System is ‘stacked against renters and first-home buyers’ and government must change its position on negative gearing and capital gains tax, Greens say
Labor and the Greens seem set for another standoff over housing, with Max Chandler-Mather demanding a reduction in incentives for investors.Labor and the Greens seem set for another standoff over housing, with Max Chandler-Mather demanding a reduction in incentives for investors.
Negative gearing allows investors to claim tax deductions on rental property losses, while the capital gains tax discount halves the amount of excise paid by people who sell assets that have been owned for 12 months or more. ACT senator David Pocock is also backing the call to consider capping the number of investment properties you can negatively gear, saying that it is time for leaders to show political courage.
It is a similar scenario with the capital gains tax discount. Treasury estimates between $14.7bn and $19bn in forgone tax revenue will be lost over the next three years as a result of the policy. Wealthier Australians again benefited most, with 90% received by people with above median income, and 82% of received by people in the top income decile.
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