Looks like the ATO is aware of something similar and it appears to be considered under section 4a which from memory is when the ATO send Samuel L Jackson for a visit with a pair of pliers and a blow torch. Or was that Marcel Wallace in Pulp Fiction?
TR 2008/1
Income tax: application of Part IVA of the Income Tax Assessment Act 1936 to 'wash sale' arrangements
https://www.ato.gov.au/law/view/document?docid=TXR/TR20081/NAT/ATO/00001
Looks like the ATO is aware of something similar and it appears...
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