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02 Oct 2014


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Loss Declarations 

(Scroll down this webpage to see a complete list)

Shareholders can "choose to make a capital loss" on shares acquired on or after 20 September 1985 when an administrator or liquidator declares in writing that they have reasonable grounds to believe there is no likelihood that shareholders will receive any further distribution for their shares.

The section of the Income Tax Assessment Act 1997 (s 104-145) dealing with this, is reproduced below.

The main section  of our site that deals with this subject for the 2013/14 income year is Capital Losses 2013/14.  

 

How do you choose to make a loss? 

The Australian Taxation Office says "you choose to make the capital loss in the income year the administrator or liquidator declares the shares worthless or the financial instruments to have no value or negligible value. You indicate that you have chosen to make the capital loss by the amounts you show at the capital gains tax question on your tax return for that year."

 

What if you don't choose to make a loss?

If you don’t choose to make the capital loss in that year, you won’t make a capital loss until the share or financial instrument is disposed of....." Disposal meaning the sale of the securities (see "Sell your worthless shares") and is deemed to also include the deregistration of a company. Shareholders should see Deregistered companies for a list of such companies, deregistered over the past 24 years.

 

Declarations already issued

Declarations have been made for a number of companies that have gone into administration or liquidation over the past twenty-four years. These declarations and many others can be printed off at this site by searching on the individual companies. Here is a list of the companies for which we have declarations:

 

 

Loss Declarations 1990 - 2015

Last updated: 29 September 2014

Company
Date of issue of

the declaration

Income year in which the investor can choose to make a capital loss
Notes (see below)
Actimp Systems Limited
29/06/1999
1998-99
1
Alamain Investments Limited
4/08/2005
2005-06
1
Allco Finance Group Limited

25/05/2009

2008-09

4

Allco Hit Limited

16/03/2010

2009-10

4

APA Holdings Ltd
17/06/1999
1998-99
1
Apex Minerals NL 08/04/2014 2013-14 3
Arafura Pearls Holdings Limited 31/07/2013 2013-14 3
Arturus Capital Limited 11/03/2014 2013-14 3
Asian Pacific Limited

29/05/2009

2008-09

1

Australian Coal & Gold Holdings Ltd
22/06/1999
1998-99
1
Australian Gold Fields NL
19/11/2001
2001-02
4
Australian Kaolin Limited
15/11/2004
2004-05
1
Australian Resources Limited
16/06/1999
1998-99
1
Australian Rural Group Limited 3/07/2013 2013-14 3
Australis Media Limited
28/06/1999
1998-99
1
Australis Mining NL
7/07/2003
2003-04
1
Auto Group Limited

1/11/2007

2007-08

1

Avastra Sleep Centres Limited 8/09/2014 2014-15 8
Babcock & Brown Limited

11/06/2009

2008-09

4

Barron Entertainment Limited
8/09/2003
2003-04
1
Belvidere Mining NL
30/06/1996
1995-96
1
Betta Stores Limited

7/06/2007

2006-07

4

Bill Express Limited 30/06/2010 2009-10 4
Bliss Corporation Limited
13/08/2003
2003-04
1
Bond Corporation Holdings Limited 

6/01/1994

1993-94

4

Bristol Corporation Limited
28/01/2003
2002-03
1
Campus Holidays Ltd
19/01/1993
1992-93
1
CEC Group Limited 04/06/2012 2011-12 2
Centaur Mining & Exploration Ltd
2/10/2002
2002-03
1
CFK Childcare Centres 25/11/2010 2010-11 1
Chemeq Limited

26/05/2008

2007-08

4

Cinema Plus Limited
3/08/2000
2000-01
1
Clifford Corporation Limited
28/06/1999
1998-99
1
Clivpee Limited

