Government scraps negative gearing plans
The federal government has abandoned plans to target negative gearing as part of its tax reform policy, the Australian Financial Review reports.
Senior sources have confirmed to the newspaper that although the potential cap on negative gearing deductions at $20,000 a year had been considered, it has been decided “we’re not going to touch it”.
The policy would have had to apply to existing investors with multiple properties to be able to raise $1 billion it was worth annually. A source said it was “in our DNA not to apply tax increases retrospectively”.
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