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…