Arm Chair, what Im saying is that many properties now sell in the tens of millions and we are in a position whereby we need to find ways of plugging the hole in our tax revenues.

Given there would be an allowance for one to inherit half a million tax free, is this enough.

rehctub,

What you are proposing is that the elderly should be scared witless of the onerous death duties to be paid by their heir/s to the estate that they would be forced to sell the farm/business before death.

Even if they don't sell prior, the heir would have to do it to pay the ATO debt.

That is a sure way to have productive farms divvied up as farmlets and housing estates.

Assuming that you are developing a meat business, how might your wife and children pay the ATO death duty bill (and your funeral costs) if you met with a premature death? Think about the massive hits they would take.

Dear Rehctub,

<<So what you are all suggesting is that half a million of inheritance per sibling is not enough. Why? >>

Because this money was already taxed when earned, in some countries and until the 1980's even here incurring >50% tax. If a certain static sum of money passes on as security for 100 generations, are you suggesting that Australia may tax it 100 more times? Even when the original sum was earned outside Australia or long before Australia even existed?

The person(s) who happen to receive the sum may only be trustees for the family's wealth and never use it themselves. That wealth could be intended to secure the family indefinitely for many generations to come, so they never have to depend and fall on states and tax-payers if they fall ill or have an accident. What right have you to touch that money only because its trustee(s) happen to live in Australia?

I am surprised at you rehctub, getting it so wrong, or back to front.

We have no hole on our tax revenues, but one in our government's money vault. This hole was partly the vindictive passing of huge forward spending by the redhead, in her dying days. It is the excessive spending of this & other rubbish that is the problem.

I am surprised you do not see that Turnbull is continuing the trend, with vote buying spending on nothing useful, trying to gain popularity.

The last thing we should do is give him even more money to waste on ego driven vote buying.

From the other side, there is absolutely no reason that the government should have a call on any gains by people investing tax paid money in any way. If they chose not to pi55 is up a wall but invest it, surely they & not the wastrels should gain from this.

From another point of view, if you are talking about a family dwelling, surely the kids should be entitled to inherit a dwelling such as their family home.

You may have missed the fact that it is only the 2.5 acres around a family home that is free of capital gains tax. This is only the case if it has not been used for gaining financial reward as well. Any other additional area, even if only used for family leisure is still subject to capital gains tax.

Smaller properties become capital gains tax exempt after they have been part of your primary place of residence for 20 years, provided no income has been earned from them.

Continued

Continued.

Smaller properties become capital gains tax exempt after they have been part of your primary place of residence for 20 years, provided no income has been earned from them.

My property has had considerable increase in value, at least according to the Valuer General, & don't the council take advantage of that. However there are considerable costs in holding a property for a long period of time. Just the ridiculously high rates are exorbitant. For almost $4300 I get nothing but 3 hours of a mobile library 48 times a year.

In my 23 years, I have fenced the boundary twice, at huge expense. Internal fences, gates, tracks, slashing & mandatory spraying of declared noxious weeds has also cost a small fortune. This year alone has seen $4500 on the tractor, & $2500 on less than a hundred meters of farm type fencing repairs around the house paddock as extras.

Having to pay contractors to do more of what I once did myself will eventually force me off the place. The kids are helping more, as they want to keep the place, but they can't live here permanently, as the council in its stupidity will not permit more than one building with a kitchen, even on 20 acres, & banned subdivision, even for family homes.

I think you are all missing the point, im not talking about a family home that is not sold, I am talking about a large parcel of land that is sold off once the owners pass. read my original post.

Has been the CGT only applies to larger lots acquired post 1982/3, not sure! The example I gave was the 50's.

Do you all agree that a property, say 200 ac on the outskirts of Brisbane, purchased for $30K (in todays terms),then sold off for 200 million should be tax free.

I have to question that.

As for farms, they are businesses and attract CGT if they have been run as a business.
This is my question.