I'm not sure I agree with that characterisation JAD.
The Opes Prime debacle made it pretty clear that the security lending clients (largely inadvertently) exchanged their property rights (legal and beneficial) in the lent shares for a contractual right against OP, which meant they were merely OP creditors when OP went broke. Ditto during the GFC when some big UK prime brokers tipped over. Nothing like an insolvency to clarify where property rights lie.
Yes, the lend/return is not treated as a disposal/purchase transaction for CGT purposes provided it is completed within 12 months, but that should be distinguished from the legal character of the transaction which I understand to be a sale subject to a right to return/recall.
From the ASIC guidance note:
Ann: Webinar Registration for Q4 FY24 Financial Results, page-160
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