opes and anz and capital gains tax

  1. 5,536 Posts.
    lightbulb Created with Sketch. 75
    Interesting comment by Michael West writing for Sydney Morning Herld.

    He states:-

    "One matter which has yet escaped attention is tax.

    Will Opes clients be left with no shares but still cop the capital gains tax liability and a loan which cannot be repaid nor offset for tax purposes?

    If the Tax Office were to deem that a shareholder has ''lent'' his shares when in fact they have been ''traded'' then a disposal may have occurred, hence a capital gains transaction.

    As for the disposal, say ANZ sells a security at 80 cents which it had taken at $1, would the CGT be triggered at $1?"

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.