Australia currently taxes the different types of business entities in ways that are consistent with their legal form. It follows that some economically equivalent business structures are treated quite differently from each other for tax purposes. Issues relating to the choice of a particular type of business entity and its operation produce tax planning opportunities and tax policy challenges. This subject examines tax issues relevant to the creation, operation and termination of partnerships, trusts and companies. It places particular emphasis on a detailed examination of the dividend imputation system and on issues arising when dividend income moves through a partnership, a trust or an interposed company. It also examines tax issues relevant to other selected business entities such as joint ventures, cooperatives, and superannuation funds.