Summary
A summary of the government's new tax changes including capital gains tax, negative gearing reforms, and the political deal reached to pass them.
Highlights
Capital Gains Tax Reform00:00:03
The government is moving from a 50% discount on capital gains tax for assets held over a year to a system pegged to inflation, with a minimum tax rate of 30% on profits, while providing exemptions for startups and small businesses.
Changes to Negative Gearing00:00:30
Negative gearing deductions will be limited to new builds. For existing properties, losses can only be offset against future residential property income rather than general employment wages.
Political Deal and Additional Provisions00:00:54
The government secured the Greens' support to pass these measures by agreeing to ban self-managed super funds from borrowing to buy residential property and granting an extension to the NDIS inquiry.