Explore the latest developments concerning Capital gains tax,.
Capital gains tax, negative gearing and trusts to form budget tax trio
Changes to negative gearing, the capital gains tax and trusts are set to feature in next week's budget. (ABC News: Matt Roberts)
Next week's budget will feature changes to the capital gains tax, negative gearing and the taxation of trust funds.
Some of the details have been left undecided until the last minute.
All three featured in Labor's 2019 election platform, but the policy design will differ.
Negative gearing will be curbed, the capital gains tax (CGT) discount overhauled, and new tax rules imposed on trusts in next week's federal budget as the Albanese government braces for a fierce debate about housing, wealth and intergenerational fairness.
View from The Hill: the art of political spin – defending a broken promise as ‘building trust’
In his first term, Anthony Albanese was highly reluctant to break promises. He resisted for a long time recalibrating the Coalition’s tax cuts, because he had undertaken to deliver them intact.
This term, it seems to be a different story. In last year’s election campaign, Albanese promised there would be no change to negative gearing. Asked in one of the debates to confirm that “negative gearing is off the table”, the prime minister was unequivocal, “Yeah, it’s off the table […] the key is supply, and that measure will not boost supply”.
Nor did Albanese indicate he would reform the capital gains tax.
Magnesium Citrate 1000mg – Maximum Absorption for Muscle, Nerve, Bone and Heart Health – 120 Capsules
Labor insiders coy on income tax cuts, as government casts broken promise as virtuous
Scrapping tax breaks on landlords and property investors may yet be softened by a surprise tax cut in next week’s budget, as Labor frames its broken promise on negative gearing as a virtuous one.
Treasurer Jim Chalmers gave no indication he was planning to cut income taxes when asked on Monday, instead saying “we’ve already got tax cuts coming”. He also cited a policy allowing a $1000 standard tax deduction.
“I’ve seen some speculation about tax cuts: I would just remind everyone that this is a government cutting taxes, cutting income taxes,” he said, referring to minor cuts sprung on the opposition before the last election that will come into effect in July.
For more detailed information, explore updates concerning Capital gains tax,.
Leave a Reply