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Liberals want death tax (Read 4292 times)
stunspore
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Re: Liberals want death tax
Reply #30 - Apr 25th, 2019 at 5:21pm
 
lee wrote on Apr 25th, 2019 at 4:09pm:
stunspore wrote on Apr 25th, 2019 at 3:20pm:
And what are the debating points of a "death tax"?  What are the pros and cons?

Is it "automatically bad" because it is a "Tax"?  Which ofc, is used to pay for government services which most agree are usually essential?

And to call something a "death tax" - is that what experts (not media spinners) would also describe it?  Because if that isn't what experts would call it, then all we have is yet another lib scare/fear tactics. 


No it is not necessarily a bad thing.

Is a tax paid by the beneficiaries after death on their inheritance a death tax?

When we had death taxes in Australia that is exactly how they were calculated.

If you have a look at the headline it says the Lib's want one. So that should read a Labor scare tactic. Wink


You are referring to CGT.  This would apply whether the person gifting it is alive or dead.  What would you call the tax while the person was alive then?  Life tax?  Does the same tax should have two names then?
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lee
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Re: Liberals want death tax
Reply #31 - Apr 25th, 2019 at 5:26pm
 
stunspore wrote on Apr 25th, 2019 at 5:21pm:
You are referring to CGT.


Oh VERY good.

stunspore wrote on Apr 25th, 2019 at 5:21pm:
This would apply whether the person gifting it is alive or dead. 


Yes petal.

stunspore wrote on Apr 25th, 2019 at 5:21pm:
What would you call the tax while the person was alive then?  Life tax? 


It's called life. You live you pay taxes. Wink

stunspore wrote on Apr 25th, 2019 at 5:21pm:
Does the same tax should have two names then?


I didn't say anything about its name; I was commenting on its effect. It is a de facto death tax when enacted on the inheritors. And it will have a greater effect after 1/1/2020.

If you don't agree with that please be specific with that you disagree.

That wasn't so hard was it? Wink
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Its time
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Re: Liberals want death tax
Reply #32 - Apr 25th, 2019 at 6:03pm
 
Bobby. wrote on Apr 25th, 2019 at 5:00pm:
Its time wrote on Apr 25th, 2019 at 4:53pm:
Bobby. wrote on Apr 25th, 2019 at 3:30pm:
Comment from another website:

The death duties was stopped after Nationals , Joh Bejelke Petersen in QLD stopped them and QLD became the place to buy property where you could leave it to your kids without a government Ghoul hovering over the corpse counting your ties and socks to see what he could take from the widow or kids, . Death duties has always been a leftist policy and still is, and for Shorten to try to defelct when his union bosses like Sally have made it public they want this for the ALP as well as the greens is just shameful.


Really,  where does Sally say she wants it? 



What?


First your super will be raided and then your inheritance.

You'll think that baked beans on toast is the best meal you've had in a long time.


Where does Sally say it?  Oh she didn't,  as you were
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Bam
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Re: Liberals want death tax
Reply #33 - Apr 25th, 2019 at 6:31pm
 
Bobby. wrote on Apr 25th, 2019 at 5:09pm:
Even after a lifetime of being taken by friends and enemies alike -
and then just when you feel you have your possessions sure -
your health begins to fade -
That is of course the ultimate theft.

Like how certain right-wing parties and think tanks want to scrap the aged pension and force elderly people to take out reverse mortgages or sell their house to survive?
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philperth2010
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Re: Liberals want death tax
Reply #34 - Apr 25th, 2019 at 6:57pm
 
I always believed CGT did not apply to the family home....Profits on investments should always be taxed???

Quote:
Your ‘main residence’ (your home) is generally exempt from capital gains tax (CGT). To get the exemption, the property must have a dwelling on it and you must have lived in it. You're not entitled to the exemption for a vacant block.


