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yes you can claim tax loss based on the letter. by any chance if...

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azumakhar

221 Posts.

12/01/18

17:17

Post #: 30266570
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Originally posted by goldpants ↑

Howdy,

I've come back to MBN to try and resolve its status for my tax purposes. I'm unsure whether there is an ongoing question around its status or possible resurrection but it may be so based on a couple of quick posts I read. From what I can gather (and apologies if this is known or posted previously, couldn't find it if so) it appears MBN is 'done' and can be realised as a capital loss.

There is a link on the Ferrier site to this letter: https://www.ferrierhodgson.com/au/-...la-nickel-limited-shareholder-declaration.pdf

IMHO and on my understanding... the line that says "I confirm that under section 104-145 of the Income Tax Assessment Act 1997, I as Liquidator of the Company have reasonable grounds to believe that there is no likelihood that subordinated creditors, including shareholders, will receive any distribution from the assets available in the Liquidation. "

Coincides with the ASIC's Insolvency doc: http://asic.gov.au/regulatory-resou...eholders/insolvency-a-guide-for-shareholders/

Where the latter reads: "If a liquidator makes a written declaration that they have reasonable grounds to believe there is no likelihood that shareholders will receive any further distribution in the winding up, shareholders can realise a capital loss."

I'll confirm with my tax agent when I lodge, but looks pretty clear to me.

As always IMHO, DYOR yada yada!

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yes you can claim tax loss based on the letter. by any chance if ever mbn comes back to life, then you'll be paying tax if the cost was zero... anyway that is my understanding...

MBN Price at posting: 8.3¢ Sentiment: Hold Disclosure: Held
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yes you can claim tax loss based on the letter. by any chance if...

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