Last week, it was Westpac demanding the government reform the tax system to remove the bias away from property speculation:
The current CGT discount was introduced in 1999 and allows individuals to discount a realised capital gain by 50 per cent provided they have held the asset for 12 months. Superannuation funds are also able to claim a discount of 33.3 per cent. Prior to the introduction of the CGT discount, indexation and averaging applied to capital gains meaning that only real gains were subject to tax.
