Australia needs to overhaul its “outdated” tax system, with the introduction of a controversial tax a key part of the change.
In its latest economic report Deloitte calls for the government to urgently fix Australia’s tax system under a five-point plan.
In one of the more controversial elements of this tax change, Deloitte is calling for an introduction of an inheritance tax.
According to Deloitte, a wealth tax should start at 10 per cent for assets worth more than $100,000, adding on average about $3bn to the national coffers.
While this has always been a controversial tax in Australia, much of the western world has already implemented a death duty.
Deloitte Access Economics partner Stephen Smith said introducing an inheritance tax…