This guide helps you enter the BHP → South32 demerger so Navexa applies the correct cost base split and preserves the right CGT history.
Overview
In May 2015, BHP demerged South32 (S32). Eligible BHP shareholders received S32 shares as an in-specie distribution (shares instead of cash).
Key details (for the standard post-CGT scenario)
Use your shareholder letter / broker statement to confirm your exact numbers, then enter:
Implementation date: 25/05/2015
Share ratio: 1 S32 share for every 1 BHP share held
Cost base split (ATO method):
92.9% remains with BHP
7.1% moves to S32
Before you start
If you used the South32 Share Sale Facility
Some shareholders had S32 shares sold on their behalf. In that case:
Record the demerger first (so the cost base is allocated correctly).
Then add a Sell trade for the S32 shares that were sold (using the date and proceeds shown on your statement).
How to enter the BHP/South32 event in Navexa
Open 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 S32 as the new stock (South32 Ltd).
On Step 3, enter the details:
Implementation Date: 25/05/2015
How many S32 shares did you receive: enter the exact number credited to you
Scrip per BHP: should be 1.0 (or it will autofill based on what you enter)
Market Price for BHP: use the BHP price around the event date (if you want a clean reference point that matches the ATO allocation method, the shareholder letter uses the 5-day VWAP value)
Cost Base Split: 92.9% BHP / 7.1% S32
Click Confirm.
What you should see after confirming
Navexa will automatically:
Keep your BHP holding in place (with an adjusted cost base)
Create (or update) your S32 holding with an opening balance
Ensure CGT reporting continues to reflect the full history correctly
Common questions
Do I record a dividend separately?
No separate dividend entry is needed for the in-specie distribution itself. The demerger flow records the event.
Only add something separately if your broker statement shows an additional cash payment that is not part of the S32 share distribution.
Why does S32 show a loss or negative capital gain?
This is usually expected.
Navexa uses tax cost base, not the “purchase price” a broker might display. Many brokers show S32 with a purchase price of $0, which makes broker P/L look positive by default.
In Navexa, S32 inherits 7.1% of your original BHP cost base. If S32’s market price is below that inherited cost base (or if your BHP cost base was high), S32 can show as negative until prices move or you sell.