check out the ATO website specifically
http://www.ato.gov.au/individuals/content.asp?doc=/content/29089.htm
You will have to pay tax. The $5k threshold means you get taxed on your first $5k so in effect probably pay 30% (max CGT?). You will have to pay this in any case as you hold your shares for less than 12 months.,,you should be able to offset the capital losses against the capital gains.
Best bet is to talk to a tax adviser though.
