Some of Australia’s top earners are among the most likely to have a negatively geared investment property – but many people in lower paid jobs use the tax concession too.
Top earners are among the most likely to have at least one negatively geared property, with more than one in five surgeons and anaesthetists being negatively geared investors, opening up debate about the distribution of benefits from tax concessions.
While the Liberals have warned changes would hit “mum and dad investors”, the Greens have demanded a phasing out of both practices, which they say amount to billions of dollars in lost tax revenue with the benefits flowing to wealthy property investors.Prime Minister Anthony Albanese, who has repeatedly been asked about negative gearing reform this week, has refused to rule out any changes.
However, six out of the top 10 occupations by average taxable income are also among the top 10 most likely to own at least one negatively geared investment property.ATO data shows surgeons and anaesthetists were the top two earning professions in the 2021-22 period, with internal medicine specialists and psychiatrists also among the top 10 occupations by average taxable income.
However, the Property Council has argued that lower-paid and essential workers are among the primary beneficiaries of negative gearing when looking at the total number of taxpayers who are negatively geared by occupation.
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