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Labor Tax Change Deal Angers Super Funds, Business
The deal adds tax cuts for 13 million workers and expands CGT concessions for 2.7 million active small businesses, officials said.
- On Tuesday, Prime Minister Anthony Albanese and the Greens announced a deal to pass capital gains tax and negative gearing reforms through the Senate. The agreement includes a ban on self-managed superannuation funds borrowing for residential property purchases.
- The Greens secured the SMSF amendment to prevent wealthy investors from exploiting a loophole to purchase investment properties. Labor agreed to the change to advance broader tax reforms designed to align labour and asset income taxation.
- Beyond the tax deal, the government agreed to an eight-week extension for the National Disability Insurance Scheme inquiry. Greens disability spokesman Senator Jordan Steele-John secured amendments to clarify reform implementation, though he vowed to "continue to fight night and day" against broader NDIS changes.
- The tax bill, which the Coalition opposes, is expected to pass the Senate on Thursday. Greens leader Senator Larissa Waters called the reforms a "small step in the right direction" but argued Labor missed a "generational opportunity" to help renters and homebuyers.
- Under the legislation, 2.7 million active small businesses and 98 per cent of all active businesses will receive generous Capital Gains Tax concessions. Treasurer Jim Chalmers noted these changes would cost the budget about $475 million over the next four years.
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Total News Sources16
Leaning Left5Leaning Right4Center1Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
R 40%
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