"ASIC have concluded the arrangement was a sale with the option to repurchase"
Certainly a positive piece of news for Opes clients, maybe and also does not stop another party including the ATO coming to a different conclusion in regards to the contracts
As for claiming a capital loss because no consideration was received at the time of transfer, good luck with that one because anyone who tries this will need it.
If a client opened an Opes account with $100k market value share portfolio and ASIC's view is proven to be correct. It would be very unlikely treated under CGT as a sale for $0.00 but a sale at the market value of $100K.
The fact the client did not receive the $100K in cash is irrelevant
There was a liability owed to them by Opes by the fact they had the right to buy the shares back for the same $100k value regardless what the market value was at the time.
There is the potential for a CGT loss on the second part of the contract, now on the basis the client has lost the ability to buy the shares back depending on how the contract is worded
