A small event starts a cascade and problems escalate | Labor prepared to fast-track fix to negati…

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A small event starts a cascade and problems escalate

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Sometimes a small event starts a cascade and problems escalate. A classic case was the woman who checked her bank balance at an ATM and was told she had $30. She withdrew the $30, unaware that a $2 balance enquiry fee had reduced her account to $28. The withdrawal pushed her into overdraft, triggering another $30 fee. Suddenly, a woman who thought she had $30 owed the bank money.

Labor prepared to fast-track fix to negative gearing 'widow tax'

Jim Chalmers says the government is willing to bring forward a fix to an unintended loophole. (ABC News: Ian Cutmore)

The government has signalled it is willing to fast-track a fix to its unintended "widow tax", which is cutting off people from eligibility to negatively gear a home when their partner dies.

The Coalition has demanded an immediate fix to the loophole created by negative gearing changes in return for its support for a $37 billion savings plan for the NDIS.

The federal government is hoping to settle negotiations on its NDIS savings package so it can be passed this week.

Taylor demands Albanese repeal ‘cruel tax’ in return for NDIS bill support

Coalition leader tells Anthony Albanese that delaying change to budget measure is ‘unconscionable’

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Angus Taylor says the Coalition will only support the Albanese government’s proposed overhaul of the NDIS if it first removes the “widow tax” loophole from its changes to taxing investment properties.

The warning comes as the Albanese government hopes to land a deal with the opposition this week in order to pass the bill in the Senate after the Greens ruled out supporting changes to the scheme that are expected to boost the federal budget’s bottom line by $37.8bn over four years.

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