Prime minister says it’s a ‘bad idea’ to make family homes subject to capital gains tax concessions
The government will not change existing capital gains tax concessions for the family home “full stop, exclamation mark”,Meanwhile, shadow treasurersaid that the government’s proposed change to tax concessions for people with more than $3m in their superannuation accounts, announced yesterday, was “the start of a slippery slope” on tax reform.
Albanese and his treasurer, Jim Chalmers, were taken through a ‘rule-in, rule-out’ list of other tax concessions during a series of morning interviews on Wednesday, following Tuesday’s announcement of the super changes which will take effect from 2025 – after the next election.Chalmers said the government had “not been focused” on capital gains tax concessions, and it was “not something we have been contemplating”, but Albanese was more definitive.
“We are not, we are not going to impact the family home, full stop exclamation mark,” he told ABC radio RN Breakfast. “It’s a bad idea because people who save for their home … that they live in with their family, is something that we have no intention, we will not be making any changes there. “And I have never heard, in all of the meetings that I’ve been to over the years, and I’ve been to a few with the Labor party – cabinet, caucus, branch meetings – I have never heard anyone raise that as a proposition.”
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