I am in a similar position as the bloke in the front row for John Abernethy’s talk on banks in Melbourne last week. There were a couple of issues ignored with the advice to sell the CBA shares and put the cash into term deposits. What about capital gains tax? Taking your example of the 10,000 CBA shares, their sale would generate a capital gain of $740,000. The tax payable on that would probably be about $180,000 (unless they were in his SMSF – unlikely as they must have been purchased in the 1980s). So, his CBA shares would need to drop by more than 25% to put that decision in the black. Another, lesser, difference is the loss of franking credits. Could we look at a plan B, please?