly.
Go to your BHP holding.
Click the Trades tab.
Next to the + Add button, click the dropdown arrow ▾ and choose Add Merger.
On Step 1, choose Demerger.
On Step 2, enter WDS as the new stock (Woodside Energy Group Ltd).
On Step 3, fill in the details:
Implementation Date:
01/06/2022How many WDS shares did you receive:
180 in our exampleScrip per BHP will autofill
Market Price for BHP: Use the price on the implementation date — this was around $45.65 AUD.
Don’t use today’s price. The market price helps Navexa calculate the proportional value at the time of the merger.
Cost Base Split: 52 % BHP / 48 % WDS
Click Confirm.
Confirmation Screen
Once confirmed, you’ll see a success message like this:
Successfully added Demerger!
• BHP.ASX → 0 @ $17,688.00 (01-06-2022)
• WDS.ASX → Opening Balance 180 @ $98.27 (01-06-2022)
This means:
Your BHP cost base has been adjusted automatically.
A new WDS holding has been created with the correct opening balance.
Both holdings now carry the right cost bases and acquisition dates for CGT reporting.
Navexa will automatically:
✅ Create your new WDS holding (with 180 shares)
✅ Adjust your BHP cost base
✅ Keep your CGT and performance reports accurate
Common Questions
Do I record the special dividend separately?
Do I record the special dividend separately?
No — it was a non-cash in-specie distribution. Record it as a demerger-style action so CGT tracking remains accurate.
My WDS cost base shows $0 — why is that?
My WDS cost base shows $0 — why is that?
It was likely entered as a dividend or transfer. Delete those and re-enter as a Demerger action.
Where can I confirm the cost base split and treatment?
Where can I confirm the cost base split and treatment?
See the ATO Class Ruling CR 2022/60.