Australia is preceding with plan to enact unrealised capital gains tax on retirement
It's never been so over.
Australia is preceding with plan to enact unrealised capital gains tax on retirement
just in time for every market to tank so hard everyone will be recording losses for the next decade
just leave the countr-
Not so fast
over 25 million Australian
not a single one said hey guys this is an actively and aggressively retarded idea
deserved
he thought he could just retire after building millions in his retirement fund over 40 years of working for shekelstein
not so fast wagie
Lesser of 2 evils, better to take the exit hit then bag hold to zero
2020 caused Australia to go full retard and it has yet to recover.
the tax is for balances of 3 million. most of the 25 million retards here would barely have a couple of hundred grand in super
This is why poorfags shouldn’t be pay taxes. Once they pay a few cents they think they’re equivalent to a rich person paying millions. They think they’re entitled to all the rich man’s money and how it should be taxed
Australia is truly a shithole
it is economic zone 3XGT
So none can think 20 years into the future where they might have this balance?
what
how do they enforce it, drone strikes?
It's not indexed, so gen alphas and zoomers are going to have to eat it in next 20 to 30 years when 3 million in super isn't a lot lmao
I don't get the hate for unrealized gains tax. It makes taxes 9000 times easier. You can just take your balance at the end of the year, subtract the start, and that's your gain. You don't have to track every single "realization." Downsides can be easily mitigated by allowing deferment for illiquid investments at some standard interest rate.
Yeah, you can't just sit in one investment and get free leverages, but that could just be made up with a lower overall tax rate, or even being able to subtract inflation which would be possible with the easier system. And the huge benefit is you can move capital how you want with disregard to tax implications. You aren't incentivized to try to just hodl some overpriced investment. Its just a way better system for the market that would lesson boom/bust cycles.
That's a good point but we could achieve the same thing by just scrapping all taxes and doing like $100/year flat tax.
Not as bad as Democrats in America who never ever pass anything crypto related.
No one can argue that this isn't robbery
Luxury consumption taxes (imports, nonessentials) are the only and fairest way to squeeze money out of your constituency
Everything else is just cartel shakedowns
It forces sales
precede
anon, i...
just gonna get one of trump's gold cards then
so you would also be okay with being taxed before you receive your wages?
Not if you just compensate it with lower overall rates its not anymore net selling. With the current system you will eventually owe the tax. So people are stuck in investments and when they reallocate they owe one big tax bill at a huge rate, where taxing unrealized would just spread it out with a lower rate.
And this is a good thing, why tax incentivize hodling? You should be free to efficiently move capital without tax implications. More selling but also more buying because it frees those gains up to be reallocated. And you wouldn't have founders stuck owning massive shares of large companies because they can never sell without paying insane taxes, they would just pay a lower rate over time, less concentrated wealth, more distributed ownership of larger companies, so many advantages.
Unrealized gains have already been "received" though just not "realized" in a technical sense.
Its more like if you could defer your wages and not pay tax, but to balance it they increased over all tax rates. Most people would find that a shitty. But for some reason they like how investments are taxed, and how you have to constantly consider tax implications whenever you want to make any change to investments, and often remain in shitty overvalued investments just because you want to keep your tax liability invested on free leverage. Its a really dumb system.
You don't get it and I'm not gonna elaborate. It is literally empire ending levels of retardation and I encourage you to dyor
gains have already been "received"
my home has appreciated in value but I've not received anything?
its OK to be taxed on money you haven't made as long as you follow this convoluted schema
I don't think I'm coming back after this run
"empire" ending? It could literally just be implemented by lowering the rate but adding an interest rate penalty based on the amount of time held. Then you could have simplifications like mark-to-market for people who are active investors.
All of these proposals allow deferral for illiquid investments.
convoluted
Its waaay simpler though. Literally just take the market value of your investments at the end of the year, subtract the start, that's you gain. It like 9000x simpler. And then allow people to do the old way of tracking every single transaction down to the sub cent if they want. For every realization if you held it more than a year you would just adjust for the interest rate on tax you deferred. Its the best of both worlds.
Holy fuck, retard alert. It's literally slavery you downy faggot. It is "you will own nothing" incarnate. It turns asset ownership into asset rental.
Depends on the rate. I think capital gains should be adjusted for inflation. Like if I buy a brick of gold for $500k and sell it for $550k, and inflation was 10%, I really didn't make any gains, I should owe no tax. That has nothing to do with when I pay the tax though. The ideal tax system IMO is allowing taxing unrealized gains but allowing adjustments for inflation. What we have now is the worse of both. You get taxed on inflation, and you have to hodl shit just to defer it.
or how about we dont pay any taxes at all. this is why we have crypto
Whichever government you work for, I hope you get voted out immediately
Taxes on wealth *not even existing* is the last vestige of soft tyranny before full blown despotism.
This is far simpler and, in every facet, morally and ethically superior
Great, but we currently do pay taxes, so if I have to pay taxes I'd rather not have to spend a billion hours compiling thousands of trades and having to think about which lots to sell and the tax implications of every single trade I want to make. Obviously the best is no taxes at all but that's not what we're talking about.
Taxes on wealth *not even existing*
That is literally the system we already have now. If you sell something for 10% "gain" but inflation was 10%, the government says you owe tax. You are just defining what "exists" based on what the government calls money and what the government calls a realization. So you have to invest in ways that government makes you do avoid "realizing" gains which the government determines. So for things the government can't control, like crypto, they make it a fucking absolute bitch to calculate, while government-approved stocks can have "qualified" dividends. The system we have now is so much more cucked.
Good
Even better
sell everything
get gold and silver
go into the outback
The only choice left
HEY DARDY OLLY WOLLY BONGA NOONGA, WEHRE'S MY FAKKIN' WEFFAR CHECK?
the government robs you
and that's a good thing
kys bootlicker.
Its waaay simpler though. Literally just take the market value of your investments
The market value is what you can sell it for. Without selling it's impossible to genuinely assess the market value.