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vincerli

7,285 Posts.

168

10/01/20

15:06

Post #: 42322695
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Originally posted by Busy Bean: ↑

The DOCA was terminated and the company is currently going through the liquidation process.
See here for updates - https://www2.deloitte.com/au/en/pages/finance/articles/big-un-limited.html

My understanding is that the 80% transfer went through (notice on 26th July) so we can claim that as a loss in our 2020 tax return.

For the remaining 20% we still own, the ATO states that in terms of claiming capital loss..

"You may be able to claim a capital loss if you're a shareholder, and a liquidator or an administrator of a company declares in writing that they have reasonable grounds to believe there is no likelihood that shareholders will receive any further distribution for their shares"
https://www.ato.gov.au/General/Capital-gains-tax/Shares,-units-and-similar-investments/Investments-in-a-company-in-liquidation-or-administration/
So I think we still need Deloitte to finalise the liquidation and declare that nothing will be returned to shareholders. Hopefully this happens before 30th June so that we can just declare the 100% write-off all in the same year.

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yep.

BIG Price at posting: $2.22 Sentiment: None Disclosure: Held
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