Capital Gains Tax (CGT) Tax administration 2008

CGT reform and the reduction of tax law complexity

Source: Australian Tax Forum Journal Article

Published Date: 1 Dec 2008

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.

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Capital Gains Tax (CGT) Tax administration 2008

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