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Anthony Albanese and Jim Chalmers set off a firestorm of debate with proposed tax changes. (ABC News: Matt Roberts)
Labor's plan to overhaul the tax treatment of investments has set off a firestorm of discussion, with all sorts of competing claims about what it means for people in all sorts of different circumstances.
The basic principle is simple. The government wants those who earn "capital gains" from the sale of investment properties, shares, or their own businesses to pay more tax.
They argue that these forms of income are taxed too lightly compared to wages, mostly to the benefit of the wealthy, and that the consequences have been especially pronounced in the housing market, contributing to affordability woes for young people.
Labor’s pre-election promise of a $1,000 standard tax deduction and $250 ‘working Australians tax offset’ will be included in the draft laws
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Anthony Albanese will present controversial changes to negative gearing and capital gains tax to parliament on Thursday, pushing for speedy passage of the plans while flagging possible carve-outs for businesses beyond the startup sector.
Labor’s pre-election promise of a $1,000 standard tax deduction will be included in the draft laws, along with the $250 “working Australians tax offset” announced in the budget.
The prime minister wants the “core” elements of the plan through parliament by early July, setting up a challenge for the Coalition and One Nation, who would have to vote against the tax cuts if they choose to oppose the budget measures.
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