Whether one can claim losses on a company that goes belly up as Capital Loss or Income Loss depend on whether the person is an investor or a trader.
Obviously the number of trade done per year will be one of many criteria the ATO looks at on a case-by-case basis.
Do a search on the ATO website. You may also like to read this article:
http://www.smh.com.au/business/money/tools/guides/investment/trader_def.html
For most people who are "Investor" you can only claim capital loss usually only after the liquidator/administrator rule shareholders are unlikely to recover any proceed from the company. This may take a while.
If you are worry about waiting, you may perhaps consider selling your shares and then buying it back. The costs of selling and buying back the shares may justify the claimable capital loss compared to waiting for the administrator's ruling.
- Forums
- ASX - By Stock
- negative net asset position
BNB
babcock & brown limited
Whether one can claim losses on a company that goes belly up as...
-
- There are more pages in this discussion • 19 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add BNB (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
FHE
FRONTIER ENERGY LIMITED
Adam Kiley, CEO
Adam Kiley
CEO
SPONSORED BY The Market Online