Labor to limit negative gearing concessions to new properties from January 1

A federal Labor government would limit negative gearing concessions to new properties from January 1 next year, earlier than many analysts and commentators predicted. Key points: Federal Labor argues negative gearing concessions are too generous The change would stop new investors from deducting rental losses from their income tax It would raise an estimated $2.9 billion over four years Shadow Treasurer Chris Bowen said the long-awaited start date would still provide enough time for scrutiny of the legislation and more industry consultation. "At the last election we said it would come into force 12 months after the election, this time we are saying seven months and they are roughly comparable timeframes," Mr Bowen said. "I think it means the pain in the property sector and for millions of Australians would start earlier than expected if Labor comes into office now," Senator Seselja said.