what cgt event for opes client hypothetical

  1. 2,499 Posts.
    There was an article in the Age today speculating opes clients could also face a CGT bill, in addition to losing it all. The journalist who made that speculation (Michael West) is known for making sensationalist statements which usually turn out to be wrong.

    Anyone know whether his claim has any merit?

    Say Mr X opened a margin lending account with Opes putting up his $100,000 worth of BHP shares as security. He acquired those shares many years ago when they were $10. ANZ sells those shares at $30 each and uses the proceeds to repay debt.

    Does the ATO treat this as a capital gain or capital loss?
 
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