01/09/2010

2010-11

4

Clutha Limited
5/03/1997
1996-97
1
Commander Communications Limited

12/12/2008

2008-09

1

Compass Holdings Limited
12/12/1996
1996-97
1
Compass Hotel Group Limited 17/04/2012 2011-12 1
Coplex Resources NL

1/05/2008

2007-08

1

CopperCo Limited

17/12/2009

2008-09

4

Cudgen RZ Limited
20/12/2002
2002-03
1
CVI Energy Corporation Limited 30/05/2012 2011-12 1
Dainford Holdings Limited
13/07/1999
1999-00
1
Denehurst Limited
2/05/2005
2004-05
1
Digicall Group Limited
22/07/2003
2003-04
1
Direct Acceptance Corporation Limited
29/10/2002
2002-03
4
DJL Limited 24/06/2013 2012-13 1
Dream Haven Bedding & Furniture Limited
10/02/2003
2002-03
1
Duke Group Limited (The)
9/12/2002
2002-03
4
Ectec Limited
15/10/2003
2003-04
1
Eisa Limited
22/03/2001
2000-01
1
Entrad Corporation Limited
9/04/2003
2002-03
1
Exicom Limited
17/06/1996
1995-96
1
Farnell & Thomas Limited
25/08/2005
2005-06
1
Federation Group Limited
1/07/2005
2005-06
1
Forestech Limited
27/08/2002
2002-03
1
Forest Enterprises Australia Limited 29/06/2012 2011-12 2
Forge Group Limited 25/03/2014 2013-14 3
Formida Holdings Limited
31/10/2001
2001-02
1
Genoa Resources and Investment Limited
18/06/1999
1998-99
4
Gold Copper Exploration Limited
2/11/1992
1992-93
1
Golconda Minerals NL
16/06/1999
1998-99
1
Golden West Refining Corporation Limited
25/11/2003
2003-04
1
Goldstocks Limited
25/02/2003
2002-03
1
GPI Leisure Corporation Limited
21/01/2003
2002-03
1
Great Southern Limited 26/03/2013 2012-13 4
Group Property Services Limited
16/08/1999
1999-00
1
Halwood Corporation Limited
22/05/1997
1996-97
1
Harris Scarfe Holdings Ltd
30/06/2003
2002-03
1
Hartogen Energy Limited
10/11/1995
1995-96
1
Harts Australasia Limited
17/04/2002
2001-02
1
Hastie Group Limited 02/05/2013 2012-13 4
Healthzone Limited 16/04/2012 2011-12 4
Henry Walker Eltin Limited
03/03/2006
2005-06
6
HIH Insurance Limited
17/06/2002
2001-02
4
Hooker Corporation Limited
22/05/1997
1996-97
1
HZ Lim Limited 16/04/2012 2011-12 4
Iberian Resources Limited 16/06/2009 2008-09 1
Indo Pacific Resources NL
22/01/2003
2002-03
1
Interchase Corporation Limited
31/08/1993
1993-94
4
International Contract Manufacturing Ltd
5/02/2004
2003-04
1
Internova MCI Limited
13/08/2003
2003-04
1
ION Limited 15/06/2005 2004-05
2
Kagara Limited 11/06/2014 2013-14 3
Kaldina Property Corporation Limited
21/06/1999
1998-99
1
Kelpie Industries Limited
19/08/1999
1999-00
1
King Mining Corporation Limited
5/08/2003
2003-04
1
Kwan Lee (Holdings) Limited 3/03/1998 1997-98
1
Laser Holdings Limited
11/09/2002
2002-03
1
Laverton Gold NL

8/05/2007

2006-07

1

Libertyone Limited
7/09/2001
2001-02
1
LV Living Limited

27/01/2010

2009-10

1

Mahogany Capital Limited - Series I & Series II Notes 29/06/2011 2010-11 4
Markwell Pacific Limited
13/05/2004
2003-04
1
Media World Communications Limited

