Most Australians want fewer property investor tax concessions
A new survey shows most Australians would like to see fewer tax concessions for property investors.
New survey data from ME Bank shows 61% of Australians thing property investors should receive fewer tax concessions, The Sydney Morning Herald has reported. In a survey of 1,500 households, respondents were asked if they would be in favour of the government providing "less support to investment property buyers through tax reform". While 61% were in favour, 20% disagreed and 19% were neutral.
Perhaps most surprisingly, 42% of property investors said they would support a taxation system less favourable to investors.
The survey has revealed that, while financial comfort has increased significantly for Baby Boomers over the last five years, there has been a much smaller improvement for Gen Y and Gen X. ME Bank chief executive Jamie McPhee told The Herald this was likely because of the inability of many young people to get into the property market.
"I think what we're seeing here is that the younger demographic is obviously having problems with getting into home ownership, and that's playing out in a significant flatlining of financial comfort," McPhee told The SMH.
McPhee said the current taxation system favoured investors over owner-occupiers.
"Why should the tax incentive be for investors, not owner-occupiers? Clearly we're seeing that it is creating less financial comfort for the younger generation, and we know that the majority of Australians are supportive of it being a more equal arrangement," he said.