Published on 01 Dec 08
by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE
Over twenty two years have passed since the then Treasurer, P J Keating, announced that a general capital gains tax would be introduced in Australia with effect from 19th September 1985. Despite the effluxion of time the revenue yield from Australia’s capital gains tax remains modest. The modesty of the revenue yield is not matched by similarly modest compliance costs which have been found to be high in the few Australian and United Kingdom studies directly concerned with this issue. Australia’s capital gains tax regime is one of the more complex elements in a very complex tax system. The complexity of the regime is compounded when it interacts with other relatively complex regimes (such as the dividend imputation system, the consolidation rules, or the CFC rules) in the Australian tax system.
C John TAYLOR
John is an Associate Professor at the School of Business Law and Taxation in the Australian School of Business at the University of New South Wales. He spent seven years in private legal practice before becoming an academic in 1985. Since then he has acted as an academic consultant for professional firms, financial institutions and the Australian Government. He was the inaugural Honorary Research Fellow of the Taxation Institute. His research and teaching focus on corporate and international taxation and on capital gains tax.
Current at November 2008 Current at 28 November 2008
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