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Abstract

Until recent times, the Australian taxation system did not generally treat as assessable gains in the nature of capital. With the introduction of Part IIIA into the Income Tax Assessment Act 1936, however, capital gains are now taxed for the first time on a comprehensive basis. The new provisions purport to have a wide scope, affecting nearly all aspects of human relations and business. This extensive operation requires all lawyers, not only taxation lawyers, to have at the very least a basic grasp of these provisions. This article is directed at the capital gains tax implications of family law property settlements.

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