BNB - eventual capital loss claims?

[Viva_Las_Vegas]

HI All!

Being a newbie to the stock market since about Oct 08, thinking there were some good buying opportunities. In my haste I purchased a small amount of BNB (yes I am an idiot)
Since then, as you all aware BNB has been removed from the ASX.
I can deal with my rather small $ loss. BUT I prefer to be able to claim it as a capital loss. Is this possible? How do I go about getting relevant paperwork to prove the loss?

Thanks.

 

[Naked shorts]

Re: BNB - eventual capital loss claims?????

HI All!

Being a newbie to the stock market since about Oct 08, thinking there were some good buying opportunities. In my haste I purchased a small amount of BNB (yes I am an idiot)
Since then, as you all aware BNB has been removed from the ASX.
I can deal with my rather small $ loss. BUT I prefer to be able to claim it as a capital loss. Is this possible? How do I go about getting relevant paperwork to prove the loss?

Thanks.

Yes you can claim that, and if you dont claim it this year, you can claim it up to 5 years from now (5 years or 3 years, i forget).

You should get a daily/monthly/yearly statement from your broker, detailing all your account activities, this would be suffice.

I dont know much more about this, so I would recommend you get an accountant to take care of it.

 

[skc]

Re: BNB - eventual capital loss claims?????

From memory you can't actually claim a capital loss yet. There hasn't been a CGT event being triggered as you are still holding onto your shares.

Try www.delisted.com.au that deals with these sort of things and allow you to transfer ownership of share to them (for an admin fee) so you may claim a capital loss. Obviously do this at the most sensible tax year etc.

Let's not go into why I know of this site

 

[drsmith]

HI All!

Being a newbie to the stock market since about Oct 08, thinking there were some good buying opportunities. In my haste I purchased a small amount of BNB (yes I am an idiot)
Since then, as you all aware BNB has been removed from the ASX.
I can deal with my rather small $ loss. BUT I prefer to be able to claim it as a capital loss. Is this possible? How do I go about getting relevant paperwork to prove the loss?

Thanks.

To claim the loss you need to first sell the shares to realise the capital loss and then have a capital gain in either current or future years to offset the loss against.

There is a slight chance the shares could trade again giving you a chance to realise a loss on market but that depends on the outcome of a restructure of the subordinated notes. If that fails and BNB goes into administration then it's off to http://www.delisted.com.au/ as noted by skc.

A capital loss can only be offset against a capital gain but can be carried forward into future years (I'm not sure whether it's 7 years or indefinate).

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/026&mfp=001&mnu=44703#001_002_026 contains more information on capital gains tax.

 

[gdp]

I want to claim capital loss for my FEA shares. To make the claim, I need to sell them to a third party but hold the share in a trust. Anyone interested in doing a deal? Swap our shares that are in administration.