re: pasminco gone or not cgts CGTS,
"As Pasminco Ltd are in administration and not liquidation, CGT event G3 cannot have happened. Shareholders are unable to claim a capital loss on their shares until such time as they can effectively dispose of their shares. Whilst the company is in administration share transfers are restricted. It is therefore unknown when shareholders may make a capital loss in relation to their shares."
The above seems entirely correct, but your mates accountant might not have claimed a CAPITAL loss.
If he had share trader status with the ATO and annually indexed his realised and unrealised profits and losses, he would have quite reasonably indexed PAS with a value of "0", and taken an "earnings loss".
But if he eventually got a small return from PAS, it would be classed as profit.
Cheers
GZ
PAS
pasminco limited
