Tag: gtandfathering

A taxing time

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A taxing time

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The changes to Capital Gains Tax (CGT) are complicated and more difficult to work out than before so a layer of complexity is added.  Moreover, the are based on a flat rate (30%) hurting small investors with low incomes and they use indexing against CPI which we all know is not accurate and deliberately under-quoted. So you take the risk and get punished for making a profit but you get nothing if your asset makes a loss. Moreover, any budget forecast over the next few years is going to be garbage because we are going through a fiat debasement and heading toward massive Wiemar republic hyperinflation.  So the “Chancellor” might as well cast chicken bones and use sheep entrails to read the future. Utter nonsense.  These changes take effect in the new Tax Year in 2027. By then the global economy will be in deep doo da.   Never mind, because if you are on low income/center-link or state pension by then the  30% will be adjusted. The generosity is overwhelming.  The plan is to have everyone broke by then or on UBI.  Good luck with the state deciding whether you are up to date with your Hantavirus jabs and reeducation before you collect (lolz). Independent wealth is not about being rich but about not being bullied by a bunch of fascist satanists.  The there is this:

Of course, any counterargument to the LNG tax is BS because Australia now holds all the cards because we are one of the biggest global suppliers and our competition in the UAE has been destroyed. Where are our foreign customers going to take their business? Why should we pay high prices for gas when the Japanese on-sell our gas for a profit?  Make them pay their fair tax instead of whacking us with a 30% minimum CGT,

Here is a fictive example of someone holding an asset for different time periods at different income levels. Created using AI.  You can do the same.

 

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