Kwality calling others ignorant now I've heard it all
You can prove me wrong, you havent.
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Kwality calling others ignorant now I've heard it all
Prove what wrong? Half the time I don't even understand what you've written it's that poorly constructed.You can prove me wrong, you havent.
I'm not sure how much more clearly I can spell this out. This is directly from the Greens website.
The Greens plan includes:
That is simply not possible, in any way, shape or form, if a person is not an Australian resident for tax purposes. If any of these people move themselves to another jurisdiction for tax purposes (which would be highly likely if such a plan became reality) there would be no mechanism for applying this tax.
- A 6% annual tax on the global net wealth of Australia’s 122 billionaires.
You're confusing global income with global wealth. They are 2 entirely different concepts.I suggest you go and speak to the US, because their citizens are taxed on their global income.
It can be done, you just need a government whose able to negotiate tax treaties with other countries.
Many of the US ex-pats I know are double taxed and are quite resentful about it.
It can be done, you just need a government whose able to negotiate tax treaties with other countries.
Prove what wrong? Half the time I don't even understand what you've written it's that poorly constructed.
You're confusing global income with global wealth. They are 2 entirely different concepts.
Australian tax residents are also taxed on their foreign income (to the point that they haven't been equally taxed in the source country).
I'm not aware of any jurisdiction in the world that taxes its residents (for tax purposes) on their global WEALTH.
What are you asking me to prove wrong? My position is companies and individuals who avoid tax by using offshore tax havens and dodgy front companies should be cracked down on and made to pay their rightful contributions. I don't know what you are asking me to prove wrong.Another excuse .... transparent.
I worked in Vanuatu for 12 months in 2002. Vanuatu is tax free but I had to pay tax on it in Australia.Tax the current residents for tax purposes when they are no longer residents for tax purposes?
How exactly will that happen?
yeah and some places have reciprocal tax laws and some don'tI worked in Vanuatu for 12 months in 2002. Vanuatu is tax free but I had to pay tax on it in Australia.
As an Australian resident, you are taxed on your worldwide income. This means you must declare all income you receive from foreign sources in your income tax return.
Gee I really hope either Labor or the Greens have some appetite for real tax reform if Labor win.
I'm not sure how many different ways I can say this, I am talking about the plan to tax GLOBAL WEALTH (not income). That is what the proposed policy is saying and my argument is if someone is no longer an Australian resident (for tax purposes) this is utterly impossible.I worked in Vanuatu for 12 months in 2002. Vanuatu is tax free but I had to pay tax on it in Australia.
As an Australian resident, you are taxed on your worldwide income. This means you must declare all income you receive from foreign sources in your income tax return.
Not impossible, just the appetite.I'm not sure how many different ways I can say this, I am talking about the plan to tax GLOBAL WEALTH (not income). That is what the proposed policy is saying and my argument is if someone is no longer an Australian resident (for tax purposes) this is utterly impossible.
The current rules around taxing of foreign INCOME have been in place for quite some time.
So on income not on wealth ?
we should definitely have wealth taxes thoughWealth is just saved/residual income. ie at some point it is income. ie at some point it can be caught by income tax provisions.
I'm not sure how much more clearly I can spell this out. This is directly from the Greens website.
The Greens plan includes:
That is simply not possible, in any way, shape or form, if a person is not an Australian resident for tax purposes. If any of these people move themselves to another jurisdiction for tax purposes (which would be highly likely if such a plan became reality) there would be no mechanism for applying this tax.
- A 6% annual tax on the global net wealth of Australia’s 122 billionaires.
Its possible to try and tax non-tax residents on their global wealth? How exactly?Not impossible, just the appetite.
Good luck getting that to hold up when the tax is seeking to do something that has never been done before. Does that mean every person who is no longer a resident is avoiding tax if they move (given their global wealth could be taxed)?Part IVA anti-avoidance measures.
If the purpose to change residence is to avoid tax you will get pinged under Part IVA.
So you're advocating people's savings (wealth) be taxed again, despite them already paying PAYG on it?Wealth is just saved/residual income. ie at some point it is income. ie at some point it can be caught by income tax provisions.
so just between you and meGood luck getting that to hold up when the tax is seeking to do something that has never been done before. Does that mean every person who is no longer a resident is avoiding tax if they move (given their global wealth could be taxed)?
Just a realist who spends some time thinking about practical application of proposed policies.so just between you and me
Twiggy or Clive?
we should definitely have wealth taxes though
most of the wealth is inter generational and never gets taxed when the assets are transferred
not to mention how easy it is for the billionarres to acquire assets as replacement for income
So you're advocating people's savings (wealth) be taxed again, despite them already paying PAYG on it?