Huh Huh Huh

https://www.ato.gov.au/general/capital-gains-tax/your-home-and-other-real-estate...
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PZ547
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Re: Liberals want death tax
Reply #35 - Apr 25th, 2019 at 7:00pm
 
.
So everyone's barking at Lee?

as in, 'kill the messenger' ?

shame

They all want to rob you, Greens who've admitted a return of death tax (by whichever name) is one of their published policies.  They can't deny their interest in grabbing lots of money which was already taxed fifty times over because it's one of their published policies.  So they've  tried to cover their greedy designs by claiming it's just not one of their current policies, i.e. those they're taking to this election


Labour are knee deep in the same grab.  All that money beckons them.  But they too are claiming it's not one of the policies they're taking to this election.  That despite that the unions voted overwhelmingly in favour of death tax (whatever name will be used).  Yes, the unions.  Those supposedly struggling blue collar workers who're ALL for the little-people, lol

And Liberals are the same and wetting themselves at the thought of this issue going mainstream in the lead-up to the election


It's all any of them have as means of fulfilling any of their nonsensical policies -- the same policies that has people salivating over all that extra money which Shorten is going to give them if he wins  Roll Eyes


People mock Clive for promising to pay his workers if he comes through this election.  High minded criticism from this forum about Clive, but he's basically doing nothing different to the 'big parties'


We're broke

and for anyone to claim a death-tax grab is justified because it pays for this and that

--- have a think about the criminal waste of our money by all arms of government and by all politicians, who only come clean when they're caught out


-- have a remember about Barnaby and the tax rorts, the corruption AND the largesse expended on his mistress as she was shuffled from minister to minister at a rate of something around $200k.  Was that ever repaid?  Not to mention she spent at least a year on maternity leave and now she's hatching another Barnaby -- is she still on maternity leave? 

The Christmas Is. extravaganza

the Reef extravaganza

the water buy-backs

pollies' travel rorts, ongoing

You would weep if you knew the extent of monetary waste and graft at all their hands

the cost of keeping ex prime ministers alone

Julie Bishop's wardrobe


and it came out of the pockets of Aussies who're struggling to find ten dollars when it's only Wednesday


kick them all out

We do not need them

they are corrupt idiots who do the bidding of their overseas masters

we're paying for puppets


Now, can anyone tell me if the death tax will still apply if on my deathbed, I torch the family home bequeathed to family members?  Will the government be able to get its mitts on the insurance money?

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Re: Liberals want death tax
Reply #36 - Apr 25th, 2019 at 7:21pm
 
Quote:
Now, can anyone tell me if the death tax will still apply if on my deathbed, I torch the family home bequeathed to family members?  Will the government be able to get its mitts on the insurance money?


Let's ask the messenger.  Lee, what say ye?
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PZ547
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Re: Liberals want death tax
Reply #37 - Apr 25th, 2019 at 7:23pm
 
Aussie wrote on Apr 25th, 2019 at 7:21pm:
Quote:
Now, can anyone tell me if the death tax will still apply if on my deathbed, I torch the family home bequeathed to family members?  Will the government be able to get its mitts on the insurance money?


Let's ask the messenger.  Lee, what say ye?



I should explain I meant that should the house burn down when I kick the bucket that just happens to have half a dozen incendiary candles burning on it
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Re: Liberals want death tax
Reply #38 - Apr 25th, 2019 at 7:24pm
 
PZ547 wrote on Apr 25th, 2019 at 7:23pm:
Aussie wrote on Apr 25th, 2019 at 7:21pm:
Quote:
Now, can anyone tell me if the death tax will still apply if on my deathbed, I torch the family home bequeathed to family members?  Will the government be able to get its mitts on the insurance money?


Let's ask the messenger.  Lee, what say ye?



I should explain I meant that should the house burn down when I kick the bucket that just happens to have half a dozen incendiary candles burning on it


Lee?
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Bobby.
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Re: Liberals want death tax
Reply #39 - Apr 25th, 2019 at 7:27pm
 
Bam wrote on Apr 25th, 2019 at 6:31pm:
Bobby. wrote on Apr 25th, 2019 at 5:09pm:
Even after a lifetime of being taken by friends and enemies alike -
and then just when you feel you have your possessions sure -
your health begins to fade -
That is of course the ultimate theft.

