For those who don’t know, here’s how Shortens inheritance tax will work:
If your parents leave you a fully paid for $400,000 home, you will get a bill from the Tax Office for $160,000 (40%).
If you can’t pay that, they will sell it.
If they get $400k, they will take $160k, the real estate will take $8-10k and you will get around $230k
Not bad considering your parents worked all their lives for it, paid taxes on all the money they earned along the way and and just under half of what they worked for now goes to the government.
What about if they leave you a fully paid $40k car, congratulations you now owe the Tax Office $16k for that car.
What a wonderful world where we can leave so much to the government.
Unbelievable!!
If your parents leave you a fully paid for $400,000 home, you will get a bill from the Tax Office for $160,000 (40%).
If you can’t pay that, they will sell it.
If they get $400k, they will take $160k, the real estate will take $8-10k and you will get around $230k
Not bad considering your parents worked all their lives for it, paid taxes on all the money they earned along the way and and just under half of what they worked for now goes to the government.
What about if they leave you a fully paid $40k car, congratulations you now owe the Tax Office $16k for that car.
What a wonderful world where we can leave so much to the government.
Unbelievable!!