No walbrook, Labor could not have legitimately done another...

First 7 Last

Share
Profile

Follow
Enigma3

1,669 Posts.

7

23/05/24

10:36

Post #: 73970623
Share

Originally posted by walbrook: ↑

The proposed tax is simply unfair and poorly thought out. The fact that there is no indexation of the threshold and unrealized gains are taxed immediately whilst unrealized losses can only be used to offset future gains is a clear demonstration of the unfairness of the proposed tax.

The proposed tax will cause major issues for farmers and small business owners carrying their main assets in their SMSFs. The issue of valuing unlisted investments has no easy solution and compliance costs will increase substantially.

Labour clearly thought the tax would be an easy sell as they are targeting the "rich" but the impacts will be felt by an ever-increasing section of the community. If they wanted to limit the tax break on superannuation, they could have proposed a very simple solution of imposing a higher marginal tax rate on income actually earnt above a nominated threshold. For example, 15% tax on the first $200k of realized income jumping to 30% for realized income above $200k.

It is absolute arrogance that Labour is not prepared to listen to the concerns being raised whilst failing to give the reasons for taxing unrealized gains.

Expand

No walbrook, Labor could not have legitimately done another fairer tax change to Super instead because the PM pledged there will be no changes to Super during the election and his word should be his bond until the next campaign, period, end of story.
So Labor must withdraw this legislation or be forever untrustworthy, unelectable liars.
5 Upvote

Reply

Top Stories

BRX

Belararox delineates another porphyry in Argentina at Tambo South

With financials holding the fort, materials must step up with some heavy lifting to stimulate stocks

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

STX

Strike Energy secures $153 million for Perth Basin gas projects

FHE

Frontier Energy achieves key milestone for Waroona energy project

EMD

Emyria's Empax Centre chosen for mental health clinical trial

ASX Market Update: Shares fall flat as GYG soars on debut | 20 June, 2024

SBW

Shekel Brainweigh CEO Nir Leshem weighs in on AI adoption ahead of FY25

RDN

If you thought lithium was dead, think again. The Pilbara will be central to the next upswing

AML

Cultural heritage agreement puts Walford Creek exploration back on the map