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Taxpayers may consider crystallising any unrealised capitalngains and losses in order to improve their overall tax position for an incomenyear. For example, if the taxpayer anticipates a significant capital gain in annincome year, they may consider reducing the gain by crystallising a capitalnloss in the same income year. However, the Commissioner’s view on “wash sales”,ncontained in Taxation Ruling TR 2008/1, must also be considered, particularlynif a taxpayer reacquires the assets being disposed of (or identical assets), ornsomehow retains dominion or control over the original assets.
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Important: Clients should not act solely on the basis of the material contained in Update. Items herein are general comments only and do not constitute or convey advice per se. Also, changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. This update is issued as a helpful guide to clients and for their private information.