If you are a "trader" then it is the same as selling oranges. All your profits are assessable and all your losses are deductible against the assessable income. If you are holding some shares for the long term (for investment) then the capital gains tax rules will apply, ie if you dispose of shares within 12 months you will be assessable on the whole of the gain. If you hold for >12 months you will be assessed on one half of the capital gain. Capital losses are not discounted and can only be deducted against other capital gains. If you trade and hold some for investment then you need to separate the two classes for tax purposes.
You can claim a capital loss only when the administrator or liquidator declares the shares worthless. (ATO CGT event G3.)
BGC Price at posting:
3.9¢ Sentiment: None Disclosure: Not Held
