Unrealised Capital Gains Tax Explained (America NEXT?)

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Күн бұрын

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@atnit86 4 ай бұрын

Tax super earnings at 15% forever. 47% top marginal rate is criminal… and it’s not fair for hard workers earning over $190k to have half of each extra dollar taken and wasted by a labor government.

@brendanmichaelwelsh6260 4 ай бұрын

All Governments at all levels waste money, it isn't some special treat kept for Labor, Who got the country into a Trillion dollars of Natioanl debt before covid? I'll wait.

@trentmathews1841 4 ай бұрын

I think if your super account is worth more than 3 milllion on paper. You should pay tax on the income made that financial year. Taxing unrealised gains... its a bridge too far.

@camturton7885 3 ай бұрын

That's ridiculous, 3ml will be nothing when 30 year Olds such as myself retire

@timothyallen7956 3 ай бұрын

3 million is not a lot of money for retirement. Move it to 10 million and have it indexed to CPI each year.

@eugenetan7326 4 ай бұрын

Another great video! Not only property values are growing, so is Luke's hair! Jokes aside, whether it's Super or not, I think taxing "unrealised gains" generally is pretty absurd. But yes, people should not abuse Super that way. Random idea, but they can simply say "max contribution to Super is 3million" and that's what we think you'll need for the next 30 years.

@lukewiles1 4 ай бұрын

Hahahah slow and steady! Agreed - they need to do something and a 3m max contribution cap would be sensible.

@triplea007 4 ай бұрын

And let's not ignore that this isn't indexed, so for our children, this will be equivalent to a $1M retirement balance today... which isnt much if they reach their life expectancy.

@whitehawk4099 3 ай бұрын

You think it's going to take a generation to get to that point? That will only happen if the Reserve Bank of Australia is very disciplined and meets their target. If they don't, which is something they along with most central banks have been struggling with for some time now, then it will probably take 12 years or so rather than the 20 years you proposed.

@slincolne 3 ай бұрын

Sorry Luke but you are wrong. The reason that Superannuation exists is so that when people reach the point in their life when they cannot work, they have an income stream to support them that does not rely on the Government giving them money collected from taxpayers. The push for superannuation was started by the Government to minimise the burden of supporting ageing population on taxpayers. It is quite likely that many people have done what the Government has asked them to do, and now the Government is changing the deal at a point where many people do not have the option to pivot to a better option. It's not a particularly good strategy to tax the rich. The ultra rich doctors, lawyers, etc. will simply pivot to a more tax effective option. The line that the 'superannuation system has been abused' is simply an old piece of recycled rhetoric where people don't like the idea that smart, hard working people have more money. TH fact that there is a 47% personal tax threshold in Australia is simply ridiculous when there are many large businesses that pay little to no tax on the income they gain in Australia, and the worst outcome they face is the potential of negotiating a deal with the ATO for a fractionally better deal that is aimed at getting someone a good headline. The real crime here is that the ATO will essentially be able to look at a persons assets and make up a fictional transaction value and make the person pay - irrespective of wether the theoretical yield is feasible or not. When you consider this, and outright fictions such as deeming rates already in place this is simply theft by the Government. They will start on the rich, and then once the principle is set they will go after the rest of us.

@ryanlasek4199 4 ай бұрын

It is so insane to me that you, or anyone else, could consider wanting to save your own money, without being taxed, abusive. The tax is the abuse. I wish that you, and others of the same mind, would just admit that the fundamental principle behind your opinion on taxing unrealised gains is the same as that of communism, "From each according to their ability, to each according to their need". Stealing from people is not ok, even if they're richer than some arbitrary threshold the Government sets.

@Jim-fz2yr 4 ай бұрын

You go move to Dubai with zero taxes and leave Australia which is equitable and fair.

@brettski74 3 ай бұрын

"Abuse" would refer to using a system for purposes for which it was not intended. Tax sheltered systems like superannuation were never intended to create tax havens for rich people to hold vast portfolios while avoiding most of the tax consequences. We can debate the relative merits of various government spending programs or the taxes that they collect in order to fund them but I don't think it's a stretch to suggest that superannuation was never intended to provide a tax haven for unlimited assets. That doesn't mean that taxing unrealized gains is a good idea, either. If the government wants to discourage or prevent the use of superannuation as a tax haven above some reasonable amount, I think there are better ways to do so. A fairly simple way to do so would be to simply have normal tax rules apply above some threshold.

@peterliemareff8894 3 ай бұрын

100%

@rightuare63 4 ай бұрын

Unrealised gains is ridiculous. The government just doesn't want money passed on to our Kidd when we die. I don't have 3 mil in my super, but what happens in 20 or so years when assets are a lot more. I guarantee they will keep it at 3 Mil and that is when it will affect a lot more people

@algardaus 4 ай бұрын

Well if it's only rich people that are being robbed what could possibly go wrong! Such a terrible slippery slope.

