I have submitted my tax return for the year ended 30 June 2006. Included in my return were profit on sales of GPN shares. There were a couple of trades in and out that i did to take advantage of a fluctuating share price. (but whatever I sold, I bought back, plus some, and have remained a buyer for the past 8 months).
the calculation of capital gain was based on a reduction of .83 of a cent capital reduction - as was advised in one of the GPN advices to shareholders. Now, that the Yellow Rock Resources has been withdrawn leaves me a bit perplexed as to what action I should take.
Information that I used to calculate the capital gains was correct as at 30 June 2006, so it appears as if I will pay tax on these sales when in actual fact, they have been a loss! quite an unsatisfactory situation.
I wonder whether the directors have considered this consequence on shareholders?
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