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What is a Wealth Tax The Australian Position Types of Wealth Taxes Purpose of Wealth Taxes Validity of Wealth Taxes Conclusion Bibliography WHAT IS WEALTH?

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What is a Wealth Tax The Australian Position Types of Wealth Taxes Purpose of Wealth Taxes Validity of Wealth Taxes Conclusion Bibliography WHAT IS WEALTH?

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Wealth is defined as the net result of assets less liabilities. While recognising the limits of this definition we will not enter into the ontological debate concerning the meaning of wealth. THE AUSTRALIAN POSITION History of demise of death and gift duties Australia no longer has death duties. The beginning of the end was the death of Justice Negus of the Western Australian Supreme court. His brother, Sydney, had the responsibility of getting things in order. He was horrified to learn that even in relatively modest estates, probate duties had a serious impact on property left to a widow.[1] Filled with a sense of outrage he set forth on a crusade to rid the Australians of such a tax. With this as his sole tenet, he was elected to the Federal upper-house as an independent candidate in March of 1970. This was effective in concentrating the minds of mainstream politicians. Pedrick described Queensland in particular as a hotbed of agrarian resentment against death duties.[2] Premier Joh

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