Like how certain right-wing parties and think tanks want to scrap the aged pension and force elderly people to take out reverse mortgages or sell their house to survive?



Both parties are after your money -
and they'll get it -
they'll get all of it.
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lee
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Re: Liberals want death tax
Reply #40 - Apr 25th, 2019 at 7:29pm
 
philperth2010 wrote on Apr 25th, 2019 at 6:57pm:
I always believed CGT did not apply to the family home....Profits on investments should always be taxed???

Quote:
Your ‘main residence’ (your home) is generally exempt from capital gains tax (CGT). To get the exemption, the property must have a dwelling on it and you must have lived in it. You're not entitled to the exemption for a vacant block.




Notice that word "generally"? It is while you own it. You die, you no longer own it.
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lee
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Re: Liberals want death tax
Reply #41 - Apr 25th, 2019 at 7:37pm
 
Aussie wrote on Apr 25th, 2019 at 7:24pm:
Lee?



Who filed the insurance claim?

Did they rebuild and then sell?

I am sure the ATO has a policy on these things.
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PZ547
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Re: Liberals want death tax
Reply #42 - Apr 25th, 2019 at 7:42pm
 
Bobby. wrote on Apr 25th, 2019 at 7:27pm:
Bam wrote on Apr 25th, 2019 at 6:31pm:
Bobby. wrote on Apr 25th, 2019 at 5:09pm:
Even after a lifetime of being taken by friends and enemies alike -
and then just when you feel you have your possessions sure -
your health begins to fade -
That is of course the ultimate theft.

Like how certain right-wing parties and think tanks want to scrap the aged pension and force elderly people to take out reverse mortgages or sell their house to survive?



Both parties are after your money -
and they'll get it -
they'll get all of it.



We're just a number, Bobby

Just kicked-around beasts coralled in their pen

Wait until they start taxing the new-arrivals' family home once it's passed down on the parents' deaths.  Be worth being a ghost in order to watch the explosives being catapulted into government offices and hide-outs.  So much so, I'm beginning to appreciate the 'enrichment'.  Aussies need some new, fiery blood.  We've become too placid and accepting of the unacceptable

I mean, do you realise how many times a person is taxed by the time they've paid for the family home?  And do any of us expect pollies' kids will have a big chunk of their inheritance snatched by the daddy's mates?

time for revolution

unthinkable in Australia, huh?

right.  we just placidly chew our cud

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Re: Liberals want death tax
Reply #43 - Apr 25th, 2019 at 7:54pm
 
Aussie wrote on Apr 25th, 2019 at 4:05pm:
lee wrote on Apr 25th, 2019 at 3:57pm:
Aussie wrote on Apr 25th, 2019 at 2:59pm:
On property I acquired before 1/1/2020?



If you die after 1/1/2020 it passes to your estate. Your inheritors inherit at the date of death. Therefore they inherit after /1/2020. The date of death is when your assets no longer belong to you. They have been acquired by your inheritors.


Does it relate to property I acquired BEFORE 1/1/20?  That is my question.


Lee?
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lee
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Re: Liberals want death tax
Reply #44 - Apr 25th, 2019 at 8:05pm
 
Aussie wrote on Apr 25th, 2019 at 7:54pm:
Lee?


Answered in the post you reposted the question. Of course if you owned it pre 1985, then the inheritors cost base would be the valuation at the time of death. CGT would be on difference between that cost base and the selling price. After 1985 it would be the cost base at the time of purchase.

"If you die after 1/1/2020 it passes to your estate. Your inheritors inherit at the date of death. Therefore they inherit after 1 /1/2020. The date of death is when your assets no longer belong to you. They have been acquired by your inheritors."

What don't you understand? After you die you no longer own anything.


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