Cgt

Several MPs tell Guardian Australia they are keen to see tweaks, and some are engaging directly with treasurer’s officeGet our breaking news email, free app or daily news podcastLabor MPs expect the government will agree to capital gains tax concessions for startup businesses after a meme-fuelled backlash to the budget, with some wary that scare campaigns could “get out of hand” without clearer explanation of the changes from Anthony Albanese and Jim Chalmers.Guardian Australia spoke to a number of Labor MPs nationwide. Speaking on condition of anonymity, several MPs said they were keen to see change on CGT, with some engaging directly with Chalmers’ office. Continue reading...

Exclusive: Any attempt to use the budget measures as an excuse to raise rent is opportunistic profiteering, housing advocates sayGet our breaking news email, free app or daily news podcastAustralia’s peak community and housing groups have urged federal parliament to quickly pass Labor’s changes to negative gearing and capital gains tax, saying the reforms would improve fairness for renters and young homebuyers.The government may introduce its negative gearing and CGT changes into parliament as soon as the coming sitting fortnight, with hopes of passing the legislation soon after with the support of the Greens. Continue reading...

Independent senator warns budget reform could drive tech investment offshore, as PM thanks startups for ‘very flattering’ imagesGet our breaking news email, free app or daily news podcastAnthony Albanese has laughed off an AI-generated meme campaign against capital gains tax changes from startup founders, thanking them for “very flattering” doctored photos of him working in their businesses.But independent politicians representing some of Australia’s startup hotspots have raised alarm over the proposed increase to capital gains tax, warning the tax changes could see innovative companies and tech firms move overseas to chase higher rewards. Continue reading...

Treasurer tells Commonwealth Bank podcast that he aims to ‘recognise the decisions that people have taken in the past’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastExisting property investors look set to avoid paying more tax under Labor’s mooted changes to CGT in next month’s budget, after Jim Chalmers said he wanted to “make sure that we recognise the decisions that people have taken in the past” and flagged any reforms would not generate “a huge amount of revenue”.The treasurer is widely expected to modify the flat 50% tax discount on profits from the sale of assets held for more than one year, potentially returning to the pre-1999 model where capital gains are adjusted for inflation. Continue reading...