Myra is a long-term investor and generally makes substantial capital gains on the sale of shares listed on the ASX. By 10 June 2016, Myra had sold some shares where she had made capital gains of $90,000. However, due to the downturn in the stock market, the market value of her FNB Bank shares was less than their cost. On 15 June 2016, Myra had a meeting with her financial adviser, Mat, who suggested to her that she sell some of her FNB Bank shares and trigger capital losses to offset against the capital gains already derived in the current year. Myra felt that the FNB Bank shares were a good long term investment, but she was happy to take Mat’s advice and sell the FNB Bank shares on 20 June 2016, and the losses triggered on that disposal offset the $90,000 capital gains already generated in the year. Myra intends to acquire more FNB Bank shares soon after 30 June 2016.
Advise Myra on any important tax implications associated with the above transactions.