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My wife has no taxable income. Will she have to pay CGT under the new rules?
My wife does not have to lodge a tax return because her annual income is less than $10,000, made up entirely of bank interest and share dividends. We are not eligible for the age pension because of my taxable defined benefit pension. Under the proposed capital gains tax changes, am I correct in thinking that if she sells shares after June 30, 2027, she could have to pay the new 30 per cent minimum tax on the capital gain, even though her income is so low? That hardly seems fair.
You are correct. It is unfair, and another example of the unintended consequences flowing from the Budget. Because your defined benefit pension makes you ineligible for the age pension, your wife misses out on the proposed pensioner exemption even though she has almost no taxable income.
New CGT laws expected to rake in $1b more than forecast
New laws to increase capital gains taxes on foreign investors are expected to raise more than $1 billion more than originally estimated, according to a fresh Treasury forecast, as renewables groups warn the rules will push critical capital to lower tax countries.
The forecast, which was included in legislation introduced on Thursday, estimates that expansion of a 30 per cent capital gains tax on offshore investors in energy, mining and infrastructure assets would raise about $2.3 billion over the next five years.
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Aussies warned intergenerational wealth gap about to get way worse
Reforms to negative gearing and capital gains tax could lead Australia to have the largest generational wealth gap on record, a property expert claims.
The federal government’s controversial changes announced in this year’s budget were implemented as an attempt to ease the housing crisis and to help younger people get into the housing market.
Critics say changes to the capital gains tax discount and negative gearing could entrench intergenerational inequality. Peter Rae
Under the new changes, negative gearing was limited to new builds only, while the discount to the capital gains tax was slashed.
However, there are exemptions to both measures for older properties or homes that were purchased before the May budget, and buyer’s agent Zoran Solano said the inequality in the new measures will have the opposite effect to what the government intends.
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