It is the dumbest idea which doesnt make any sense. basically Labor want to tax unrealised gains in super accounts over 3 million. The logistics are impossible in reality. But the dumbest thing is that when taxing unrealised gains, they do not refund you that tax if the value depreciates. It is idiotic and a reason I didnt vote labor.
They have majority so it will go through as they want it. However I work in this space, I cant understand how it can be legal first. How can you force someone to pay tax on a gain they have not realised ? And the legailty of if they did tax you, why it wont be refunded if when you do sell it was a lower gain or even a loss.
That is about all the detail so far. There is so much flesh to go on the bone of this ridiculous strategy.
labor are hell bent on "taxing the rich". But at what cost ?
WA1 Price at posting:
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