AVZ Discussion 2022
- Thread starter GazDix
- Start date
cruiser51
Top 20
Nice horn
Carlos Danger
Top 20
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.
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.
TheCount
Regular
It distracted people away from the major topics didn’t it…..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.
cruiser51
Top 20
Wasn't the major topic 'No Changes to Super on my Watch'?
TheCount
Regular
It kept people’s eyes away from their ever increasing push for power and the belief they are the only party that should ever be in control, but let’s not bog down AVZ with Politics.
Similar threads
