Income tax: capital gains: can a shareholder in HIH Insurance Limited choose to make a capital loss on a share in that company under CGT event G3 (about a liquidator declaring shares worthless) in section 104-145 of the Income Tax Assessment Act 1997 ?
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Notice of Withdrawal
1. TD 2002/3 explains that because the liquidator of HIH Insurance Limited (HIH) has made the necessary declaration, a shareholder in HIH who acquired a share on or after 20 September 1985 can choose to make a capital loss equal to the reduced cost base of the share under CGT event G3 in section 104-145 of the Income Tax Assessment Act 1997.
Commissioner of Taxation
20 December 2016
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CGT event G3
reduced cost base