I'm reading Noel Whittakers book 'Borrowing to invest' which is a very good book IMO . Chapter 13 - The tax man favours investors is a bit interesting as it mentions tax rates prior to 1971 . Also this was prior to the franking of company dividends , where you would be double taxed ! No wonder realestate did well a few years later . It seems hard to believe now that company tax rates were 47.5% and the top marginal tax rate was 67% at that time ! With no CGT at the time no wonder the share market was for speculators !