The laws are clear if you buy high sell low you have a loss,...

The laws are clear if you buy high sell low you have a loss, June 30 cut off simple as that. Imagine if I sold at a huge profit and got back into the same share and it tanks, does that mean I don't have to pay tax on my profit because I'm holding a paper loss ? Of course not !! If you hold a loss on June 30 that's it you have a loss period, if ATO wants to change the rules its called legislation , not an internet post.