No change to neg­a­tive gear­ing

Port Douglas & Mossman Gazette - - FRONT PAGE -

FED­ERAL Trea­surer Wayne Swan has ruled out sup­port­ing any changes to the ex­ist­ing neg­a­tive gear­ing ar­range­ments. Op­po­si­tion trea­sury spokesman Joe Hockey has re­port­edly con­firmed a coali­tion govern­ment’s white pa­per on tax re­form could in­clude a look at neg­a­tive gear­ing, which al­lows res­i­den­tial prop­erty in­vestors to claim tax de­duc­tions when in­ter­est costs ex­ceed rental in­come. ‘‘We ruled out any change to the ex­ist­ing ar­range­ments in our re­sponse to the Henry (tax) re­port,’’ Mr Swan said.

‘‘It ap­pears that the Lib­eral Party have thrown open that whole dis­cus­sion.’’ Statis­tics from the Aus­tralian Tax­a­tion Of­fice show that 1.2 mil­lion Aus­tralians shared a $13 bil­lion tax break on in­vest­ment properties. Mr Hockey has al­ready said a re­view would look at the rate and the cov­er­age of the GST.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.