lost and untradable, page-5

lizwelsh, there is a provision under a Taxation Determination TD 2004/13 http://law.ato.gov.au/atolaw/view.htm?docid=TXD/TD200413/NAT/ATO/00001 that covers situations where companies in voluntary administration under part 5.3A of the corporations act where there is little chance of any funds being recover. It allows you to privately sell the shares, ie. to your husband for a low nominal fee, in my case I used $1. The agreement is for the creation of a trust for the shares with the agreement that you will relinquish any future benefits and will not reacquire the shares.

You can do this by writing an agreement yourself, and keeping it with your records. The way I understand it, you don't need to have any legal people involved or to notify asx. Yo can however get an accountant to write this agreement for you.

I suppose if there is some future payout from GTP you will be legally obliged to hand those proceeds to your husband. Or if the company is reinstated you would be legally obliged transfer the shares.

I did this with Pasminco and GTP as a CGT event and claimed the capital loss.

Please note that I am not an accountant nor have any legal training...just my interpretation of the TD.