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In this episode, Mena and Stuart dive into Australia’s complex tax system, using insights from a thought-provoking discussion paper by Matt Grudnoff of The Australia Institute. He examines how, when welfare and superannuation are factored in, Australia’s reliance on income tax may not be as unbalanced as critics claim. Still, Stuart raises the question: What could a more common-sense approach to tax reform look like?

He explores potential policy ideas, including introducing a luxury GST rate, capping the main residence exemption, and reconsidering the structure of capital gains tax, particularly the implications of taxing unrealised gains on balances above $3 million. He critiques this measure as a major revenue target that few Australians will be willing to pay, questioning its efficiency and fairness.

The episode also explores the limitations of inheritance tax, explaining how it can be easily circumvented, and whether there’s merit in offering CGT discounts for landlords who rent their properties below market value.

Drawing from the ProSolution team's paper on tax reform, he discusses smart alternatives that aim to balance fairness, simplicity, and sustainability. This episode is a must-listen for anyone interested in the future of tax policy and how reform could better serve Australians.

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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.