I sold some shares last FY at heavy loss as they went rock...

I sold some shares last FY at heavy loss as they went rock bottom .002c
its a capital gains loss, so it gets stored on your profile for the next time you make a capital gain, ie, sell investment property for a gain or shares for a gain, or other asset that occurs CGT. can be years away i beleive, not in same FY.

I was under the impression you'd get a tax loss, and i could claim it against my taxable income from employment that same FY, not the case.

will stand corrected if wrong but that's how the accountant explained it to me when I done my return this year.

You wont be able to do anything till the holding is whipped or whatever happens to a holding that gets nothing, unless another outcome happens, but Id say it is stuck in limbo at the moment.