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Australia news LIVE: Tax bill to progress to Senate after passing lower house; Hezbollah rejects ceasefire, darkening prospects of ending Iran war
Hello and welcome to our national news live blog for Friday, June 5. My name is Emily Kaine, and I’ll be helming our coverage for the first part of the day. Here’s what is making news.
Deputy Liberal leader Jane Hume has accused the government of being “sneaky” in its passage of tax legislation, and left the door open for a deal with the Greens to extend inquiries into budget legislation.
“Two days [of inquiry] is nothing like enough, apparently. These are generational reforms. If they’re generational reforms, well, surely they should have been taken to an election, so that the Australian people could decide that’s when you get the appropriate scrutiny. But they haven’t been,” Hume told ABC radio this morning.
Capital gains will still receive tax breaks compared to wages: Treasury
The Treasury brains trust behind the government’s controversial tax overhaul says capital gains will still get a tax break compared to wages, even after the elimination of the 50 per cent discount.
Treasury tax officials also said the plan to include all assets in the new capital gains tax regime, including property, listed shares, crypto and stakes in private businesses, was intended to avoid investment distortions between different assets and stop “tax minimisation” opportunities.
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