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- W1486983912 abstract "In 1999 the Ralph Committee recommended sweeping reforms to the Australian income tax system. Its final report, consisted of eight parts and made 280 recommendations. Many of these have since passed into law in a staggered series of stages since 1999. Numerous CGT-related recommendations were made and many of these have also passed into law. Relevantly, a major reform to CGT was introduced with the advent of the CGT discount for individuals, trusts and superannuation funds. Prior to this reform capital gains were generally taxed at a taxpayer’s marginal income tax rate. Then, in 2001, New Zealand’s Tax Review also considered CGT reform but elected no change to their current policy of generally exempting capital gains. Capital gains would only be subject to income tax if they constituted income under ordinary concepts. This paper firstly examines the rationale for the CGT policy recommendation of the respective taxation enquiries. The paper then evaluates these CGT preferences in accordance with the generally accepted four tax policy criteria (fiscal adequacy, equity, economic efficiency and simplicity). Ideally the ‘optimal CGT’ structure maximizes the equity, efficiency, simplicity and fiscal adequacy criteria. Whilst it is widely accepted that comprehensive income is the ideal income tax base commentators find that compromises must be made to this ideal in designing tax laws given the conflicting tax policy objectives. As Stigltz noted an optimal tax is ‘the one that maximizes social welfare, in which the choice between equity and efficiency best reflects society’s attitudes toward these competing goals’. Overall the paper finds that Australia’s CGT discount and New Zealand’s CGT exemption has greatly undermined equity and fiscal adequacy. Further, this policy appears to have created certain economic distortions and contributed to complexity." @default.
- W1486983912 created "2016-06-24" @default.
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- W1486983912 date "2005-01-01" @default.
- W1486983912 modified "2023-09-24" @default.
- W1486983912 title "Capital Gains Tax Exemptions in Australia and New Zealand: Rationale and Reality" @default.
- W1486983912 doi "https://doi.org/10.2139/ssrn.2340875" @default.
- W1486983912 hasPublicationYear "2005" @default.
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