Welcome to the Small Business Treasure Chest. I have opened the lid of the chest and found another amazing jewel once again to share with you.
If you have missed our previous Jewels , check them out HERE.
This jewel I have found, is all about Capital Gains Tax and Shares.
If you have a Capital Gain in 2020, you can reduce this Gain with a capital loss. Now where do you find a Capital loss?
One place could be from shares that you own in a delisted or suspended company on the ASX.
How do you crystallize the loss if nobody will buy these shares?
Enter a saviour service called delisted.com.au
This website will provide you with plenty of information about delisted shares which they will buy from you for $1. They do have a flat fee of $150, but this could be a lot less than the gain you will make from a reduced tax bill.
By them buying your shares you can crystallize your loss and reduce your capital gain.
So your once very valuable shares have gone from being valueless to valuable again.
If a company has been liquidated then you will not need to sell your shares but simply need a letter from the liquidator declaring that the company has no value and you will have created a loss.
Should you wish to discuss any of the above further, please send me an email to email@example.com or give me a bell on 0421 824 137.
You can read about our other Jewels that will help you reduce your 2020 tax bill over HERE.