Transferring shares

[Zero Sum Game]

Unfortunately my wife of 18 years has decided to end our relationship. I am fighting hard to keep her, but if i lose the battle, she can keep the house and i will keep the shares.

Is there big issues with transferring from a joint ownership to just me? The portfolio is currently at a loss.

 

[greggles]

Sorry to hear about your troubles. I hope it all turns out for the best.

Although I've never done what you propose, my understanding is that you could effect an off-market transfer of the shares so that they are transferred from joint names to sole ownership.

https://www.asx.com.au/about/shares-faqs.htm#6939

 

[HelloU]

thanks greggles, no winners here
off-market for same broker to same broker is just a form - download at broker, both sigs and payment from the losing account ( xfer fee money - bout $50). Best to use the same broker or can be messy. This fee is for each company you transfer. But, every transfer will trigger a CGT on ur tax return (and ur wifes), so analysis may be needed here. You get to pick transfer dates and transfer prices but ur research needed here. (as in u can backdate and price select, but be careful of timings surrounding DRP allocation dates etc as it may be difficult to explain in an audit how you managed to transfer a parcel on a date before u actually owned them etc, also same for franking credits at tax time - how did ur wife get that franking credit when she had already 'sold' the parcel prior to record date?).
My alarm is activated concerning what records I would keep here for permissions etc...but cannot comment. Luck plays no part here but good luck anyway.

 

[HelloU]

for clarity here...(or not)

Example, if you sent a off-market form in today.
when actioned by the broker next week.....
your registry will show the action date (you may/may not be able to alter this later)
the broker portfolio will show the action date (you may/may not be able to alter this later)
your chess statement will show the action date
but,
the tax office CGT event date is the transfer date you wrote down on the form (in the Date of Transfer box - not the date u signed the form). The date that u have written for ur own legal reasons. That is the CG tax date for this.........suggest u get advice here if reqd.
The transfer form is also the only place that records the transfer price......

So......if all too complicated or legally scary then other option is just on-market trades......these are then not able to be disputed as to event timings for tax/ownership/pricing.

 

[HelloU]

last go.........only to cover my own ass cos I mentioned on-market trades of joint shares,
you must hold the appropriate permissions to do this (in case things turn ugly later).
see ya.

 

[Zero Sum Game]

Thanks for the replies.
The share holding is a loss, so there shouldnt be any cgt. Also i cant do on market, because i have a very large holding (top 20 holders) and the shares arent liquid enough.