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The Morrison Government has already baulked on its election commitment not to touch rules around negative gearing, introducing a $50 million plan to end tax deductions related to vacant land. From The AFR:
New legislation to deny deductions for any losses or outgoings incurred through undeveloped land has been introduced to Parliament, backdated to July 1.
The under-the-radar change will have a limited impact but property industry sources said they had been caught unprepared for the move which would raise $25 million in the 2020-21 and 2021-22 financial years…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.