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CGT like it’s 1999: Chalmers leans towards scrapping Howard-Costello tax discount
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A return to the original way of taxing capital gains on property under the Hawke and Keating governments is firming as a centrepiece of the May budget as Treasurer Jim Chalmers prepares the final shape of his fiscal blueprint.
This masthead can reveal that Chalmers is leaning towards a return to the pre-1999 system rather than reducing the current 50 per cent discount on capital gains, which critics claim contributed to a surge of property investor activity and pushed prices out of the reach of young home buyers.
The move would likely deliver a small increase in tax and dampen investor activity, which has accelerated to record levels in those parts of the property market dominated by first-time and low-income owner-occupiers.
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