When companies go bust: how to write off worthless shares

By George Cochrane
Updated January 28 2018 - 12:23am, first published January 25 2018 - 9:27pm

???I am 48 and have a self-managed super fund with my 46-year-old wife. About four years ago our SMSF bought $240,000 worth of Arrium shares. Unfortunately, they have gone bust and we have lost all our money from this investment. We are obviously devastated by this financial loss to our superannuation funds. How do shareholders ordinarily get rid of worthless shares in their portfolios? We have never had this occur and are too embarrassed to ask our accountant. Can you give some advice of a general nature? A.N.

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