Australian Politics Forum - Labor wants death taxes.

Sir Grappler Truth Teller OAM

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Re: Labor wants death taxes.
Reply #75 - Feb 10^th, 2019 at 10:25pm

Bobby. wrote on 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.

Simple enough - exempt the family home only.... the rest are up for consideration. If they are an income bearing asset, such as a rental, that needs to be looked at very carefully, and a binding decision made whether or not the transfer incurs CGT. Shilly-shallying around the edges will only create bolt holes and confusion....

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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Setanta

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Re: Labor wants death taxes.
Reply #76 - Feb 10^th, 2019 at 10:37pm

Aussie wrote on 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.

What is a transfer fee if it's not a tax. You cannot dodge it by putting $0 on the transfer. You were given something and you must pay tax to have it transferred into your name. Being on a pension will only give you free registration, you will still need to pay the other half we have here, the Green Slip, third party insurance. Transfer fee applies whether you are a pensioner or not.

You on the other hand don't even need an armchair to be a fuq wit.

Quote:

When you buy a new or used vehicle you may be required to pay stamp duty costs when you transfer the vehicle into your name. Stamp duty is calculated on the market value of the vehicle or the purchase price, whichever is higher.
https://www.service.nsw.gov.au/transaction/check-motor-vehicle-stamp-duty

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« Last Edit: Feb 10^th, 2019 at 10:45pm by Setanta »

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lee Gold Member Offline Australian Politics Posts: 19663 Gender:	Re: Labor wants death taxes. Reply #77 - Feb 11^th, 2019 at 11:50am Sir Grappler Truth Teller OAM wrote on Feb 10^th, 2019 at 10:25pm: Simple enough - exempt the family home only.... the rest are up for consideration. So you would be happy for the $1.6m family home to be free of CGT once it has been passed to the heir/s, and when they on-sell?
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Dsmithy70

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Re: Labor wants death taxes.
Reply #78 - Feb 11^th, 2019 at 2:55pm

Sir Grappler Truth Teller OAM wrote on Feb 10^th, 2019 at 1:51pm:

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?

Pretty fair summation................

If true it is the fault of current retiree's.

You know all those "Self funded" who are now crying that taxpayer handout will stop(franking credits)
It would seem that Superannuation is now being used as an intergenerational wealth fund, where the principal cannot go down & they live off interest payments.
This is NOT the intention of superannuation, the intention of Super is to save whilst working then draw down on principal amount throughout your retirement.
If you live longer than expected you would then move to the aged pension, or if you die early then your remaining super goes to your estate.

But as we are seeing from Tim's taxpayer funded campaign these people believe their super nest egg must never be reduced.

Don't want Estate taxes?
USE YOUR smacking SUPER AS INTENDED Angry

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REBELLION is not what most people think it is.
REBELLION is when you turn off the TV & start educating & thinking for yourself.
Gavin Nascimento

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lee Gold Member Offline Australian Politics Posts: 19663 Gender:	Re: Labor wants death taxes. Reply #79 - Feb 11^th, 2019 at 3:02pm Dsmithy70 wrote on Feb 11^th, 2019 at 2:55pm: But as we are seeing from Tim's taxpayer funded campaign these people believe their super nest egg must never be reduced. You mean the one that is concentrating on the lower income people? That Labor seems to have forgotten?
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Bobby.

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Re: Labor wants death taxes.
Reply #80 - Feb 11^th, 2019 at 3:03pm

Dsmithy70 wrote on Feb 11^th, 2019 at 2:55pm:

Sir Grappler Truth Teller OAM wrote on Feb 10^th, 2019 at 1:51pm:

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?

Pretty fair summation................

If true it is the fault of current retiree's.

You know all those "Self funded" who are now crying that taxpayer handout will stop(franking credits)
It would seem that Superannuation is now being used as an intergenerational wealth fund, where the principal cannot go down & they live off interest payments.
This is NOT the intention of superannuation, the intention of Super is to save whilst working then draw down on principal amount throughout your retirement.
If you live longer than expected you would then move to the aged pension, or if you die early then your remaining super goes to your estate.

But as we are seeing from Tim's taxpayer funded campaign these people believe their super nest egg must never be reduced.

Don't want Estate taxes?
USE YOUR smacking SUPER AS INTENDED Angry

Another fallacy.
Not many people can live off their super without drawing down the balance.

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Dsmithy70

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Re: Labor wants death taxes.
Reply #81 - Feb 11^th, 2019 at 3:14pm

lee wrote on Feb 11^th, 2019 at 3:02pm:

Dsmithy70 wrote on Feb 11^th, 2019 at 2:55pm:

But as we are seeing from Tim's taxpayer funded campaign these people believe their super nest egg must never be reduced.

You mean the one that is concentrating on the lower income people? That Labor seems to have forgotten?

Yeah

Let's not confuse lower income with tax strategies that minimize income.