6/12/2010

2010-11

1

Metal Storm Limited 30/06/2014 2013-14 3
Moage Limited
9/12/2002
2002-03
1
Mount Lyell Mining Company Limited
15/04/1999
1998-99
5
MRI Holdings Limited 20/07/2012 2012-13 4
Murphy Corporation Limited
30/06/1998
1997-98
1
My Community Corporation Limited
13/08/2003
2003-04
1
National Forge Limited
9/06/2004
2003-04
1
National Leisure & Gaming Limited 30/11/2012 2012-13 4
New Cap Reinsurance Corp Holdings Limited
29/03/2000
1999-00
4
New Tel Limited
20/05/2003
2002-03
4
Nonferral Recyclers Limited
15/02/2007
2006-07
1
Normans Wines Limited
31/10/2002
2002-03
1
Nylex Limited 17/02/2011 2010-11 4
Octaviar Limited

25/06/2009

2008-09

4

Oddsoft Limited
17/06/2003
2002-03
1
One.Tel Limited
30/05/2002
2001-02
4
Pan Pharmaceuticals Ltd
12/11/2003
2003-04
1
Panfida Foods Limited
28/02/2003
2002-03
1
Pasminco Ltd
31/03/2005
2004-05
2
Penrice Soda Holdings Limited 1/8/2014 2014-15 8
Phoenix Technology Corporation Limited
11/06/2003
2002-03
1
Polartechnics Limited

11/02/2010

2009-10

1

Power Pacific Limited
29/06/1998
1997-98
1
Pro-image Studios Limited
21/08/1997
1997-98
1
Quiktrak Networks Limited

15/06/2010

2009-10

1

Ramtron Holdings Limited
7/01/1998
1997-98
1
Record Realty

17/03/2010

2009-10

4

Recruiters Australia Limited
15/03/2004
2003-04
1
Residual Assco Group Limited 24/06/2013 2012-13 1
Reynolds Wines Limited
18/05/2004
2003-04
1
RKS Consolidated (was Rockstead Financial Services Limited)

15/07/2009

2009-10

5

Satellite Group Limited (The)
20/06/2001
2000-01
1
Seafood Online.com Limited
8/04/2003
2002-03
1
Smart Communications Group Limited
16/04/2004
2003-04
1
Sons of Gwalia Ltd
7/06/2005
2004-05
1
Southern Cross Airlines Holdings Limited
30/06/1993
1992-93
1
Southern Equities Corporation Limited
6/01/1994
1993-94
4
Stanilite Pacific Limited

09/04/2008

2007-08

1

Stockford Limited
28/06/2005
2004-05
1
Strarch International Limited
26/05/2004
2003-04
1
Swepdri Limited
18/09/2006
2006-07
1
Tamaya Resources Limited

6/04/2009

2008-09

4

Terraplanet Limited (now African Chrome Fields Limited)
25/06/2003
2002-03
5
The Duke Group Limited
9/12/2002
2002-03
4
The Satellite Group Limited
20/06/2001
2000-01
1
Timbercorp Limited - Ordinary Shares

24/06/2010

2009-10

4

Timbercorp Limited - Reset Preference Shares  28/06/2012 2011-12 4
Tooth & Co Limited 24/06/2013 2012-13 1
Total Sport & Entertainment Group Limited
12/05/2004
2003-04
1
Ultrapay Limited 19/02/2014 2013-14 3
Vanguard Petroleum NL
1/06/2005
2004-05
1
Ventracor Limited

19/08/2009

2009-10

1

Viridis Clean Energy 30/05/2011 2010-11 1
West Coast Holdings Limited
13/03/2003
2002-03
1
Willmott Forests Limited 1/06/2011 2010-11 4

Note 1: These companies have also been deregistered - shareholders can choose to make a capital loss when a company is deregistered, if they had not already made that choice in the income year in which the Loss Declaration was made.

Note 2: Shareholders in these companies (which are in administration) who did not choose to claim their capital loss in the tax year the declaration was issued, may organise for the disposal of their shares here and thus crystallise their loss in the 2013/14 income year.

