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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.
A small selection of Loss Declarations are reflected in the table below. A complete list can be downloaded by clicking on the box below the Notes. Search for your company above to find under News & Events whether or not a declaration of loss has been issued.
Loss Declarations 1990 - 2023
Last updated: 25/05/2023
|Company (a small selection)||Code||Tax Year||Notes
|A.B.C. LEARNING CENTRES LIMITED||ABS||2009-10||1|
|A.C.N. 004 410 833 LIMITED||ARI||2017-18||4|
|A.C.N. 059 457 279 LIMITED||MIG||2020-21||4|
|AAT CORPORATION LIMITED||AAT||2017-18||1|
|ACTIMP SYSTEMS LIMITED||1998-99||1|
|ADVANCE HEALTHCARE GROUP LTD||AHG||2009-10||1|
|ADVANCED ENERGY SYSTEMS LIMITED||AES||2020-21||4|
|AED OIL LIMITED||AED||2019-20||4|
|ALAMAIN INVESTMENTS LIMITED||AMV||2005-06||1|
|ALCYONE RESOURCES LTD||AYN||2015-16||1|
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 2022/23 income year.
Note 3: 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 (if one).
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: A loss declaration was issued for these companies during 2022/23 and the loss can be claimed in respect of the specified securities in the 2022/23 tax year.
Note 6: A loss declaration was issued for these companies during 2023/24 and the loss can be claimed in respect of the specified securities in the 2023/24 tax year.
Note 7: Loss Declarations issued in earlier years, company is neither in liquidation nor deregistered.
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 35 years.
Declarations already issued
Declarations have been made for a number of companies that have gone into administration or liquidation over the past thirty-five years. These declarations and many others can be printed off at this site by searching on the individual companies.
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)
Liquidator or administrator declares shares or financial instruments worthless: CGT event G3
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.
The time of the event is when the declaration was made.
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.
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).
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.
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.
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.
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.
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.
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