I believe the amount will be assessable income with an ATO sting...

I believe the amount will be assessable income with an ATO sting in the tale. This is because your getting money UNLESS you sell the shares and take the loss.

I am in a bed position as i was a share trader so I have PBH stock as cost vale in my revenue account so am waiting for other profits to net out. However I cannot allocate this in my revenue account as this is a CAPITAL return. Therefore I am stuffed and will pay tax on it as I have no actual CGT losses to write off. I would say also that you will be forced to sell shares at a loss to match the capital return so you don't pay tax. The ATO has this stitched up.

My advice would have been to just sell this shares.

This is not moaning but advice I have received. The ATO may say different and I hope they do but watch out.

DYOR