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Capital Losses 2008/09

 

04 Sep 10

THE FOLLOWING WEBPAGE APPLIES TO TAX YEAR 2008/09. IN CONJUNCTION WITH OUR LOSS DECLARATIONS AND DEREGISTERED COMPANIES WEBPAGES, IT MAY BE USEFUL FOR TAXPAYERS IN PREPARING RETURNS FOR THAT YEAR. IN DUE COURSE IT WILL BE REPLACED BY THE STATUS FOR 2009/10.  

We suggest that shareholders interested in the availability of tax losses in 2008/09 on securities of companies suspended from quotation, delisted or in external administration, read the following. If you are unable to find your company in one or other of the schedules below (even though it is suspended from quotation) it may be that we still believe the securities to be of value and you should hold them. If in doubt email us to admin@delisted.com.au with the name and code of your company. deListed recommends all shareholders seek independent financial advice before making any decision about their holdings.

In our view there are four categories of capital loss companies in 2008/09:

1. Liquidators'/administrators' declarations issued this year:

A loss declaration has been issued during 2008/09 for the following companies and shareholders can choose to make a capital loss in the 2008/09 income year:

Company Name Code Date of Declaration Shares last
traded
ALLCO FINANCE GROUP LIMITED

AFG

25/05/2009

04/11/2008

ASIAN PACIFIC LIMITED

AAS

29/05/2009

28/02/2008

BABCOCK & BROWN LIMITED

BNB

11/06/2009

24/11/2008

COMMANDER COMMUNICTIONS LTD

CDR

11/12/2008

08/08/2008

COPPERCO LIMITED

CUO

17/06/2009

24/11/2008

OCTAVIAR LIMITED

OCV

25/06/2009

23/01/2008

TAMAYA RESOURCES LIMITED

TMR

04/05/2009

30/09/2008

 

2. Liquidators'/administrators' declarations issued in previous years:

If shareholders did not choose to make a capital loss for the following companies in the income year the declaration was made, they can do so now only by disposing of their securities:

Company Name Code Date of Declaration Income year in which claim had to be made Shares last
traded
CHEMEQ LIMITED

CMQ

26/05/2008

2007-08

30/05/2007

DENEHURST LIMITED
DHU
2/5/2005
2004-05
1998
HENRY WALKER ELTIN LIMITED
HWE
03/03/2006
2005-06
31/01/2005
ION LIMITED
ION
15/06/2005
2004-05
7/12/2004
PASMINCO LIMITED
PAS
31/03/2005
2004-05
20/09/2001
SONS OF GWALIA LIMITED
SGW
7/06/2005
2004-05
30/08/2004
STOCKFORD LIMITED
SKD
28/06/2005
2004-05
24/02/2003

We recommend shareholders consider disposing of their securities in these companies, which they can do so quickly and simply at "Sell your worthless shares". The alternative is to wait until the company is deregistered before claiming the loss.

 

3. Companies suspended from quotation and/or in external administration:

This is the sixth year we have prepared a schedule of capital loss companies. Each year it is provided to stockbrokers and investors, Australia-wide. This year we have reviewed the position of 191 relevant companies in order to produce the following list of 102 companies. In our view, securities in these companies are of little, if any, value. We suggest shareholders consider disposing of their securities in these companies, which they can do so quickly and simply at   "Sell your worthless shares".

CAPITAL LOSS COMPANIES

INCOME YEAR 2008/09

(Shareholders should consider crystallising their capital losses in these companies this year)

Last updated: 26 Jun 2009

New companies added after 19 June 2009

Company Name Code Previous Name(s) Shares last
traded
A.B.C. LEARNING CENTRES LIMITED

