Welfare group calls for cuts to property investor tax breaks
The Australian Council of Social Services has called for cuts to tax breaks for property investors.
ACOSS has called on the government in its pre-budget submission to cut tax concessions for property investors in order to put more funding into social welfare programs, the ABC has reported. The group wants the government to slash the 50% discount on capital gains tax for property investors, and winding back negative gearing. ACOSS claimed the measures, along with hikes to the Medicare levy, could save $9.4 billion by 2018-19.
"We can no longer afford the 50% discount on taxes for capital gains from property assets and deductions for such investment using negative gearing," ACOSS chief executive Cassandra Goldie told the ABC.
Goldie said trimming property investor tax concessions would move away from a “one-sided focus on spending cuts”, the ABC reported.
"It is clear that governments will not be able to fund the cost of essential services such as health, aged care and NDIS [National Disability Insurance Scheme] from present tax revenues. It is not fair or reasonable to expect people who need to see a doctor, attend hospital or move into aged care to pay more for these essential services,” Goldie told the ABC.
In addition to cuts to property investor tax concessions and a rise in the Medicare surcharge, ACOSS has also called for a tax on sugary drinks.
- How will proposed “simpler credit” rules affect Australian borrowers?
- Borrowers are back: homebuyer lending rises 10% in July
- Australian borrowers could save up to $60,000 by refinancing right now
- Athena’s new home loan rates get lower as you pay your mortgage off
- House prices continue falling (slowly) across Australia