Summary
A tax lawyer in Perth suggests that Australia may soon implement death taxes on inheritances, a significant shift for a country that currently does not impose such taxes. He argues that strained government finances and an aging population could compel future governments to consider this unpopular option. With federal spending at a near-record high, there appears to be little political will to cut expenditures, leading to speculation about new tax measures.
Historically, Australia had state-level death taxes, which were abolished in the 1970s as states competed to lower rates. The lawyer highlights that with trillions of dollars expected to be passed down from the aging baby boomer generation to younger Australians, the prospect of a federal death tax may become a reality as governments seek new revenue sources.
Show Notes
Tom Elliott has shared his thoughts on a new tax which a Perth-based tax lawyer is predicting is imminent. See omnystudio.com/listener for privacy information.
More from 3AW Mornings with Tom Elliott
Australia Institute senior economist Matt Grudnoff joined Tom Elliott to discuss the pros and cons of a death or inheritance tax being reintroduced in Australia. See omnystudio.com/listener for privacy information.
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