The government’s signature capital gains tax reform was sold on fairness. Owners of Australian property, we were told, should pay tax more like the workers who earn wages.
From next July 1, the 50 per cent CGT discount that individuals and trusts have enjoyed since 1999 on Australian investment properties was intended to disappear, replaced by cost-base indexation. Only “new residential dwellings” and “affordable housing” investment properties were supposed to qualify for discount treatment after that date.
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