Melbourne investment property owner Naresh Punjabi said changes to negative gearing would be a factor in his vote at the next federal election.
When software engineer Naresh Punjabi purchased a two-bedroom unit in Ringwood in Melbourne’s outer east in 2015 as part of his retirement plans, the investment property was positively geared.Property investor Naresh Punjabi says any changes to negative gearing would be passed on to renters.on changes to negative gearing, sparking a potential election battle over the controversial tax breaks, which allow investors to deduct property losses from their income tax.
He lives in the extremely marginal seat of Deakin in Melbourne’s east, where the Liberal Party’s Michael Sukkar won with a margin of just 0.2 per cent at the last election.Credit:“We have such a shortage of housing stock in Australia, and if you are going to discourage investment, it’s not going to help anyone,” he said. “It’s just going to put rentals up in the long run.
“We now have Labor massively increasing land taxes and federal Labor looking at changing the rules to our detriment, right as we are looking at retirement,” he said.
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