@lukewiles1 4 ай бұрын

Do you think the rich should be able to have massive super balances in a tax free drawdown environment. I think they should pay taxes at company / personal tax rates

@ryanlasek4199 4 ай бұрын

@@lukewiles1 "From each according to their ability, to each according to their need"

@ashikurrhman1 4 ай бұрын

sites.google.com/view/applyfordaily50jobs/home

@shaunw666 4 ай бұрын

@@lukewiles1 i dont think you're thinking this through, this affects everyone - not just the 'filthy rich'. In yr 2000 the median house price for a Sydney home was just over $290K. Just 20yrs later in 2020 the median price was $1.15M. Thats an almost 4X increase in price. In Adelaide that median gain was 5X. So what will todays median house be worth in 20yrs? - perhaps a single rental property that mum n dad worked 2 jobs each to buy, and maintain and sacrifice for so they could possibly enjoy a little extra income in their retirement? At that same 20yr rate of growth the Sydney home will be worth $4.4+M, and hence all of todays homes bought in that self managed super structure we were told would be the best vehicle to guarantee not needing a pension (remember that promise?) - will become taxed for their unrealised gains - but after all - those filthy homeowners - what are they thinking huh? imagine the conceit of them wanting an asset thats already been paid for with pre-taxed money being taxed over and over again after being put in a structure that gov said wouldn't be taxed over 15%.

@douglasbrown2773 3 ай бұрын

@@lukewiles1 im poor and yes they should get to keep there own money, theres gst and income tax already this is insane, there was a time where tax did not exist.

@OilBaron100 4 ай бұрын

Will that $3M figure be indexed every year with inflation? Or will half the population get hit with this tax in 20 years time when the average person’s super balance with be millions of dollars?

@frank33607 3 ай бұрын

C'mon there is a reason why the tax starts at $3mill., when those people move their assets, then it will move to the $2mill. and down the line to $1mill., eventually the people that cannot move their assets get screwed.

@Scritz 4 ай бұрын

While I understand the reason they are taxing I can definitely see this as being a slippery slope. This year it's those with 3 million in 4 years it's those with 2 and so on. That's why as a sole trader I'll only do the minimum I need to offset my tax. I'm not giving them any more money voluntarily.

@rw-xf4cb 4 ай бұрын

How about the individual government members responsible for effectively printing money causing inflation to pay a tax for the amount of money they printed rather than spend what you own/earn. The government needs control and not keep borrowing money infinitum borrowed money for government purposes to say 5 to 10 years.

@brettski74 3 ай бұрын

On its face, taxing unrealized gains sounds like a terrible idea. The way you present this new law makes it sound less crazy, but I'm still not convinced it's a good idea. If the government wanted to discourage super balances above some threshold, they could apply normal tax rules to balances above a certain threshold or even higher than normal tax rates, but under the same rules regarding realization as any other asset.

@marionjoy9475 4 ай бұрын

Great commentary..

@kellymills3636 3 ай бұрын

I don't think govnt has any place trying to CAP how much a free individual should make. Less govnt out of our pockets is better govnt...they already get too much already. govnt officials should be there as servants to the people..not getting rich off the people for doing absolutely nothing,

@petpillow 4 ай бұрын

3 million dollars will be worth a lot less in 30 years time but I bet they’ll never change the law. I will never contribute more than the minimum amount to super for that reason, invest outside of super.

@JimmInOz 4 ай бұрын

Taxing unrealised gains is wrong, I do agree that something needs to be done about the massive super balances some people have, the system obviously got abused. The tax system as a whole is to complicated and you are constantly figuring out ways to lower you tax, I wish it was simplified and just a flat tax on income and so on.. I earned 126k last year and paid 25% pretty much next year I’ll lower it to 117k and get family tax benefit and actually have more in my pocket and have 10 weeks of this year🤷🏻‍♂️.. stupid system . Remove family tax benefits and all the other crap and just have a lower flat tax..

@rw-xf4cb 4 ай бұрын

Will people get a return when they have an unrealized loss on their assets?

@thehouseowner-q7u 4 ай бұрын

I'm new to trading, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.

@Kelvin-rw4kb 4 ай бұрын

I suggest Miss Nancy William's Laplace is extremely good on that. She is really good on what she does, Now I can pay so many bills because of her help.

@TonyOliver201 4 ай бұрын

Amazing! I'm so surprised to see Ms. Nancy being mentioned here under this comment!

@KN0852 4 ай бұрын

Trading is difficult, I'd spend the five grand on education for trading. It's not easy. Investing is different, that's easier. Short term or long term gain is the question.

@Vlad-ei3bs 4 ай бұрын

Omg! Nancy's strategy has made winning trades a regular occurrence for me as well! It's a huge milestone when I think back on how it all started.

@WingerAndres 4 ай бұрын

I watched countless trading vids and still encountered many failures until Nancy started managing my trades

@gavinvarian9470 3 ай бұрын

That's half the average property in Sydney. I'm doubtful this is going to move with CPI let alone other asset rises. With the way we are going 3 million with be the average in a decade and will catch up to the middle class

@FromTheMosh 4 ай бұрын

I think it's fine as long as they Intex the 3 million to the exact currency debasement per year (not just inflation). When I get to retirement 3m won't be worth what it is today.

@subramanianananthram8000 4 ай бұрын

It should be indexed coz 3m today will be much more in 20 years

@rw-xf4cb 4 ай бұрын

Rich 3 million plus that's the starting point the government indexes stuff so wouldn't be surprised it will go down over time. 3M now 2M in couple of years. 100K in decade. Liquidity is going to be a crap issue sure the 10M+ mega rich yeah right.