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Landlords warned over negative gearing trap after tax changes rattle property market: 'Marginally less attractive'
There haven't been many budget announcements that have rattled the property market quite like this one. With negative gearing and the 50 per cent CGT discount set to be scrapped, buyers aren't sure what to do.
Uncertainty has crept into conversations that, not long ago, were focused entirely on opportunity. Right now, that fear is centred on proposed changes to negative gearing, capital gains tax concessions, borrowing capacity pressures and broader economic uncertainty.
Over the past several weeks, the question appearing most often in conversations with investors, accountants and brokers has been the same. Is property still worth investing in?
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Assisting members into their own homes so they do not have to pay rent in retirement would go a long way to maximising their expected post-work income.
The government expects “[budget] reforms to negative gearing and capital gains tax to enable an additional 75,000 Australians [to] buy their own home over the next decade”.
The changes (to choose a more neutral word) are also expected to reduce investor demand and, in turn, “likely lead to a modest and temporary slowing in housing price growth that improves affordability”.
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Should I sell my investment property now, or after July next year?
I have owned an investment property since 1997 and, with the proposed removal of the 50 per cent capital gains tax (CGT) discount, I am confused about the rules that may apply after July 2027. I originally owned two apartments, but sold one in 2015, using the proceeds to pay out the mortgages on both properties. The remaining apartment is no longer negatively geared, so the rental income, combined with my pensions, places me in a higher tax bracket. I understand that I will have to pay CGT whether the 50 per cent discount remains available. What confuses me is the proposed new system that allows increases in the Consumer Price Index to be considered when calculating the taxable gain. The treasurer said the system from July 2027 will be based on the pre-1999 rules, which I know little about.
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