Ahead of the release of the Federal Budget next month, the Australian Council of Social Service (ACOSS) has called on the Government to unwind negative gearing by preventing rental losses from being claimed against unrelated wage/salary income, along with reducing the 50% discount on capital gains tax (CGT) for assets held for more than one year, which it claims costs the budget $7 billion combined:
“Negative gearing and capital gains tax breaks must be front and centre in the tax reform conversation. It’s vital that the Government not rule out necessary reform in this area. This area of tax policy is shrouded in myth and those myths should be dispelled so that a sensible discussion can begin. That’s the purpose of this ACOSS Report,” said ACOSS CEO Dr Cassandra Goldie.
