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Articles
Fringe Benefits Tax and Odometer Readings
Tax Office Interest Rates Released
Wash Sales
Tax Office Warns of Email Scam
CV (and other Employee) Fraud
Over $20,000 in Tax Last Year?  Lodging your 2007 Income Tax Return
The Real Cost of Fire!
Australians with Terminal Illness
Hobby or Recreation
Trademark Scams
Tax Changes Under Labor
Anti-Money Laundering
Child Care Benefit - Refunds Earlier
Wash Sales

 

A warning has been issued by the Australian Taxation Office about the lack of commerciality of wash sales and their ineffectiveness for tax purposes.


 

A Wash Sale has become a term to describe a sale by an investor to crystallize a capital loss, with a repurchase almost immediately of the same investment.  This would be done to offset an existing Capital Gain before the end of a financial year.

The Australian Taxation Office view is that there is no change in risk and for a number of reasons it could disregard the transaction.

A prudent investor would ask their Advisers how to be successful in their intentions.

 

 

 

 

 

 

 

 



25th-March-2008