AVZ Discussion 2022

[Bray]

This the hangout again? Got a bit on at the moment. Copy

 

[cruiser51]

This the hangout again? Got a bit on at the moment. Copy
View attachment 91929

Nice horn

 

[Carlos Danger]

Wealth taxes don't work in the real world

Suggesting people can just take out loans to cover this sort of situation is batshit insane

Lol

Chalmers finally took the L

Labor has watered down its super tax proposal. Here's the new version

Every prominent criticism of the tax has been addressed, with the result that it will apply to fewer people and raise less money.

www.abc.net.au

No tax on 'unrealised' gains​

The other source of controversy was that Labor's tax was going to treat assets held in super funds in a novel way.

The earnings tax applies only to "realised" gains — such as when interest is earned, a dividend is received, or a property is sold.

But the proposed tax would have also covered "unrealised" gains — such as an increased valuation of a home, a farm, or a painting held inside a self-managed super fund.

But critics said it was unfair to tax people for gains in the value of assets that were not "liquid" (that is, that do not provide them an income stream).

Now, it has been scrapped. The new version of the proposal will apply only to realised gains, and the start date for the tax has been pushed back to 2026 to allow super funds time to figure out how to apply it.