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Claiming Tax Loss A40, page-48

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JRSelvedge

2,426 Posts.

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24/06/20

11:34

Post #: 45414723
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Originally posted by JRSelvedge: ↑

As a shareholder of an insolvent company, ASIC says you can realise a capital loss if:

1. A liquidator or administrator makes a written declaration that they have reasonable grounds to believe there is no likelihood of shareholders receiving any distribution in the course of the company being wound up;

or

2. No declaration is made, then the deregistration of a company at the end of the liquidation also allows shareholders to realise a capital loss.

Can anyone provide correspondence from our VA process that confirms 1. above?

Cheers - want to get this stain off my portfolio.

DYOR IMO

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Ok - the general consensus seems to be that “we” have received confirmation of no distribution in the winding up of the company and therefore scenario 1. applies.

2nd question - if this is claimed as a tax loss for CGT purposes but then after review FIRB was to intervene somehow in the VA process and block the “sale”. What then?

Cheers

DYOR IMO

A40 Price at posting: 8.2¢ Sentiment: None Disclosure: Held
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