Australian Politics Forum - Labor wants death taxes.

Bobby.

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Re: Labor wants death taxes.
Reply #60 - Feb 10^th, 2019 at 7:24pm

Setanta wrote on Feb 10^th, 2019 at 6:54pm:

Bobby. wrote on Feb 10^th, 2019 at 6:41pm:

Setanta wrote on Feb 10^th, 2019 at 6:37pm:

Bobby. wrote on Feb 10^th, 2019 at 1:37pm:

Someone posted this on a website:

Death duties on people that have paid tax all their lives already, the definition of cruel and unusual punishment.
They don't want Australians to be able to have passed on the carefuly accumulated wealth of previous generations, instead each individual Aussie must compete as a blank slate in unfair 'marketplace' warfare against hoards of invaders that most certainly work as a team.
The death duties will be levied on Aussies that might be 'property rich' with just one house in a suburb of Sydney or Melbourne because of the ridiculous appreciation in the price of domestic property. These properties will be sold off to pay the death duties to ZOG, forever banishing Aussies from these suburbs, and perhaps barring low paid, working class Aussies from even being able to own property at all.
Who is running these unions?

Not saying I agree with the proposal but what I highlighted is wrong. It's not taxes on the dead people, it's taxes on the people that inherit who are alive and well. The dead guy cannot be punished in any way shape or form, he's dead, extinct, and ex-person.

True - but still he has a point.
Tax was already paid on earnings to buy that house.
Why should it be taxed again?
It could mean that the family home will need to be sold to pay the tax.

Does he? Are you taxed on gifts of large amounts of money that has already been taxed?

Quote:

rewards or small gifts such as cash birthday presents (however, gifts may be taxable if they are large amounts
https://www.ato.gov.au/individuals/income-and-deductions/income-you-must-declare...

Yes the tax department is ruthless at getting tax -
even for gifts.

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John Smith Gold Member Offline Australian Politics Posts: 78083 Gender:	Re: Labor wants death taxes. Reply #61 - Feb 10^th, 2019 at 7:25pm lee wrote on Feb 10^th, 2019 at 7:10pm: " I have spoken to the ATO about this on several occasions and the verbal advice I have received is the same; there is no tax on gifts in Australia. bullshit. Try giving your house to a relative and see how long it takes govco to come for their stamp duty (a tax).
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Bobby.

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Re: Labor wants death taxes.
Reply #62 - Feb 10^th, 2019 at 7:29pm

https://www.ato.gov.au/general/capital-gains-tax/deceased-estates-and-inheritanc...

Deceased estates and inheritances

Generally capital gains tax (CGT) doesn't apply when you inherit an asset. However, it may apply when you later sell or otherwise dispose of the asset.

If you sell an inherited dwelling, there are special rules – for example, the main residence exemption may apply in part or full.

Unless the asset you inherit is fully exempt, you'll need to know the cost base of the asset to work out your capital gain when you sell it. The cost base may be based on the value of the asset when the deceased acquired it or the value when they died, depending on the circumstances.

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lee Gold Member Offline Australian Politics Posts: 19663 Gender:	Re: Labor wants death taxes. Reply #63 - Feb 10^th, 2019 at 7:43pm John Smith wrote on Feb 10^th, 2019 at 7:25pm: bullshit. Try giving your house to a relative and see how long it takes govco to come for their stamp duty (a tax). Oh dear. Confusing a federal taxing entity (ATO) with a state tax (stamp duty).
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John Smith

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Re: Labor wants death taxes.
Reply #64 - Feb 10^th, 2019 at 7:48pm

lee wrote on Feb 10^th, 2019 at 7:43pm:

John Smith wrote on Feb 10^th, 2019 at 7:25pm:

bullshit. Try giving your house to a relative and see how long it takes govco to come for their stamp duty (a tax).

Oh dear. Confusing a federal taxing entity (ATO) with a state tax (stamp duty).

taxes are taxes. You didn't say anything about federal or state when you said, and I quote, 'there is no tax on gifts in Australia'. You were WRONG. Cheesy

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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lee

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Re: Labor wants death taxes.
Reply #65 - Feb 10^th, 2019 at 8:04pm

John Smith wrote on Feb 10^th, 2019 at 7:48pm:

taxes are taxes. You didn't say anything about federal or state when you said, and I quote, 'there is no tax on gifts in Australia'. You were WRONG.

perhaps you can give the exact quote? perhaps you confused me with someone else?

My first mention of tax was in reply to Setanta who linked to the ato.-

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Dnarever

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Re: Labor wants death taxes.
Reply #66 - Feb 10^th, 2019 at 8:18pm

Bobby. wrote on Feb 10^th, 2019 at 6:42pm:

philperth2010 wrote on Feb 10^th, 2019 at 6:36pm:

Bobby. wrote on Feb 10^th, 2019 at 6:03pm:

philperth2010 wrote on Feb 10^th, 2019 at 5:58pm:

What did Labor say about the tax policy proposed by the ACTU???

Quote:

Asked if Labor would consider an inheritance tax, Mr Shorten referred the question to shadow treasurer Chris Bowen, whose spokesman said: “Labor has no plans for an inheritance tax.”

https://outline.com/VmgvcS

I want it engraved in granite on a stone in front of parliament saying:

Labor will NEVER introduce a death tax.

never ever - it's a core promise - as Howard would say or

There wll be no carbon tax under a Govt. I lead -
thanks JuLiar.

