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Novacastrien

2,588 Posts.

566

06/03/23

14:59

Post #: 66626793
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Originally posted by th3p4rk2: ↑

Does anyone know if there is a way around this tax matter? Would really appreciate some input. My accountant doesnt seem to have a clue and even tried speaking to a financial advisor that also had no idea. Basically I brought and sold during the financial year creating a capital gains tax event. The total 'Profit' was around $450,000 meaning I owe $175,000. After the sale though, I used the whole amount to buy in again... Obviously the stock then went into suspension and we are now in a new financial year. If I sell the shares for a nominal fee and create a 'capital loss' during this financial year...do I still have to repay the $175,000 or can the capital loss for this financial year offset the 'capital gain' from last year? Surely theres a way through this mess?

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I would call the ATO, as this was not your fault but company went into suspension.Im sure they can work something out with you, they are not ass bad as people make out.

AVZ Price at posting: 78.0¢ Sentiment: Hold Disclosure: Held
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