international
Negative gearing cut off for existing homes bought after tonight
Key takeaways
- Decades-old tax perks for property investors are being restricted, and loopholes allowing wealthy families to pay less tax are being closed.
- Restrictions to negative gearing from this evening and capital gains tax (CGT) discounts from July 2027 and the closure of a family trust loophole will shift how Australians are taxed in the favour of workers.
- And the government expects it will move 75,000 properties from the hands of investors to homeowners, slow house price growth and eventually lead to lower rents.
Why this matters: an international story with cross-border implications worth tracking.
Decades-old tax perks for property investors are being restricted, and loopholes allowing wealthy families to pay less tax are being closed. (ABC News: John Gunn)
Link copied Share Share article Tax perks that have been used by property investors for decades to maximise profits and offset their losses will be restricted from tonight, in one of the most significant changes to the tax system in years.
Restrictions to negative gearing from this evening and capital gains tax (CGT) discounts from July 2027 and the closure of a family trust loophole will shift how Australians are taxed in the favour of workers.
Article preview — originally published by ABC Australia. Full story at the source.
Read full story on ABC Australia →
More top stories
Also covered by
Aggregated and edited by the Scoop newsroom. We surface news from ABC Australia alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop