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Article: Wealth tax on the way.
- Article from:
- Australasian Business Intelligence
- Article date:
- July 11, 2002
CopyrightCOPYRIGHT 2002 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jul 11, 2002 (BRW
ABIX via COMTEX) -- The Australian Government failed to successfully introduce a de facto wealth tax in 1998. That attempt was in the form of an upfront fee for aged care facilities and services. It is expected that further attempts to introduce a wealth tax will be made. Australia is one of the few countries in the world not to have a wealth tax. The "Intergenerational Report" of the Australian Government was released in May 2002 and it was accompanied by the Australian Budget for 2002-2003. The report shows an additional $A87bn in taxes will be required by 2042 to deal with government spending requirements driven by the aging of the ...