Taxation of assets and asset income Background comments Chris Evans.

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Presentation transcript:

Taxation of assets and asset income Background comments Chris Evans

Major types of asset taxation 1.Taxing the stock of capital/wealth Capital levies (rare) Annual wealth taxes Land taxes Council rates 2.Taxing the transfer of capital/wealth Death and gift taxes (donor-based: estate duty; or donee-based: inheritance tax) Stamp duties 3.Taxing the appreciation of capital/wealth Capital Gains Tax (CGT)

Major types of asset taxation in Australia 1.Taxing the stock of capital/wealth Capital levies (no) Annual wealth taxes (no) Land taxes (yes) Council rates (yes) 2.Taxing the transfer of capital/wealth Death and gift taxes (donor-based: estate duty; or donee-based: inheritance tax) (no) Stamp duties (yes) 3.Taxing the appreciation of capital/wealth Capital Gains Tax (CGT) (yes)

Capital Gains Tax (CGT) Second most widely introduced tax in latter half of 20 th century (after VAT) Introduced for reasons of equity (horizontal and vertical) and efficiency (but not simplicity) Taxes gains on “assets” on a realisation basis (should be accruals) CGT regime riddled with preferences (exceptions, exemptions and deferrals) Currently affects roughly 1m taxpayers (mainly individuals) – about 10% of all taxpayers Volatile revenue which accounts for less than 5% of all tax receipts – but NB important integrity role

Revenue from CGT

Priorities for reform 1.The CGT regime removal of preferences (equity/efficiency)  CGT discount  grandfathered status of pre-85 assets (?)  small business concessions (?)  the main residence (?) introduction of an annual exempt amount (simplicity) 2.Death taxes Should they be re-introduced? (don’t be kind to the dead!) 3.Annual wealth taxes Should they be introduced?