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Capital Gains Tax in Australia potentially applies to an exceptionally wide range of transactions. The disposal of assets, the creation of rights, the granting of leases and options, and the forfeiture and surrender of rights all involve Capital Gains Tax issues. This course examines the basic structural features of Capital Gains Tax in Australia. Issues concerning the scope of Capital Gains Tax and the boundaries between Capital Gains Tax and ordinary income are then examined through a series of business related case studies. The Australian approach to taxing capital gains is compared with the approach taken by some of our major trading partners and reform options are discussed.