CGT on shares, page-45

I have a small amount invested in a stock on which I am in the red by about 50%
I also have sold some other shares on which I will have to pay tax.

Question: can I sell the shares I am down 50% on to book a loss to offset my gains, then buy those same shares back again and continue to hold LT?
Yes, this will cost me about $40 in brokerage and that is acceptable. It will also reset my CGT discount counter but that also is okay.

MTIA!