“Anthony Albanese’s hidden divorce and death tax that secretly passed the Parliament should be scrapped immediately, just like he committed to repeal his secret widow’s tax”, said Shadow Treasurer, Tim Wilson.
Mr Wilson’s comments follow reports in the Sunday Telegraph / Herald Sun that grieving and vulnerable families will be hit with a hefty capital gains tax bill on the death of a loved one or at the point of a divorce without their assets ever being sold.
“Anthony Albanese’s Budget was full of hidden tax landmines for small businesses and families, and now families grieving from deaths and divorces are being targeted. Every time one of Anthony Albanese’ tax landmines detonates it is everyday Australians who are its target”, Mr Wilson said.
“First, it was a death tax on family trusts, then a widow’s tax, and now we learn CGT can be triggered on death or divorce that are currently exempt, and even when a property is never sold”.
“Tax experts have called the legislation ‘extraordinary’, and warned Treasury the drafting could lead to their divorce and death tax being hard for grieving clients to avoid”.
“The Albanese government’s Budget has been an unfolding trainwreck of shoddy measures and tax grabs, with everyday Australians who work hard targeted”.
“The Albanese government has said its secret divorce and death tax is “under review”. That is code that they thought they could sneak a divorce and death tax through, they got caught, and now they’re trying to disarm the landmine they laid”.
“That’s the same excuse we heard on the widow’s tax, before Labor was humiliated into repealing it within hours of being exposed”.
“Anthony Albanese must come clean, and scrap his secret death and divorce tax immediately”, Mr Wilson said.
