tax losses and the ato There was an article recently in the SMH...

tax losses and the ato There was an article recently in the SMH which made it clear that the ATO saw selling specifically to crystalise a tax loss as tax avoidance and illegal. However, unless there was suffiient evidence to show that that was what was done they could prove nothing. Apparently there are a few large cases the ATO is currently prosecuting where people clearly made transactions specifically to affect their tax position.

So, if you sell in June and use any generated tax losses to help your tax return and also re-purchase soon afterwards at substantially the same price you are a potential future target for investigation.

Sorry I can't find the specific news article in question to post.