The proposal that entities which offer their ultimate proprietors some limit on liabilities should be taxed in a manner akin to the taxation of companies and limited partnerships, suggested in the Ralph Review, was endorsed by the Federal Government in both its Stage 1 and Stage 2 responses to the Ralph recommendations. This paper examines the background of the entity taxation system proposals, outlines the key concepts underlying consistent entity taxation - and how they relate to one another - and defines some of the terminology that relates to entity taxation.
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