https://www.facebook.com/NSWLabor/videos/422898111836292/

Fauxmo the Pentecostal flake has failed to rule out death taxs

"Liberals want death tax"

And yet that is exactly what Labor's CGT amendments will be, once introduced. Once the inherited house is sold the inheritor will have to pay double the amount of CGT.

Aussie wrote on Apr 25^th, 2019 at 12:33pm:



Oh dear poor Aussie can't figure it out.

It goes like this -

Labor will reduce the CGT discount to 25%.

CGT is payable on the family home when it is disposed of after inheritance.


"If you inherit a dwelling or other property after CGT started on 20 September 1985 and later sell or otherwise dispose of it, capital gains tax may then apply.

Similarly, capital gains tax may apply if the deceased person's legal personal representative sells a property as part of winding up their estate."

https://www.ato.gov.au/General/Property/Inheriting-property/

So as CGT applies to the disposal cutting the exemption increases the CGT payable.

"It gets worse - Labor's proposed change to the capital gains tax (CGT) rules, which would reduce the present discount of 50 per cent to 25 per cent, could be an extra tax on the children of the widows"

"To understand how it works, you need to be aware that death itself does not trigger capital gains tax, it merely passes the liability to the beneficiaries, who will be liable for CGT when they dispose of the asset."

https://www.canberratimes.com.au/story/6088862/how-will-your-capital-gains-be-ta...

In the article it also says what happens to pre-CGT assets v Post-CGT assets.

So it is a Death tax.

Aussie wrote on Apr 25^th, 2019 at 1:49pm:



ooh Aussie wants to defend the upgraded tax grab on widows and orphans.

Aussie wrote on Apr 25^th, 2019 at 2:11pm:



Yes petal at half the proposed rate. A default death tax. And you want to double it.

Aussie wrote on Apr 25^th, 2019 at 2:17pm:



Existing rate 50% exemption

Future rate 25% exemption.

Date of Effect 1/1/2020

Aussie wrote on Apr 25^th, 2019 at 2:17pm:



yes if you die before implementation date. Die now save your kids.

Aussie wrote on Apr 25^th, 2019 at 2:24pm:



If you die after implementation date 1/1/2020, then the property will be acquired by you kids at date of death.

We're going to have to get used to enormous taxes.
We're basically bankrupt and the 2 major
parties are putting on a brave face.


Australian national Govt. debt



https://www.australiandebtclock.com.au/