What this ruling covers
The Australian Taxation Office issued Class Ruling CR 2026/72 on 30 September 2026. The ruling clarifies the tax treatment for Australian residents who held ordinary shares in Nova Minerals Limited and exchanged them for CHESS Depositary Interests (CDIs) in Nova Minerals Corp (NMC) on 16 June 2026.
The exchange occurred as part of a corporate restructure in which Nova Minerals moved its parent company to the US. Shareholders received one NMC CDI for each Nova Minerals share held.
The ruling applies to the income year from 1 July 2025 to 30 June 2026. It applies only if the scheme was carried out exactly as described in the ruling.
Eligibility for scrip for scrip roll-over
Australian resident shareholders who held their shares on capital account - not as trading stock or a revenue asset - and were on the share register on 9 June 2026 may be eligible to choose a scrip for scrip roll-over. This roll-over allows eligible shareholders to defer any capital gain that arose from the exchange.
Key actions
- If you held Nova Minerals shares on 9 June 2026 and received NMC CDIs on 16 June 2026, confirm whether you are an Australian tax resident and held your shares on capital account (not as trading stock) to determine whether you qualify for scrip for scrip roll-over.
- If you qualify and choose the roll-over, the ruling states the capital gain is disregarded in the 2025-26 tax return, and the original cost base from Nova Minerals shares carries across to the NMC CDIs received.
- If the roll-over is not chosen or does not apply, any capital gain or capital loss from the disposal of Nova Minerals shares is included in the 2025-26 net capital gain or loss calculation. The 12-month discount rule is available to check in this case.
- Check whether Division 230 (taxation of financial arrangements) applies - the ruling states it applies to individuals only where a specific election has been made, meaning most individual shareholders are not affected.
- Read the full ruling at https://www.ato.gov.au/law/view/document?docid=CLR/CR202672/NAT/ATO/00001.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.