ABS

25/08/2008

AGENIX LIMITED
AGX

29/08/2008

AGRI ENERGY LIMITED

AAE

AUSTRALIAN ETHANOL

24/12/2007

AHL CORPORATION LIMITED
AEROSONDE HOLDINGS
3/05/2002
ALBIDON LIMITED

ALB

26/03/2009

ALLCO HIT LIMITED

AHI

7/11/2008

ALUMINEX RESOURCES LIMITED

ALM

13/10/2008

ANTAEUS ENERGY LIMITED

AEL

29/09/1999

APOLLO LIFE SCIENCES LIMITED
AOP
18/03/2008
ARASOR INTERNATIONAL LIMITED

ARR

26/02/2009

ASSET LOANS LTD
ASQ
 
29/08//2008
AUSTCORP TOWERS TRUST

AUU

06/05/2009

AUSTRALIAN ETHANOL LIMITED

AAE

24/12/2007

AUSTRALIAN MOTOR FINANCE GROUP LIMITED

AGQ

BUSHVELD PLATINUM

27/02/2008

AUSTRALIS AQUACULTURE LIMITED

AAQ

12/01/2009

AUSTRALIS MINING CORPORATION LIMITED
AUV
4/10/2005
AXIOM MINING LIMITED

AVQ

02/01/2009

BALLARAT SOUTH GOLD LIMITED
BSGU
ANTAEUS ENERGY
29/09/1999
BARAKA PETROLEUM LIMITED

BKP

30/04/2008

BIDGEE FINANCE LIMITED

BFI

25/11/2008

BIRON APPAREL LIMITED
BIC
BIRON CAPITAL
15/06/2006
BIRON CAPITAL LIMITED
BIC
15/06/2006
BLUE CHIP FINANCIAL SOLUTIONS LIMITED

BCF

14/02/2008

BLUE ENSIGN TECHNOLOGIES LIMITED

BLE

PACIFIC INTL

03/09/2002

BRAINYTOYS LIMITED

BRT

7/01/2009

BRUNSWICK NL
BRW
2/10/1991
CFK CHILDCARE CENTRES LIMITED
CFK
1/10/2008
CHEMEQ LIMITED

CMQ

See Para 2 above

30/05/2007

CHEW YAK MONG - SYNERPAC LIMITED
CYM
8/02/2007
CHINA CATTLE LIMITED

CAC

SUNBASE CHINA

13/5/1998

CHINA WEST INTERNATIONAL HOLDINGS LIMITED

CWH

1/10/2007

COAL FE RESOURCES LIMITED

CES

15/10/2008

COMBINED SECURITIES LIMITED
BRUNSWICK NL
2/10/1991
COMMQUEST LTD

CQU

25/03/2009

COMPASS RESOURCES LIMITED

CMR

29/01/2009

CTC RESOURCES NL
EMU HILL GOLD MINES NL
18/12/1990
CUMMINSCORP LIMITED
CMN
3/05/2006
DENEHURST LIMITED
DHU
See Para 2 above
DENX LIMITED
DNX
HELM CORP LIMITED
3/05/2006
DESTRA CORPORATION LIMITED

DES

13/11/2008

DIAMONEX LIMITED

DON

27/01/2009

DIDASKO LIMITED
DID
10/05/2005
ECSI LIMITED
ECS
28/06/2004
ELLECT HOLDINGS LIMITED

EHG

INTELLECT HOLDINGS

23/05/2008

EMU HILL GOLD MINES NL
EMH
18/12/1990
ERAWAN COMPANY LIMITED

EWN

13/06/2006

ETW CORPORATION LIMITED

ETW

EVANS & TATE

21/08/2007

EVANS & TATE LIMITED

ETW

21/08/2007

FIG TREE DEVELOPMENTS LTD

FTD

03/03/2009

FLOWCOM LIMITED
FLO
20/02/2007
FORTUNA MINERALS LIMITED

FTN

MARGINBET

28/03/2008

GOLDSTAR RESOURCES NL

GDR

07/01/2009

GREAT FINGALL MINING COMPANY NL
GFM
1992
GREAT PACIFIC CAPITAL LIMITED

GRP

9/05/2008

GREAT SOUTHERN LIMITED

GTP

11/05/2009

GREATER BENDIGO GOLD MINES LIMITED

GBM

20/11/2008

GREEN PACIFIC ENERGY LIMITED

GPE

12/05/2006

GREEN X GLOBAL LIMITED
GXG
28/11/2003
GUILFORD INVESTMENTS LIMITED

GUI

HARVESTROAD LIMITED

18/03/2008

HAILIAN INTERNATIONAL LIMITED
HLI
16/07/2004
HANDINI RESOURCES LIMITED

HDI

02/03/2009

HARVEST LIVING LIMITED
HLE
MOTION PICTURE COMPANY OF AUSTRALIA LIMITED
9/06/2006
HARVESTROAD LIMITED

HRD

18/03/2008

HELM CORPORATION LIMITED
HCL
3/05/2006
HENRY WALKER ELTIN LIMITED
HWE
See Para 2 above
HLI LIMITED

HLI

HAILIAN INTL LIMITED

16/07/2004

IGDX HOLDINGS LTD

IGX

02/03/2009

IMAGINE UN LIMITED

IUL

2/03/2009

INTELLECT HOLDINGS LIMITED

IHG

23/05/2008

INTERCOAL LIMITED
INI
26/07/2000
INTERNATIONAL BUILDING INDUSTRIES LIMITED
IBL
6/03/2007
INTERNATIONAL GOLD MINING LIMITED
 
