Simple tax question - to sell or not to sell - PLEASE RESPOND ASAP

[bigt]

I'd appreciate a quick respose guys, only 2 hours left..

I have a couple of grand of intec shares, on which I am sitting on a 2 grand loss.

Not looking for someone to tell me what to do here, but I'm thinking of selling and buying straight back, to get the loss for this FY.

I will then still have the same money invested in inl, plus a loss to offset my gains.

Seems too simple..am I missing anything?

 

[macca]

This can be called washing.

Sure you can do that and if the tax man ever calls then they may be upset about it, but you would have to weigh that up yourself.

What are the chances you will get caught, are they going to worry about a small investor changing their mind ?

If you sell today and then decide that the company has a better future than you thought, you are entitled to buy them back on Monday aren't you?

Maybe you read an article on the net that sounded good so you bought them again for 2008

Also read this https://www.aussiestockforums.com/forums/showthread.php?t=7381

 

[bigt]

Cheers for the response macca..I just cleaned out my closet...had some good gains to offset.