Study explores contemporary attitudes towards wealth transfer taxation in Australia
Cash in on the kids' inheritance and spend up big on the retirement plans - that's the message coming from the University of South Australia as new research reveals that older people are keen to spend their well-earned savings, rather than passing them on to their kids.
And while it may seem like bad news for the younger generation, the research also confirms that the kids are just fine with this scenario, claiming that no one owes anyone anything.
The surprising findings are part of a new study that explores contemporary attitudes towards wealth transfer taxation in Australia, finding that public resistance to inheritance and estate taxes may have declined in the 40 years since they were abolished in Australia.