Greens Indicate Support for Labor's Capital Gains and Negative Gearing Reforms
Greens signal willingness to help Labor push capital gains changes through in weeks
Image: Abc
Labor has presented its capital gains and negative gearing bill in parliament, which includes tax cuts. The Greens are likely to cooperate with Labor to pass the legislation quickly, despite concerns over its impact on start-ups. The inquiry into the bill is set to conclude by June 22.
- 01Labor's bill includes a $250 tax cut for wage earners and a $1,000 universal deduction for work-related expenses.
- 02The Greens have expressed willingness to support Labor's timeline for passing the legislation, avoiding a lengthy inquiry.
- 03Contentious aspects regarding start-ups have been deferred for future consideration, with consultations ongoing.
- 04The proposed capital gains tax (CGT) changes aim to address a distorted tax system that has contributed to property price inflation.
- 05Small businesses with turnover under $2 million already benefit from additional tax discounts, but calls for broader reforms continue.
Advertisement
In-Article Ad
Labor has introduced a significant bill in parliament aimed at reforming capital gains tax (CGT) and negative gearing, which includes tax cuts for wage earners. The Greens have signaled their readiness to expedite the legislative process, indicating they will not support a Coalition push for a prolonged inquiry. The bill proposes an inflation-based CGT discount and curbs on negative gearing, while contentious elements affecting start-ups have been deferred for future legislation. Treasurer Jim Chalmers emphasized that these reforms aim to rectify over two decades of a tax system that has fueled property price growth. The Greens, while critical of some aspects of the bill, are prepared to work constructively to ensure timely passage before the parliamentary winter break. They intend to use a short inquiry concluding on June 22 to scrutinize the bill, particularly regarding existing tax benefits for the wealthy. The government is also considering expanding small business concessions in response to concerns raised by start-up founders about the new tax regime's implications for their businesses.
Advertisement
In-Article Ad
The reforms aim to adjust tax benefits that have disproportionately favored wealthy property investors, potentially leading to a more equitable tax system.
Advertisement
In-Article Ad
Reader Poll
Do you support the proposed changes to capital gains tax and negative gearing?
Connecting to poll...
More about Labor Party
Read the original article
Visit the source for the complete story.




