I've been watching this evolve both pre and post election and like the "Voice" details as shared by Gangster No 1 "Albo" and his side kick Capo Jim seem far and few between except "trust us it won't hurt most of you"....or words from a politician to that effect scare me.
I take at face value
@mmm....shiney! 's comments above and example calc that it may be won't be a painful as SkyNews yells, but do I trust Govt, especially a left leaning ALP not to try and extend this cash grab beyond advertised settings...No Way. If they get away with this, other assets and the family home will be lined up in coming years.
Fun fact that accordingly to a recent ABC news article, most ALP Federal MP's own at least one or more investment properties. Refer link below.
https://www.abc.net.au/news/2024-10...-australian-federal-politicians-own/104476596
Politicians don't usually table legislation that will have a negative effect on them, so with the devil in the detail, apart from the headline exemptions already aired (not legally confirmed by Sky), will those in the Albo gang (and other party MP's) get an exemption / grandfathering in of current assets to ensure their silence and support in the Senate?
For me this tax is the thin edge of the wedge and puts Australia on the path (unless the LNP find a backbone, fight an election, win it and repeal this) to seeing private property ownership become a thing of history in the coming decades if it isn't stopped now and in next few election cycles as the family home will be on the list shortly and struggling mums and dads won't be able to find the extra coin to pay the ATO...I'll come back to that one shortly with a thought.
The ALP has stoked the inter-generational war pitting Boomers, Gen X and some early Millennials against later Millennials and Gen Z all based on the later two groups not being able to buy a home like prior generations. Thus how to fix, tax the crap out of the Boomers and Gen X who are now a declining % of the electoral vote and lock in an ALP govt for years by pandering to the later Millennials and Gen Z's (with some form of Govt support) who will dominate voting in coming years. Give the people someone to blame, show you are punishing someone and you'll probably get their vote again. Yes it's a broad sweeping statement but it's what I see Albo now doing with glee. Maybe cos he grew up in housing commission he's got a chip on his shoulder re those he went to uni with who came from better off families...I don't know but what I do know is that Albo (landlord and very coastal property co owner) seems to have embraced property investment so lets see if he skates through this new tax.
Just a thought and looking through to the other side on this tax over the coming years / decades should it remain in force and even be expanded to other assets including your family home. Several years some new lenders (and some banks) came to the market with reverse mortgages to assist those (generally older folk) who are asset rich / cash poor with new cash flow in exchange for security over the house when you died or sold it. Being in the finance sector this product really didn't take off and has been quite for year.....Now think forward to time where this tax is in place, non-indexed, covers all investments assets and the family home and each poorer by the year Aussie has to find $ to pay the ATO (cos like council rates on property values never go down). Enter the like's of Vanguard, Blackstone and other global asset managers who have large commercial and resi investments. I can see them providing a type of reverse mortgage to anyone who wants it cos as the end of the day when the owner dies or sells, the buy of the debt would be horrible (due to int rate and fees charged, the property would most likely just default to lender who would hold it.
Maybe we are only generations away from "You will own nothing and you will be happy"?.......I never really bought into this line of thoughts (thanks WEF) but Albo taxes gets me thinking there's a larger motive afoot rather than just raise more cash to waste on ALP vote buying. I may be well off the mark...time will tell.
they're just simple public servants protecting and serving our interests of course 
I've had enough of all the bullshit time to go full retard strap on my tinfoil hat...always keep within reach and retreat into the bush, as far away from sick society and the madness as possible
