One million Australians are negatively gearing, new tax figures show
ABCNearly half of all Australian landlords have negatively geared properties, according to new figures that show the highest earners are hauling in tens of billions of dollars from tax concessions and loopholes. Capital gains tax concessions will "cost" the federal budget $52 billion this year, and super tax concessions another $51 billion, according to Treasury's annual tax report. Labor vowed to halve it at the 2016 and 2019 elections, together with a promise to rein in negative gearing, which allows landlords to write rental losses off their tax liabilities. Reform advocates say negative gearing and the CGT discount combine to make housing investment an attractive vehicle to minimise tax, if landlords use rental losses to slash their income tax and then make the losses back when the property is sold.
History of this topic
More than 430,000 Australians could have owned their own home today – if not for negative gearing inaction from seven PMs
ABCGreens demand negative gearing and capital gains tax phase out in 'help-to-buy' negotiations
ABCNegative gearing and capital gains tax discount set to cost the budget $20 billion a year within a decade
ABCHouse prices rising at record rate, locking some buyers out of the property market, CoreLogic finds
ABCDiscover Related
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