AVZ 0.00% 78.0¢ avz minerals limited

Who wants out? Exit Strategy Here!

  1. 1,059 Posts.
    lightbulb Created with Sketch. 306
    Hey guys, some of you will have read my story and current issues. I have now found what I believe to be a viable exit strategy and happy to share! Essentially during the last financial year, I sold my AVZ shares and brought back in a few days later in order to increase my holdings. Selling the shares created a tax event in the 21-22 financial year resulting in a large sum of 'tax owing' on the 'gains'. Unfortunately as I used the entire amount to buy back in and did not set aside the taxable portion I now face the prospect of 1) losing my entire initial investment 2) owing tax on money I don't actually have access to and also at this stage expect to result in a complete financial loss. The way things stand for me, I will have the option of either accepting a payment plan with the ATO or selling my property to covert the tax debt. Selling my property will also attract a capital gains tax. It is better for me to crystallise the loss here, prior to the sale of my investment property so that I can offset the loss in AVZ against the gains on my property. In order to do that, I need to 'dispose' of my AVZ shares prior to the sale of my house. The problem is that if I transfer / dispose of my shares now, they will be considered market rate which at last close was 0.78c. Fortunately I have found an 'independent valuer' whom is authorised to value shares and is legally qualified / certified to do so for tax purposes. I have discussed this matter with him, provided Information regarding the issues and prospects we face and he is happy to provide a comprehensive report which the ATO will recognise, enabling me to then dispose of the shares with a 'nominal fee' valuation. If anyone else would benefit from disposing of their shares now with a nominal fee valuation rather than potentially waiting 2 years before administrators come in then please get in touch. happy to provide the valuers details and we can split the cost of the valuation report. Just be aware that if you transferred to someone you know, and the shares later become of value... tax would again be due on any amount above the 'sale price' when later sold. None of the above is financial advice and is purely based on my personal circumstances and opinions.
 
watchlist Created with Sketch. Add AVZ (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.