Hi, I had a company with just myself as a shareholder. My wife and I loaned the company money since the company now closed our accountant arranged a debt forgiveness for 190k as capital losses which we were happy with we signed all the necessary paperwork and subsequently lodged with the ato. 11 months later accountant calls me and said because my wife was not a shareholder she would be not entitled to the 50% portion of the capital loss as only me would have a capital loss of 95k. So now he want us to retract my wife’s docs and resubmit mine. He said it would be at the ato discretion whether I has one shareholder get it back. In my eyes my wife would be an associate if not a close associate. Our loan to the company did not attract interest. Have we been misinformed by our accountant in the first place or are we still entitled to the full capital loss? The accountant now wants wet signatures on the new docs for the ato. We have always used the portal however on this occasion they have to be outside my accountant’s portal. We paid our accountant a hefty fee to initiate this in the first place only to be told otherwise 12 months late. Thanks for your help.
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Im sorry you have been caught up in what seems to be dodgy initial advice from your accountant.
Your really going to need some professional advice on this from another accountant or lawyewr that specialises in these matters because they can become very complicated especially if you were to pursue legal action against your current account if this don't turn out well.
Aghh thankyou 🙂
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