My advice go and pay for some PROPER tax advice, because once again you are of the mark
As it stands right now if the ATO take the view that there was no sale for CGT purposes at the time shares were transferred to Opes, then there will be a CGT sale now that ANZ have sold the shares and this liability will fall back on the investor and the sale price will be the price obtained by ANZ when they sold them. The fact there is no receipt of funds by the investor is irrelevant.
If the ATO take the view ASIC have and treat the transfer of the shares to Opes as a sale for CGT purpose, the value of this sale will be the market value of the shares at the time of the transfer. If the client transferred the shares for example 3 years ago they could be looking at having that years assessment amended by the ATO and being charged any CGT liability as a result of the transfer plus interest plus potential penalties.
On the bright side now that clients have lost the right to redeem their shares under the contract they had with Opes, then depending on the wording of the contract they may have a capital loss they can claim, but this loss will not exist until such time Opes is completely wound up or at least the liqidator can determine how much if any thing the investors will see as a return.
either way based on what is known of the contractual arrangements and applying this to the tax law (not what someone thinks the law should be) the outcome is not that great in relation to tax.
