Labor’s Tax Overhaul Clears Lower House Amid Flurry of Proposed Amendments

Labor’s Tax Overhaul Clears Lower House Amid Flurry of Proposed Amendments Labor’s proposed tax reforms have successfully passed the House of Representatives without any amendments. The legislation, which includes the $250 Working Australian Tax Offset and a $1,000 instant tax deduction, now heads to the Coalition and crossbench senators. Key changes involve the capital gains tax discount being replaced with a 30 percent flat tax plus inflation costs, and negative gearing being restricted to new properties only.

• Labor’s proposed tax reforms passed the House of Representatives 94 votes to 48.
• The reforms include a $250 Working Australian Tax Offset and a $1,000 instant tax deduction.
• The 50 percent capital gains tax discount will be removed and replaced with a 30 percent flat tax on total profit plus inflation costs.
• Negative gearing will be limited to new properties, excluding existing ones.