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Abstract

Perhaps the most profound change to Australia's tax system in recent years has been the implementation of a broad-based capital gains tax in Part IIIA of the Income Tax Assessment Act. many receipts which would not formerly have been assessable as income on ordinary concepts under s 25(1) are now within the compass of the Act. There is a need to examine the tax effectiveness of different business structures in their treatment of capital gains, and this is the focus of the first part of this paper. Other more traditional considerations are also explored in detail.

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