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06/03/23

15:25

Post #: 66627418
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Originally posted by th3p4rk2: ↑

That is my question.. the problem is that the 'gain' was last year...so in my 22-23 tax return (due in may) it will say I sold the shares and made $450,000. (therefore owe a tax amount of $175,000). But the shares were brought back and remained suspended into the next financial year. If I offload the shares today for example....the 'loss' would be in the 23-24 tax year. My question is.... in May when the ATO send me a $175,000 invoice.... If I no longer own the shares, can I use the capital loss (from 23-24 financial year) to effectively offset or pay off the debt from my 22-23 tax year? I have spoke to literally 6 different departments at the ATO and nobody has any clue!! Referred me from the individual tax, then to someone at business, back to individual, then to a shares specialist, but the shares specialist says its actually capital gains I need to speak to and the capital gains think its the shares people! I have spent literally hours and hours trying to figure out how screwed I am or whether I can avoid this destroying my entire life

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did you hold the shares for longer than 12 months before selling? If so I believe you are entitled to only paying tax on half your capital gain. Do you understand your capital gain is the total sale price minus the initial purchase price? Hope that helps

AVZ Price at posting: 78.0¢ Sentiment: Hold Disclosure: Held
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