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Why millennials and gen Z feel ripped off by this budget
Commentators online say the sweeping tax changes in the federal budget advantage Boomers. (ABC News: Ian Cutmore)
The government says major changes to investment tax breaks will finally address generational inequality.
Online, young people are questioning whether the changes truly work in their favour, given the decision to grandfather the reform.
Experts say the major hurdle to equality is increasing housing supply.
Sweeping changes to investment tax breaks in Labor's new federal budget are supposed to appeal to Australians struggling to buy their first home, but the pitch is not landing with everyone.
Treasurer Jim Chalmers said the reforms would finally address intergenerational inequality, and likely hoped the defining image of his budget week would be his sunny social media reel chatting with young voters about the plan.
Jan bought a house worth $1m. Here’s how the CGT changes affect her
See how Laborâs new scheme works â and try our calculator to see how it affects the tax on different assets
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Laborâs change to the capital gains tax discount is one of the biggest items in the budget â but itâs also one of the most complicated.
CGT is paid when an asset is sold but, since 1999, owners have had a CGT discount. Under the changes, from 1 July 2027, the CGT discount will be replaced with a new cost-base indexation system. Itâs important to note that your main residence â or the family home â is still exempt from CGT under the new scheme.
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The game has changed – what investors need to know
The budget measures have jolted many wealth plans. We ask the professionals about tips for first home buyers, property and share investors, retirees and those with trusts.
Labor’s budget proposes a fundamental reset of the investment landscape, which, if fully legislated, would deliver the most significant structural tax changes in 25 years.
Before budget night, it was clear there would be changes to negative gearing, capital gains tax and trusts. But it has taken several days for the true ramifications to emerge – and no doubt there are more to come, especially in the arcane world of trusts.
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