How Shortens inheritance tax will work:
If your parents leave you a fully paid $400,000 home, you will get a bill from the Tax Office for $160,000 (40%). If you can’t pay that, they will sell it.
If they get $400k, they will take $160k, the real estate fees and agents will take $8-10k and you will get around $230k Not bad considering your parents worked all their lives for it, paid taxes on all the money they earned along the way and and just under half of what they worked for now goes to the government.
What about if they leave you a fully paid $40k car, congratulations you now owe the Tax Office $16k for that car.
What a wonderful world where we can leave so much to the government. This is a policy if you really hate your kids with a passion. If you love your kids and think you shouldn’t be taxed over and over again on things you have already been taxed on, do NOT vote labor, and do NOT vote another party that will preference labor.
Now, Labor have said they won’t be introducing a death tax. … Yeah right ! … The problem is Labor has a long history of deceit. Julia Gillard promised: “there’ll be no carbon tax under a government I lead!”, yet once elected ,.. we copped a carbon tax, until it was repealed by Tony Abbott.