Share loss used to offset property capital gain?

We just sold a house, made a profit. Our shares are down about 8k

Can I sell the shares and then rebuy them straight away and use the 8k loss to offset some of the capital gain from selling the investment property?

My wife doesn't work and the shares are in her name so it would be good if we could book that loss this year where she just so happens to get a big income from selling that investment property. And then in future we can sell the shares at a profit in a year when the wife's income is lower and tax rate is lower.

Is this possible?

Thanks

 

It is possible however the share sale and repurchase would be considered a wash sale and subject to Part IVA avoidance provisions andno time limit applies to that view. It may be detected if any review of CGT matters occurs. It may be safer to consider a equivalent but different share for example and purchase that. eg Sell CBA, Buy ANZ or ETF "Bank" for example. This would not be a wash sale as its a different holding. Refer to tax ruling : https://www.ato.gov.au/law/view/pdf/pbr/tr2008-001.pdf

Note that if the property is a discounted gain then the loss is applied first then the net amount is subject to the 50% reduction. This would mean 50% of the loss is...lost.

 

Thanks so much for the information!