Software engineer Naresh Punjabi warns that scaling back negative gearing would lead to rent increases for his tenants due to increased costs. He argues that discouraging investment through changes to negative gearing will worsen Australia's housing shortage and ultimately increase rental prices.
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.
Negative Gearing Rental Prices Election Housing Shortage Tax Concessions
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Live updates: Labor mulls negative gearing changes: reportThe federal government is considering changes to scale back negative gearing and capital gains tax concessions, according to a new report. Follow live updates.
Read more »
PM leaves door open to negative gearing changes, saying he welcomes public service doing up proposalsThe prime minister declined to rebuff suggestions he planned to revisit the policy ahead of the election and said he would be comfortable with the public service examining proposals.
Read more »
Albanese Dodges Questions On Negative Gearing ChangesPrime Minister Anthony Albanese sidestepped repeated questions about potential changes to negative gearing after a report emerged that his government is seeking Treasury advice on scaling back the tax concession.
Read more »
Labor refuses to rule out negative gearing changes as Treasury reportedly studies housing taxAnthony Albanese declares public service is ‘looking at policy ideas’ as report raises prospect Labor is investigating shift on housing tax concessions
Read more »
‘That’s obviously a non-answer’: Rishworth grilled on negative gearing revelationsSocial Services Minister Amanda Rishworth has been grilled on whether the government is mulling changes to negative gearing after a report arose on Wednesday morning Labor was looking into it.
Read more »
Negative gearing in Labor’s sights as Albanese readies for election battleThe government has asked Treasury officials for expert advice on possible changes after years of dispute over billions of dollars in tax benefits.
Read more »