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Update on Labor’s Controversial Tax Reforms
Labor’s draft tax changes would keep concessions for inherited homes and extend negative gearing treatment for newly built properties to 24 months.
- On Tuesday, the Labor government released draft legislation protecting spouses from losing negative gearing benefits when inheriting property, effectively fixing the so-called "widow tax."
- The original budget reforms grandfathered properties owned before May 12, but unintentionally penalized people inheriting shared assets, a flaw Acting Coalition leader Jane Hume labeled a "widow tax."
- Draft reforms extend the definition of a "new" home to 24 months from occupancy certificate issuance, while exempting specific affordable housing and testamentary trust assets from minimum tax rules.
- Independent Senator David Pocock welcomed the draft, noting it appears to address urgent concerns, as the government continues public consultations on the proposed legislation until August 21.
- Opposition Leader Jane Hume criticized the government's approach, arguing they are "still trying to clean up a mess of its own making," and stated the Coalition will look "carefully" at the legislation.
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16 Articles
16 Articles
Sydney Morning Herald+3 Reposted by 3 other sources
Widows and divorcees protected as Labor reveals details of tax backdown
Amendments released on Tuesday will let widows and divorcees claim negative gearing and capital gains discounts after properties are transferred to single ownership.
·North Sydney, Australia
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Coverage Details
Total News Sources16
Leaning Left5Leaning Right5Center2Last UpdatedBias Distribution42% Left, 42% Right
Bias Distribution
- 42% of the sources lean Left, 42% of the sources lean Right
42% Right
L 42%
C 16%
R 42%
Factuality
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