Interestingly, the tax arrangements in relation to shares appears to be much more attractive than that applicable to property. In particular, assuming that there is no underlying property held by the referable company, there is no stamp duty or land tax payable on the purchase of shares in a public listed company; franking of dividends applies to shares by not to property; and deductions for interest are unaffected by negative gearing restrictions as proposed by the Federal Labor Party. On the other hand, more generous deductions apply in relation to property, although even these are being wound back by the current Federal Government. 

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