"well to me, if it costs you more to sell your shares when you consider brokerage and money conversion, than what you can claim with a capital gains loss here in Oz without further costs then I reckon I will go with the latter"
Better be quick. Once the socialists catch wind of it they will declare the ability to claim capital losses as "middle class welfare" and try and ban it.
Think about it. We are taxed on money that we earn (income tax). We are taxed on money that we spend (GST, stamp duty etc). We are taxed on money that we don't spend (rates based on house value, tax on bank interest which is already below inflation, capital gains tax), etc. The only thing they haven't yet figured out how to do is tax us on money we don't have.
Capital losses are money that we don't have but are easily quantified since its on tax returns so no reason not to use that number to tax us on the loss also. No doubt the socialist spin doctors are already working on the marketing campaign to sell the idea. They tried to call the mining tax the "super profits tax" so what BS name will they make up for a money grab on losses? How about "Mega rich equity disipation tax"?
At least the money will be going to "working families" as it always does. Sadly my working family never sees any of it. Seems odd.
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