INTERCOAL LIMITED
26/07/2000
INVESTMENT AUSTASIA LIMITED
IAL
11/12/1997
ION LIMITED
ION
See Para 2 above
JACOBSEN ENTERTAINMENT LIMITED
JEL
15/09/2003
JINGELLIC MINERALS NL
JMN
1994
KING EQUIPMENT LIMITED

KEL

6/09/2007

LAFAYETTE MINING LIMITED

LAF

4/12/2007

LASSETERS CORPORATION LIMITED

LAS

9/09/2008

LAVERTON GOLD NL
LVG
6/10/1998
LV LIVING LIMITED

LVL

4/06/2008

MACMIN SILVER LTD

MMN

3/11/2008

MAHOGANY CAPITAL LIMITED

MHY

18/09/2008

MARGINBET LIMITED

MRB

28/03/2008

MATILDA MINERALS LIMITED

MAL

17/10/2008

MATRIX METALS LIMITED

MRX

12/11/2008

MEDIC VISION LIMITED

MVH

04/03/2009

MISTRAL MINES NL
MST
1994
MOBILESOFT LIMITED

MSO

22/08/2007

MONARCH GOLD MINING COMPANY LIMITED

MON

18/06/2008

MONTO MINERALS LTD

MOO

29/8/2008

MOTION PICTURE COMPANY OF AUSTRALIA LIMITED
MPC
9/06/2006
NARHEX LIFE SCIENCES LIMITED

NLS

03/03/2008

NATURAL FUEL LIMITED

NFL

14/4/2009

NETWORK FOODS LIMITED
NFO
8/02/2007
NORTHERN CREST INVESTMENTS LIMITED

NOC

BLUE CHIP FINANCIAL SOLUTIONS LIMITED

14/02/2008

NUSEP LTD

NSP

13/03/2009

NYLEX LIMITED

NLX

12/02/2009

ON Q GROUP LIMITED

ONQ

05/05/2008

OPEN TELECOMMUNICATIONS LIMITED

OTT

 

24/05/2006

OPTIMA ICM LIMITED

OPI

22/7/2008

ORT LIMITED

ORT

10/10/2007

OZ BREWING LIMITED

OZB

10/9/2008

PACIFIC INTERNATIONAL LIMITED

PCI

03/09/2002

PASMINCO LIMITED
PAS
See Para 2 above
20/09/2001
PELSART RESOURCES NL
PRN
16/12/1999
PERMO-DRIVE TECHNOLOGIES LIMITED

UNLISTED

UNLISTED

PHELPS HARRIMANN LIMITED
SAGE GLOBAL FUND
29/10/2001
PLANTCORP LIMITED
JINGELLIC MINERALS
1994
PLENTEX LIMITED

PRM

22/11/2006

PORTLAND ORTHOPAEDICS LIMITED
PLD
 
24/11/2008
QUIKTRAK NETWORKS LIMITED

QTK

18/8/2008

QUOIN INT LIMITED
QIL
20/04/2001
RAPTIS GROUP LIMITED

RPG

12/9/2008

RAW CAPITAL PARTNERS LIMITED

RCA

14/10/2008

RECORD REALTY

RRT

05/2/2009

REELTIME MEDIA LIMITED

RMA

FLOWCOM LIMITED

30/1/2008

RESIDUAL ASSCO GROUP LIMITED
RAG
24/12/1999
RESOURCE STAR LIMITED

RSL

RETAIL STAR LIMITED

14/7/2008

RETAIL STAR LIMITED

RSL

14/7/2008

ROCKSTEAD FINANCIAL SERVICES LIMITED

RKS

29/07/2008

RUBICON AMERICA TRUST

RAT

05/2/2009

RUBICON EUROPE TRUST GROUP

REU

07/11/2008

RUBICON JAPAN TRUST

RJT

05/2/2009

S2NET LIMITED

 

OPEN TELECOMM. LTD

24/05/2006

SAGE GLOBAL FUND LIMITED
SGG
29/10/2001
SOFCOM LIMITED
SOF
4/07/2005
SOIL SUB TECHNOLOGIES LIMITED

SOI

02/3/2009

SONS OF GWALIA LIMITED
SGW
See Para 2 above
30/08/2004
STOCKFORD LIMITED
SKD
See Para 2 above
24/02/2003
STRATHFIELD GROUP LIMITED

