Inheritance Tax/Death Duties

[DannyB0000]

One would assume they would have to put this tax change to a public vote rather than introduce the tax automatically, similar to what happened to the idea of removing franking credits and capital gains concessions, we all how that ended up, Labor lost a winnable election as a result. Remember the polls were suggesting the majority of the public supported eliminating franking credits and tax concessions on capital gains and the Polls were wrong back then.

Personally I wouldn't worry about an inheritance tax just yet, wouldn't lose any sleep over it either

 

[divs4ever]

Perhaps it's time for a dedicated thread on this topic. It keeps being mooted and now it appears in the MSM.

Are we being "tenderised" into accepting this?

https://www.news.com.au/finance/money/tax/political-dynamite-prime-minister-urged-to-consider-inheritance-taxes/news-story/f116fa9b4d5d99124429fbfb0885ca21

For me if the populous accepts this, it will be the last straw... The sheeple accepting being put over the barrel and not even with Vaseline and the death of the real (but ailing) Australia

tenderized , i believe so , all the super wealthy have trusts and foundations

 

[sptrawler]

One would assume they would have to put this tax change to a public vote rather than introduce the tax automatically, similar to what happened to the idea of removing franking credits and capital gains concessions, we all how that ended up, Labor lost a winnable election as a result. Remember the polls were suggesting the majority of the public supported eliminating franking credits and tax concessions on capital gains and the Polls were wrong back then.

Personally I wouldn't worry about an inheritance tax just yet, wouldn't lose any sleep over it either

It is an interesting topic, I tend to think that it will have to happen for several reasons, one is the aging population and the ratio of taxpayer to non tax payers shifting.

Two they are already having trouble getting people to work and I'm not being critical, it is just a fact of life, the work/ life balance issue has certainly shifted more toward the life side. Therefore if they inherit large sums of money, the shortage of workers situation could and I think will accelerate.

Three the property ponzi that is currently running, the Government doesn't appear to want to reset the rapidly inflating property prices which would really require a recession and that doesn't appear to be on the cards.
So all this points to a large section of the workforce inheriting large sums, which will actually in a lot of cases enable that generation to leave the workforce at a much younger age, exacerbating the problem and further increasing the gap between the haves and the have nots.

Four when the Labor Party suggested the tax changes during the 2019 election campaign, which Danny mentioned above, the ACTU were very much against the changes and actually suggested an inheritance tax was preferable, from memory. So there is support for the concept, it was only removed in recent history by Keating actually and there is a pseudo inheritance tax already on superannuation. So it isn't as though it actually doesn't already exist.

We certainly are beginning to look like a small replica of the U.S, hopefully a Government pricks the bubble and does a Keating, with a recession we need to have, but IMO it doesn't look like that is likely.
Therefore death duties could well be on the horizon IMO, as appreciating asset values rise and the value of peoples money falls and the rich get richer faster while the poor get poorer faster.

 

[wayneL]

Once again why doesn't anyone ever talk about reducing bs spending.

Inheritance taxes are taxes on money that has already been taxed several times already, in order to build said wealth, only to be squandered on the absolute rubbish that government mostly spends money on.

No, it is nothing more than an envy tax that destroys wealth unnecessarily.

Reduce the ludicrous size of government and banish the pork barrel, job done.

 

[sptrawler]

Once again why doesn't anyone ever talk about reducing bs spending.

Inheritance taxes are taxes on money that has already been taxed several times already, in order to build said wealth, only to be squandered on the absolute rubbish that government mostly spends money on.

Well because if spending s reduced, it is seen as hurting a sector of the population and as inflation increases so does spending on welfare and stimulus to shelter the population from it, it is a circular economy which is expending at an ever faster rate.
Sooner or later something has to give and my guess is living standards.