Independent economist Saul Eslake has produced a ‘blueprint’ for a potential national tax reform agenda. The 48-page report was commissioned by the Australia Institute and, among other things, proposes the introduction of a 9% tax on deceased estates that are worth more than $1 million.
Death taxes were abolished in Australia more than four decades ago, but Eslake notes that most advanced economies have this form of tax:
“The majority of advanced economies continue to levy some form of tax upon the transfer of assets after death, even though they make a relatively small contribution to total revenue,” he said.
