REMEMBER WHEN

GOLD COAST BULLETIN Saturday, Sept. 18, 1976

SOUTHERN investors began moves to pour colossal wealth into the Gold Coast in anticipation of the State Government abolishing death duties in January 1977.

A Gold Coast Visitors Bureau ad campaign in southern capitals pointed out that big savings were possible for families of people who died in Queensland or those who had business interests here.

Premier Joh Bjelke-Petersen promised an end to death duties in January.

Spouse-to-spouse death duties were eliminated earlier that year in the State Government budget.

“The Premier argues that the amount the state loses in the duty would be made up by the money brought into the state,” said a government spokesman.

“That’s an understatement … the figure would be enormous.”

He said a Victorian property owner was transferring $750,000 to the Gold Coast.

“Another syndicate of five Adelaide men planned to invest $1.2 million in a South Australian business but after they contacted us they realised the advantages of investing here instead. They are now having discussions with a Surfers Paradise real estate company.

“They appear to be more interested in investing in an income producing business rather than a straight land buy.”

Another man said to be a millionaire spoke of the possibility of shifting vast Melbourne holdings to the Gold Coast. He was said to be in his 60s and recently had a stroke.

“People have also been surprised to learn that you do not have to be domiciled in the state either,” the spokesman said.