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| Subject: Purchase ERGG @ 6.10The following then applies: | |
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Author: I have just got off the phone to the ATO to discuss |
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Date Posted: 22:33:50 01/14/03 Tue Symbol Last Change $ % Open High Low Volume More Information Broker Edit ERG 0.125 -0.020 -13.793 0.000 0.000 0.125 11,153,606 Profile Chart Customise Broker Quotes delayed 20 minutes, Australian Market is currently closed (5:29:10 PM:AEDT) Posted by: lost Jan 15 2003 11:24:03:060AM Reply to post # by Go to Post # Previous Respond Message List Next Hi everyone, I have just got off the phone to the ATO to discuss taxation issues surrounding ERG convertible notes (ERGG). My interpretation may be different to others, please seek professional advice to clarify, I am not an accountant. Anyway, Tax office staff have said that when ERGG is converted to ordinary shares, the value of the shares issued minus the cost price of purchase of each note is assesable income. The following then applies: Purchase ERGG @ 6.10 Shares issued 90@0.15each, equals $13.50 in value Assessable income equals 13.50 minus 6.10 or 7.40 7.40 or the amount of money that you make is then taxed at your normal tax rate minus any capital losses made during the financial year. The price per share then becomes the new purchase price for each share. If anyone has contrary advice please let me know as well. Lost (Voluntary Disclosure:Position Short Term rating:Buy Long Term Rating:Buy) OZeStock Advertisment:"Get yourself an institutional advantage!" Previous Respond Message List Next Bookmark Member Ignore Member Bookmark Board Terms Of Use Violation -------------------------------------------------------------------------------- Neither OZeStock nor the persons making the postings are licensed investment advisers. Therefore, before acting on the basis of what is said in a posting, you should either:(i) consider consulting a licensed adviser (ASIC's web site at www.asic.gov.au has a list of licensed advisers); or (ii) visit ASIC’s consumer website at www.watchdog.asic.gov.au for general guidance about investing. Persons making postings are individually responsible for the accuracy and authenticity of their postings. Because OZeStock and persons making postings are not licensed investment advisers, you will have no access to ASIC approved dispute resolution schemes to recover any losses you may suffer by relying on the postings. Securities cannot be offered to you for sale or subscription on this site. You should contact OZeStock or ASIC Infoline on 1300 300 630 if you suspect that any postings are inaccurate, based on inside information or likely to mislead and deceive viewers/users. [ Next Thread | Previous Thread | Next Message | Previous Message ] |