Hi,
I hold a security which is currently running 40% below my purchase price and I do believe that it may go down further then can I sell the stock now to claim capital loss and then in next financial year buy the same security after waiting 31 days then will I be breaking wash sale rule of ATO?
90% the stock will go down further and it is the risk I am happy to take by selling now and buying again in month or few month time when it goes down further by another 20%. Obviously if it goes up then it is the risk I will take and won't buy that stock again... !
It is unfair to say by ATO that if I buy same security in next year then I will breach wash sale rule when in reality business do right off up to $20,000 worth of asset every year and they are allowed to buy back same asset again then why investor who invest in market not allowed to do the same?
Any general advice or ATO link would be helpful. ATO makes rule complicated so they always have upper hand in everything... !
Thank you
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