Can you offset a property capital gain against a shares capital loss?

As per title.

I'm selling a property this year which will make a gain.

I have a bunch of small cap shares from 2009/2010 that are now worthless, if I sell these this year and realise the loss, can I use that loss from the shares against the gain on the property?

Cheers.

 

As far as I know, yes. So long as both transactions are in the same financial year.

You deduct the nett loss from the nett gain, then deduct the 50% if the assets were held for more than 12 months. (You can’t take 50% of the gain then deduct 100% of the loss.)
Marg

 

Capital losses on shares can be offset against capital profits on real estate.

Assuming the property is not pre CGT. Assuming it is owned by the same person. Assuming not in a trust or company so no need to consider anti avoidance provisions.

 

Can you sell those shares/is there a buyer out there?
Is the company still trading?
Are they really worthless or just dropped in value?

 

Just wondering if you sell and then decide to rebuy those shares could there be some tax implications? I'm thinking..... Legal Database

I'm no tax agent but I used to talk to a guy who once filed returns from the back of his van which was parked in a Macca's carpark.

But if you're not rebuying I wouldn't be concerned.

 

Sounds like a smart person,saves on office space and can be mobile very quickly ..
Thanks for the link..
16. If the asset disposed of or dealt with to an associate is worthless or near worthless, the associate is unlikely to financially benefit from it by virtue of its worthlessness, and this would suggest, subject to the other factors, that the dominant purpose of the scheme was to enable the taxpayer to incur a capital loss or allowable deduction. If the taxpayer has offset the capital loss or allowable deduction against capital gains or assessable income, and obtained a large and immediate financial advantage by reason of not having paid tax in the income year of disposal, this may outweigh any uncertain, and in some cases highly unlikely, chance of an improvement in the asset in the future that the associate may benefit from.

 

Don't know till I try. They are still trading but at a fraction of what they were when I bought them. We're not talking mega bucks, I bought 4 different ones for a bout a grand each around 2009, they're each worth about a tenth of that and have been since about 2 months after I bought them. Figured I may as well dump them and use the loss against the gain on the property I'me selling.

 

Absolutely ZERO chance that I'll be re-buying them @datto @willair but good info, thanks.

 

Shares bought and sold on the asx are done in minimum parcels of $500 each. You can sell them in smaller parcels off market to a willing buyer.

 

@Islay I found a place years ago called something like "We Buy Worthless Shares". They essentially pay almost nothing for them but it then allows you to make your loss and move on. I'll see if I can find them.

I think this was them, though looks like you have to pay them to offload them. I'll do some sums, see if it's worth it still.

Sell your worthless shares | deListed Australia

 

The Australian Shareholders Assn operates the valueless shares and units purchase facility called Delisted. If the shares remain listed they can be sold onmarket using a broker only if listed and not suspended. A min brokerage fee applies. A off market transfer / sale to a spouse is another option. Most share registries charge a fee for this but state duty no longer applies in NSW (or any other state).

If unlisted, delisted or suspended the above facility is an alternative.

 

Incorrect. Commsec and other market brokers will have a policy of a min initial acquisition value of $500. There is no minimum to a sale involving disposal. And additional shares in minor qty of under $500 is allowed.

 

Done. Dumped the lot via NAB Trade, hit the sell button and ask price as "market" and they all filed straight away, no issues.

One parcel didn't even cover the $15 brokerage, so Nab just took the $7 they sold for as enough.

That's going to help my CGT a little in June.

Cheers.