$5.4 Trillion Is Changing Hands | Is Your Family Ready for the Tax Bill?

$4 to $5.4 trillion is set to change hands in Australia's great wealth transfer, and most families have no idea how much tax is hiding in super, shares, and property along the way. Nick walks through a real client case where a 94-year-old with $5.3 million in assets was staring down a $300,000 tax bill for her kids, and the strategies that brought it right down. And with The Australia Institute now proposing to bring back an official inheritance tax, estimated to raise $10 billion a year, this is a conversation worth having sooner rather than later.

On this episode, we discuss:

(00:00) Intro
(00:19) The Great Australian Wealth Transfer, $4 to $5.4 Trillion
(01:04) Why the Wealth Transfer Affects Every Family
(03:30) Could Australia Bring Back an Inheritance Tax?
(04:28) The Australia Institute Proposes $10 Billion a Year Inheritance Tax
(05:21) Betty's $5.3 Million Estate and a Hidden $300,000 Tax Bill
(07:34) Taxable vs Non-Taxable Super Components Explained
(09:28) How a Full Pension Withdrawal Saved $100,000 in Super Tax
(10:07) Re-Contribution Strategy to Reduce Taxable Super
(12:12) Capital Gains Tax on Inherited Shares
(13:34) Staging a Share Sell-Down Over Three Years to Save $55,000
(15:08) Inherited Property, Main Residence vs Investment Rules
(18:58) Selling Property Before Passing It On to Reduce Capital Gains
(22:04) The $390,000 Super Re-Contribution Rule

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The Numbers Game is brought to you by Future Advisory & Inovayt.

Hosts:
Nick Reilly
Jason Robinson

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