SRA

28/01/2009

STYLE LIMITED

SYP

02/03/2009

SUNBASE CHINA LIMITED
SUB
13/05/1998
SUPERSORB ENVIRONMENTAL NL
SUP
8/08/2002
TAKORADI LIMITED

TKG

04/02/2009

TASSAL LIMITED
TSS
26/06/2002
TIMBERCORP LIMITED

TIM

23/04/2009

ULTRAPAY LIMITED

ULT

28/08/2007

VENTRACOR LIMITED

VCR

10/2/2009

VESTURE LIMITED

VES

02/03/2009

VICULUS LIMITED
VCL
16/09/2002
VIEW RESOURCES LTD
VRE
8/02/2008
VOLTAGE IP LIMITED
VIP
3/05/2007
WATER WHEEL HOLDINGS LIMITED

WWH

16/2/2000

WESTERN KINGFISH LIMITED

WKL

24/11/2008

WINDIMURRA VANADIUM LIMITED
WVL
10/2/2009
ZAMBEZI RESOURCES LIMITED

ZRL

16/03/2009

Companies in italics - these are previous names - please find (see 3rd column) and use the current name for the company when selling worthless shares.

We recommend shareholders consider disposing of their securities in the above companies, which they can do so quickly and simply at "Sell your worthless shares". The alternative is to wait until the company is deregistered before claiming the loss.

 

4. Other companies

If your company has failed or is suspended from quotation and does not feature in any of the above categories it is likely that:

  • The company has been deregistered and the capital loss can be claimed, providing of course it has not previously been claimed. (note that the capital loss is only made in the year the company is deregistered - which also means if is not applied against a capital gain in that year, it is carried forward.) See our Deregistered Companies webpage for a list of deregistered companies.
    or
  • A liquidators or administrators declaration has been issued in a previous income year and the company is now in liquidation (as distinct from "in administration"). If you did not choose to make a capital loss when the declaration was made you will have to wait until the company is deregistered before you can claim your loss. Our Loss Declarations webpage features many of these companies.
    or
  • The company’s shares are still of value and we recommend you do not dispose of them as yet. (see the individual company record by searching on the company name or ASX code at this site)

Email us to admin@delisted.com.au if you have been through the above and are still uncertain of the status of your securities for capital loss purposes in the current income year.

Recapitalisation and requotation – many shareholders have asked us about the possible value of their shares if their company is restructured and able to regain quotation. In our experience the residual value of an average shareholding has been negligible in such circumstances. The best way to demonstrate this is to take two prominent companies that have recently been recapitalised and have regained quotation:

Western Metals Limited (WMT) – As part of the restructuring, this company’s shares were consolidated, with existing shareholders receiving 1 share for every 100 they held previously. The shares came back on the market in December 2005 at about 2.3 cents and an “average” shareholding of say 50,000 shares acquired at 28 cents* each (cost $14,000) had thus become 500 shares, worth about $15.

Gympie Gold Limited (now Lachlan Star Limited (LSA) - As part of the restructuring, this company’s shares were consolidated, with existing shareholders receiving 1 share for every 15 they held previously. The shares came back on the market on 4 April 2006 (the company was then called Toodyay Resources Ltd) at about 2 cents and an “average” shareholding of say 25,000 shares acquired at 56 cents* each (cost $14,000) had thus become 1667 shares, worth about $34.

* average closing price over the five years prior to suspension

While any value is better than nothing, in each case shareholders who had retained their shares were still faced with having to sell a less-than-marketable parcel to crystallise their capital loss. Clearly it would have been in their interests to dispose of their shares and take the tax benefit of the loss in the earlier years, providing of course it could be utilised then.

Transfer of securities - shareholders should be aware that some of the companies in the above schedules are in administration. While s437F of the Corporations Act restricts the transfer of shares in such companies, the Australian Taxation Office has determined that in certain circumstances the capital loss can be crystallised. Our documentation and process has accomplished this for thousands of transactions since tax year 2003/04 (we are not aware of any claim being disallowed) and we have established an excellent reputation in the stockbroking and investment community for this specialised professional service.

Status - shareholders can find a STATUS position within each company record by searching on the company's code or name. Any change before 30 June 2009 will be reflected there immediately.

Further reading:

Shareholders seeking further background should see our Loss Declarations, Deregistered Companies and Capital Gains Tax Basics webpages.


 

 
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