Or there will be not cuts to the SBS or the ABC - thanks Tony.

Right or wrong Labor have released their policies well in advance of the election and been up front despite the criticism....So far as they keep denying it is policy I see no reason to doubt that this is nothing more than noise from the ACTU....The death tax is dead in Australia!!!

I trust Bill Shorten too. Embarrassed

Labor have opposed death taxes for well over 50 years - nothing has changed.

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Aussie

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Re: Labor wants death taxes.
Reply #67 - Feb 10^th, 2019 at 8:26pm

In the very near future, you will hear about an action being taken by a mob of Qld Taxi Licence Owners against the Qld Government. There is also a parallel action against Uber.

There are suggestions that if there is a win on the capital loss of my Licence, the compensation for a capital loss is taxable as income.

Far cough.

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lee

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Re: Labor wants death taxes.
Reply #68 - Feb 10^th, 2019 at 8:38pm

John Smith wrote on Feb 10^th, 2019 at 7:48pm:

You didn't say anything about federal or state when you said, and I quote, 'there is no tax on gifts in Australia'. You were WRONG.

Oh you must mean a part of a quote I gave. It is a pity you didn't include the whole sentence.

"I have spoken to the ATO about this on several occasions and the verbal advice I have received is the same; there is no tax on gifts in Australia."

Now exactly why the ATO would give any guidance on stamp duty in the states is beyond me. And probably most.

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Bobby.

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Re: Labor wants death taxes.
Reply #69 - Feb 10^th, 2019 at 8:44pm

Aussie wrote on Feb 10^th, 2019 at 8:26pm:

In the very near future, you will hear about an action being taken by a mob of Qld Taxi Licence Owners against the Qld Government. There is also a parallel action against Uber.

There are suggestions that if there is a win on the capital loss of my Licence, the compensation for a capital loss is taxable as income.

Far cough.

You'll be rich if you win Aussie.

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Setanta

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Re: Labor wants death taxes.
Reply #70 - Feb 10^th, 2019 at 9:31pm

John Smith wrote on Feb 10^th, 2019 at 7:25pm:

lee wrote on Feb 10^th, 2019 at 7:10pm:

" I have spoken to the ATO about this on several occasions and the verbal advice I have received is the same; there is no tax on gifts in Australia.

bullshit. Try giving your house to a relative and see how long it takes govco to come for their stamp duty (a tax).

Or a $50,000 car and try and say it was a gift when you transfer ownership. "Sorry transfer fees on current market value..."

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Gordon

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Re: Labor wants death taxes.
Reply #71 - Feb 10^th, 2019 at 9:33pm

Aussie wrote on Feb 10^th, 2019 at 8:26pm:

In the very near future, you will hear about an action being taken by a mob of Qld Taxi Licence Owners against the Qld Government. There is also a parallel action against Uber.

There are suggestions that if there is a win on the capital loss of my Licence, the compensation for a capital loss is taxable as income.

Far cough.

Taxis smell like a curried turd. That's why the licence price tanked.

Yuck

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Setanta

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Re: Labor wants death taxes.
Reply #72 - Feb 10^th, 2019 at 9:35pm

lee wrote on Feb 10^th, 2019 at 7:10pm:

Setanta wrote on Feb 10^th, 2019 at 6:54pm:

Quote:
rewards or small gifts such as cash birthday presents (however, gifts may be taxable if they are large amounts
https://www.ato.gov.au/individuals/income-and-deductions/income-you-must-declare...

" I have spoken to the ATO about this on several occasions and the verbal advice I have received is the same; there is no tax on gifts in Australia. Giving away money is not a taxable event for the recipient. However, if the person giving the monetary gift sells an asset, e.g. investment property, share portfolio, etc., then that event may give rise to a capital gains tax, but the act of giving itself is not taxable."

https://alignfinancial.com.au/2018/06/06/are-gifts-taxable/

It could possibly be a legacy portion of legislation from long ago.

The highlighted part would impact the giver's tax obligations.

I just quoted them. You saw the quote, I gave you the link.

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lee Gold Member Offline Australian Politics Posts: 19663 Gender:	Re: Labor wants death taxes. Reply #73 - Feb 10^th, 2019 at 9:42pm Setanta wrote on Feb 10^th, 2019 at 9:35pm: I just quoted them. You saw the quote, I gave you the link. yep. And nowhere do they expand on that. Which is why I used the external reference.
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Aussie

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Re: Labor wants death taxes.
Reply #74 - Feb 10^th, 2019 at 9:47pm

Setanta wrote on Feb 10^th, 2019 at 9:31pm:

John Smith wrote on Feb 10^th, 2019 at 7:25pm:

lee wrote on Feb 10^th, 2019 at 7:10pm:

" I have spoken to the ATO about this on several occasions and the verbal advice I have received is the same; there is no tax on gifts in Australia.

bullshit. Try giving your house to a relative and see how long it takes govco to come for their stamp duty (a tax).

Or a $50,000 car and try and say it was a gift when you transfer ownership. "Sorry transfer fees on current market value..."

That is not a tax on a gift at all. You can give a zillion dollars and it is not taxable in the hands of the beneficiary.

However, that you made said gift will impact adversely on you if you are then on a 'pension,' (unlikely) or, later, seek a 'pension.'

Geez, you blokes are armchair fuq wits.

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