If you own your own home and/or a rental property you would have to pay the Comprehensive Capital Tax (CCT).
The CCT is an annual charge calculated by applying the flat tax rate to a ‘minimum required return’ from real assets less interest costs (the minimum required return is set by government but 6% was assumed in the Big Kahuna). The CCT applies to real assets such as land and housing.
If you own a home worth $400,000 (this value includes home and land) and have annual interest costs of $20,000 the CCT you would pay is 30% of (0.06 x $400.000 less $20,000) = $1,200.
If your interest costs are higher than the minimum required return, you don’t pay any tax and have a tax credit which you can carry forward until such time as your interest costs fall below the minimum required return.