Hi No Vice,Not a substitute for your own accountant advice but a...

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18/02/21

20:10

Post #: 51134183
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Originally posted by no vice: ↑

Thanks for that tax loss advice. Unfortunately over half those losses go back more than 7 years and l was not including profits and losses in my tax returns at that time. I have about 120K of losses brought foreward for the 2020 tax year but we had to amend the past 7 years of tax returns to claim them. So yes its kind of under control but that 120K will barely soak up CGT gains if this starts to fly. My best strategy is just to sell down say $ 50K lots annually and then off set that against my preserved losses. Obviously a take over will kill that plan which is why l am dead against it. The best outcome from my own perspective is for PIQ to continue to grow and remain under current ownership. All this is beyond my control and probably does not fit other peoples investment agenda. PS. When l start selling down PIQ stock, l need to retire from my current employment. Is it possible to transfer my holdings into my Thai wifes name without too much of a financial penalty?

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Hi No Vice,
Not a substitute for your own accountant advice but a couple of thoughts for you to consider.
1) The carry forward tax losses are used $ for $ against capital gains and so if you bought 100,000 PIQ @ $0.20 your cost base is $20,000 and you could sell them for say $1.40 each pocketing $140,000 with no tax payable.
2) You would then sell only shares that you had kept for more than 12 months and pick up the 50% CGT discount.
You should speak with your accountant about the tax free threshold (currently $18,200) as it may be reduced with time out of the country. Theoretically, you could realise PIQ profits at a rate of $36,400 per year if you had no other income and lived entirely in Australia.
Good luck, and check these issues with your accountant to make sure that there have been no rule changes.

PIQ Price at posting: $1.10 Sentiment: Buy Disclosure: Held
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