http://www.delisted.com.au/liqdecl.aspxLiquidators' and...

http://www.delisted.com.au/liqdecl.aspx


Liquidators' and Administrators' declarations (see table below, updated for 2007/08)


15 Nov 08
Shareholders can choose to make a capital loss on shares acquired on or after 20 September 1985 when an administrator or liquidator declares in writing that they have reasonable grounds to believe there is no likelihood that shareholders will receive any further distribution for their shares. The section of the Income Tax Assessment Act 1997 (s 104-145) dealing with this is reproduced below. The main section of our site that deals with this subject for the 2007/08 income year is Capital Losses 2007/08 .

The Australian Taxation Office says "you choose to make the capital loss in the income year the administrator or liquidator declares the shares worthless or the financial instruments to have no value or negligible value. You indicate that you have chosen to make the capital loss by the amounts you show at the capital gains tax question on your tax return for that year. If you don’t choose to make the capital loss in that year, you won’t make a capital loss until the share or financial instrument is disposed of....." Disposal meaning the sale of the securities (see "Sell your worthless shares") and is deemed to also include the deregistration of a company. Shareholders should see Deregistered companies for a list of such companies, deregistered over the past 20 odd years