# Tax Return: Stocks that have gone under?



## surf73 (11 July 2009)

Hi.

Does anybody know how I declare stocks that have gone out of business?
I had about $1500 in BNB and $4000 in SOI, (thought I'd make a fortune off that one!!)

Can I simply just put a $5500 loss and take it off my net income, (Wages + stocks + rent) or, (as I suspect) - is it much more complicated?

Thanks alot


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## Krusty the Klown (11 July 2009)

You just need to treat them as a capital loss. So subtract the $5.5K from any other capital gains and declare it at the capital gains section of your tax return, even if the figure is negative.


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## nathanblack (11 July 2009)

Krusty the Klown said:


> You just need to treat them as a capital loss. So subtract the $5.5K from any other capital gains and declare it at the capital gains section of your tax return, even if the figure is negative.




im not 100% thats right. BNB has been put into administration, and most like delisted (perminently) but there is still a chance the shares are worth something. there are companies out there that buy delisted shares for a token amount, so that you can realise the loss now. that company  then gets any proceeds from liquidation, or becomes the registered owner if re-listed.

i could be wrong though.


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## skc (11 July 2009)

HAve a look at www.delisted.com.au. Read the fineprints yourself to make sure you are happy with their terms.

If you haven't done so for the financial year just gone, however, you might as well wait closer to the end of the currernt FY, on the remote hope that you might get something back (doubtful for BNB, no idea about SOI).


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## cutz (11 July 2009)

surf73 said:


> Hi.
> 
> Does anybody know how I declare stocks that have gone out of business?
> I had about $1500 in BNB and $4000 in SOI, (thought I'd make a fortune off that one!!)
> ...




If you search delisted you may find that the administrators may have put out a declaration of worthless shares, if that's the case you can offset that loss against any capital gain you may have without having to go through the rigmarole of an off market transfer, a copy of that notice should serve as a record for your accountant.


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## Krusty the Klown (12 July 2009)

nathanblack said:


> im not 100% thats right. BNB has been put into administration, and most like delisted (perminently) but there is still a chance the shares are worth something. there are companies out there that buy delisted shares for a token amount, so that you can realise the loss now. that company  then gets any proceeds from liquidation, or becomes the registered owner if re-listed.
> 
> i could be wrong though.




Yes, you're right, I was assuming the companies were wound up.

You know what happens when you assume...........


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## johenmo (12 July 2009)

BNB - there's a link in the BNB thread #911 where Deloitte has produced  a statement saying don't expect anything back and write it off.  We'll give that to the accountant.

also check 
https://www.aussiestockforums.com/forums/showthread.php?t=14636&highlight=bnb

post #911 (apt number!!)
https://www.aussiestockforums.com/forums/showthread.php?t=749&page=46&highlight=bnb


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## cislfamily (12 July 2009)

Yep, unfortunately until you have a statement from the administrator/liquidator that the shares are now declared worthless, you are can't include them as a capital loss. 

Your accountant will need a copy of that statement before they will include the loss in your tax return.


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## MACCA350 (12 July 2009)

cislfamily said:


> Yep, unfortunately until you have a statement from the administrator/liquidator that the shares are now declared worthless, you are can't include them as a capital loss.
> 
> Your accountant will need a copy of that statement before they will include the loss in your tax return.



Here is the Babcock & Brown Limited statement. 
Another related release by the administrators.

cheers


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