The Taxation of Gifts and Bequests in Australia: A Prototype for Transfer Tax Reform in the United States?

6 Pacific Rim Law & Policy Journal 305

Posted: 15 Jun 2016

See all articles by Jeffrey Kinsler

Jeffrey Kinsler

Belmont University - College of Law

Date Written: 1997

Abstract

Australian tax law presents a possible prototype for the reform of gift taxation in the United States. Unlike the United States, Australia does not impose a separate transfer tax on gifts and bequests. Rather, gratuitous transfers of appreciated property are treated as capital gains under Australian tax law, exposing donors to income taxation. In an effort to interject the Australian model of taxation into the already robust debate over how best to reform the U.S. transfer tax system, this article examines the advantages and disadvantages of the Australian system and the Australian Income Tax Assessment Act ("ITAA").

Keywords: Australian Tax Law, Australian Income Tax Assessment Act ('ITAA'), Gift Taxation

Suggested Citation

Kinsler, Jeffrey, The Taxation of Gifts and Bequests in Australia: A Prototype for Transfer Tax Reform in the United States? (1997). 6 Pacific Rim Law & Policy Journal 305. Available at SSRN: https://ssrn.com/abstract=2795125

Jeffrey Kinsler (Contact Author)

Belmont University - College of Law ( email )

1900 Belmont Boulevard
Nashville, TN 37212
United States

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