"Who paid more than 76.5c pre-div/cap return or more than 26.5c...

"Who paid more than 76.5c pre-div/cap return or more than 26.5c post return?"

You don't know who paid what for their shares.

Then it is also clear that we received 38 cents as a special dividend which comprised 10 cents as a capital return, and 28 cents as a fully franked dividend.

So, lets now say someone paid 76.5 cent per share, minus 10 cents received as a capital return, that would reduce your cost base to 66.5 cents per share.

Then we also received 28 cents per share from memory fully franked as a dividend.

Now don't tell me that those 28 cents will have to be put towards reducing the cost base of the shares of 66.5 cents per share because, for some which are just long term shareholders/investors, those amounts are to be treated as two totally separate sources of income, and which will have to be entered into their tax returns into different income and revenue accounts.

It is a totally different case/position for a short term trader and/or a professional trader where any profits or losses are to be treated as an income or a loss regardless of where that income will come from. No capital gains, nor any capital gains tax reliefs provisions will apply to them.

But, not everyone is a trader. And that is the real point.

For a long term investors, the income received from dividends will have to be entered along with the amount of imputation credits to the incone side of things and then claim a credit for the amount of imputation credits back as a Tax Offset, while the losses from the sale of the shares at less then the value of the cost base will have to be left in limbo until the next lot of capital gains will be realised.

For long term investors, You can only offset capital losses against future capital gains, not against ordinary income.!!!

So, based on all of the above, there could very well be someone facing losses.

This is not to be taken as a tax advice, so everyone should DYOR.