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Appreciate your views on the following:
1. If I have capital gains on an investment property, can I offset it with capital losses from the sale of ASX-listed shares?
2. I have Telstra (TLS) shares in the joint names of my wife and myself. Because of our different tax positions, we are thinking of spltting them into our individual names. If I do an off-market share transfer to to achieve this, do we have to pay tax on them?
A: 1. Yes
2. In regards to the second question, you may have to seek further advice on this – I have never come across this situation before.
Normally, an off-market transfer would count as a disposal and trigger a CGT liability – however, if the shares are already in joint names where each party effectively owns 50% of the shares and then split 50/50 back to the individual names, then arguably it may not count as a disposal for CGT purposes as there is no effective disposal. Suggest you seek further advice on this.