Note 3: A loss declaration was issued for these companies during 2013/14 and the loss can be claimed in respect of the specified securities in the 2013/14 tax year.

Note 4: To our knowledge, these companies are in liquidation. If you are a shareholder and did not choose to make a capital loss in the income year in which the Loss Declaration was made, you will have to wait until the company is deregistered to claim your loss.

Note 5: These companies subsequently emerged from liquidation. If you are a shareholder who claimed your capital loss at the time, we suggest you seek independent professional advice relative to your current shareholding.

Note 6: We are advised shares may still be of some value, notwithstanding the earlier issue of a loss declaration. Shareholders should retain their holdings meantime.

Note 7: Strike-off action is in progress - deregistration usually follows quickly.

Note 8: A loss declaration was issued for these companies during 2014/15 and the loss can be claimed in respect of the specified securities in the 2014/15 tax year.

 Deregistration (See also Deregistered companies)

The deregistration of a company is also a CGT event enabling the crystallisation of a capital loss. Where shareholders still have a capital loss to claim for a company not featuring in the list above, they should firstly check the individual company's record (search on company or code above) to see if their company has been deregistered.

INCOME TAX ASSESSMENT ACT 1997 SECTION 104-145

 

DECLARATIONS (by an administrator or liquidator)

SECTION 104-145

Liquidator or administrator declares shares or financial instruments worthless: CGT event G3

104-145(1) 

CGT event G3 happens if you own *shares in a company, or financial instruments issued by or created by or in relation to a company, and a liquidator or administrator of the company declares in writing that the liquidator or administrator has reasonable grounds to believe (as at the time of the declaration) that:

(a) for shares - there is no likelihood that shareholders in the company, or shareholders of the relevant class of shares, will receive any further distribution for their shares; or

(b) for financial instruments - the instruments, or a class of instruments that includes instruments of that kind, have no value or have only negligible value.

104-145(2) 

The time of the event is when the declaration was made.

104-145(3) 

Examples of financial instruments referred to in subsection (1) are:

(a) *debentures, bonds or promissory notes issued by the company; and

(b) loans to the company; and

(c) futures contracts, forward contracts or currency swap contracts relating to the company; and

(d) rights or options to acquire an asset referred to in a preceding paragraph of this subsection; and

(e) rights or options to acquire *shares in the company.

104-145(4) 

You can choose to make a capital loss equal to the *reduced cost base of your *shares or financial instruments (as at the time of the declaration).

104-145(5) 

If you make the choice, the *cost base and *reduced cost base of the *shares or financial instruments are reduced to nil just after the declaration was made. 

Note:

This is for the purpose of working out if you make a capital gain or loss from any later CGT event in relation to the shares or financial instruments. 

Exceptions

104-145(6) 

You cannot choose to make a *capital loss if:

(a) you *acquired the shares or financial instruments before 20 September 1985; or

(b) the shares or financial instruments were *revenue assets at the time when the declaration was made.

104-145(7) 

You cannot choose to make a *capital loss for a *qualifying share if:

(a) you did not make an election for the *share under section 139E of the Income Tax Assessment Act 1936 for the income year in which you acquired (within the meaning of Subdivision C of Division 13A of Part III of that Act) the share; and

(b) the declaration was made no later than 30 days after the *cessation time for the share.

104-145(8) 

You cannot choose to make a *capital loss for a financial instrument that is a right you acquired (within the meaning of Subdivision C of Division 13A of Part III of the Incometd width=right Tax Assessment Act 1936), or would have so acquired apart from section 139DD of that Act, under an *employee share scheme.

 

 

HELP PLEASE

deListed and InvestoGain are largely the result of voluntary effort. We welcome input and updates from investors, company officers, insolvency practitioners, regulatory bodies, registries and others to admin@investogain.com.au.

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