If your original NAB shares are pre-CGT shares (ie. they were acquired before Capital Gains Tax (CGT) was introduced on 20 September 1985), the tax comments in the Offer Booklet do not apply to you. The treatment of your Entitlement is generally summarised below. However, we recommend you seek your own advice based on your own facts and circumstances.
If you exercised your Entitlement to buy New Shares
Your new NAB shares will not be pre-CGT assets and therefore you'll be subject to tax when you dispose of them. The cost base of your New Shares is equal to the exercise price of $28.50 plus the market value of the Entitlements at the date of exercise.
Based on the offer documentation, NAB considers that the date of exercise is 11 June 2015 for all shareholders. The Entitlements were not trading on this day, but the Volume Weighted Average Price (VWAP) for ordinary trades of NAB shares was $32.36, so NAB has estimated the value of the rights to be $3.86 (ie. $32.36 less $28.50).
Therefore, for CGT purposes, you may wish to use a cost base of $32.36 and an acquisition date of 11 June 2015.
If you sold your Entitlement on the ASX or using an off market transfer
Your Entitlements have the same pre-CGT status as your original NAB shares because the CGT acquisition date is deemed to be the date when you bought your original shares. Therefore, provided your Entitlements are a capital asset (ie. you do not carry on a business of share trading), you will not be subject to tax on the sale of your entitlements.
If your Entitlement was sold into the Retail Shortfall Bookbuild
Your Entitlements have the same pre-CGT status as your original NAB shares because the CGT acquisition date is deemed to be the date when you bought your original shares. Therefore, provided your Entitlements are a capital asset (ie. you do not carry on a business of share trading), you will not be subject to tax on the $3.10 Retail Premium (which represents the proceeds of the sale through the bookbuild).