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REBELLION is not what most people think it is.
REBELLION is when you turn off the TV & start educating & thinking for yourself.
Gavin Nascimento

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lee Gold Member Offline Australian Politics Posts: 19663 Gender:	Re: Labor wants death taxes. Reply #82 - Feb 11^th, 2019 at 3:21pm Dsmithy70 wrote on Feb 11^th, 2019 at 3:14pm: Yeah Let's not confuse lower income with tax strategies that minimize income. I agree. Why would Labor want to smash the poorer people with a bloody great sledgehammer designed to knock the richer ones down. A "one size fits all" approach.
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philperth2010 Gold Member Offline Australian Politics Posts: 21097 Perth Gender:	Re: Labor wants death taxes. Reply #83 - Feb 11^th, 2019 at 3:23pm Labor has said it will not introduce death taxes....What is this bullshit all about???
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Bobby. Gold Member Offline Australian Politics Posts: 114466 Melbourne Gender:	Re: Labor wants death taxes. Reply #84 - Feb 11^th, 2019 at 3:28pm philperth2010 wrote on Feb 11^th, 2019 at 3:23pm: Labor has said it will not introduce death taxes....What is this bullshit all about??? It's coming Phil - mark my words here on this thread!
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lee

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Re: Labor wants death taxes.
Reply #85 - Feb 11^th, 2019 at 3:34pm

philperth2010 wrote on Feb 11^th, 2019 at 3:23pm:

Labor has said it will not introduce death taxes...

And we trust Bill because he did his best for Cleanevent, Chiquita Mushrooms etc. /sarc

The fact the unions got more money/members and the workers lost was totally immaterial.

Bill is the one making the promises isn't he?

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crocodile

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Re: Labor wants death taxes.
Reply #86 - Feb 11^th, 2019 at 3:42pm

Dsmithy70 wrote on Feb 11^th, 2019 at 2:55pm:

Sir Grappler Truth Teller OAM wrote on Feb 10^th, 2019 at 1:51pm:

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?

Pretty fair summation................

If true it is the fault of current retiree's.

You know all those "Self funded" who are now crying that taxpayer handout will stop(franking credits)
It would seem that Superannuation is now being used as an intergenerational wealth fund, where the principal cannot go down & they live off interest payments.
This is NOT the intention of superannuation, the intention of Super is to save whilst working then draw down on principal amount throughout your retirement.
If you live longer than expected you would then move to the aged pension, or if you die early then your remaining super goes to your estate.

But as we are seeing from Tim's taxpayer funded campaign these people believe their super nest egg must never be reduced.

Don't want Estate taxes?
USE YOUR smacking SUPER AS INTENDED Angry

Non dependant beneficiaries of super funds upon the death of the superannuant pay tax on the proceeds.

https://www.ato.gov.au/super/apra-regulated-funds/paying-benefits/paying-superan...

Substantial contributions would need to have been made in order to preserve the principal. Contributions above the cap ( $25000 ) do not receive the concessional rate. Incomes above $300,000 also have separate tax rates.

https://www.ato.gov.au/individuals/super/growing-your-super/adding-to-your-super...

The amount of ignorance on this topic is breathtaking. Bullshit Bill has all the punters convinced he's doing us all a big favour while at the same time putting his hands in your pocket.

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Very funny Scotty, now beam down my clothes.

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philperth2010

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Re: Labor wants death taxes.
Reply #87 - Feb 11^th, 2019 at 3:52pm

Bobby. wrote on Feb 11^th, 2019 at 3:28pm:

philperth2010 wrote on Feb 11^th, 2019 at 3:23pm:

Labor has said it will not introduce death taxes....What is this bullshit all about???

Huh

It's coming Phil - mark my words here on this thread!

I doubt it....Labor have said they will not introduce a death tax....Until you can point to a Labor policy that actually exists I call bullshit on you opinion!!!

Roll Eyes

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If knowledge can create problems, it is not through ignorance that we can solve them.
Isaac Asimov (1920 - 1992)

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Violet Crumble

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Re: Labor wants death taxes.
Reply #88 - Feb 11^th, 2019 at 4:33pm

philperth2010 wrote on Feb 11^th, 2019 at 3:52pm:

Bobby. wrote on Feb 11^th, 2019 at 3:28pm:

philperth2010 wrote on Feb 11^th, 2019 at 3:23pm:

Labor has said it will not introduce death taxes....What is this bullshit all about???

Huh

It's coming Phil - mark my words here on this thread!

I doubt it....Labor have said they will not introduce a death tax....Until you can point to a Labor policy that actually exists I call bullshit on you opinion!!!

Roll Eyes

Don't be naive ... as Peter Garrett said ...

Quote:

Opposition frontbencher Peter Garrett has thrown the Labor Party's election campaign into turmoil, saying Labor would change their policies once they were voted in to government.

Where's there smoke, there's fire. Wink

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Dnarever

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Re: Labor wants death taxes.
Reply #89 - Feb 11^th, 2019 at 6:38pm

Violet Crumble wrote on Feb 11^th, 2019 at 4:33pm:

philperth2010 wrote on Feb 11^th, 2019 at 3:52pm:

Bobby. wrote on Feb 11^th, 2019 at 3:28pm:

philperth2010 wrote on Feb 11^th, 2019 at 3:23pm:

Labor has said it will not introduce death taxes....What is this bullshit all about???

Huh

It's coming Phil - mark my words here on this thread!

I doubt it....Labor have said they will not introduce a death tax....Until you can point to a Labor policy that actually exists I call bullshit on you opinion!!!

Roll Eyes

Don't be naive ... as Peter Garrett said ...

Quote:

Opposition frontbencher Peter Garrett has thrown the Labor Party's election campaign into turmoil, saying Labor would change their policies once they were voted in to government.

Where's there smoke, there's fire. Wink

What seat is Garrett standing in ?

It was a stupid thing for him to say. Especially considering how little Liberal promises mean and how much better Labor are in this area.

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