It's sad when you hear stories like that - they are quite...

It's sad when you hear stories like that - they are quite common. To have a tax bill of $200k, the profits would be say, twice that? What happened to that cash? Too often it's spent on "things" that might make you feel good temporarily...

The Accountant should have asked for a "private ruling" based on that information you offer so as to wipe out the profit from the previous year with the loss. There will be an interest component charged for not paying the tax on profits on time.. As long as you volunteer the information and approach them before they approach you, I have found the ATO to be quite helpful.

The other story heard all over HC is people putting everything they have into a penny dreadful, believing the hype and getting torched by the slick operators that promise the girls, Rolls, Rolex and more... I am happy to start small (with WFE it was only $2k) and add more later. I'm happy to miss out on the "100-baggers" once in a lifetime opportunities, but you'll be less likely to lose 95% of your capital too..

Research, research, research. Nothing substitutes for knowing what you don't already know.
Trust no one - don't rely on comments by others - find out for yourself.
The system is broken and not there to protect you or your money.
Information rules. Your proximity to the source of information will be your ultimate success or demise.
Spend more time on education than you do on forums and Fortnite...

Cheers,
TC.

**Sentiment changed to "Sell" as this will tank if it gets to re-listing**