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clock Created with Sketch. 23/05/24
10:36
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Originally posted by walbrook:
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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.
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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.
