Labor has reached an agreement with the Greens to pass its reforms on capital gains tax discount and negative gearing. The Greens' leader, Larissa Waters, stated that while they couldn't achieve more ambitious goals like removing grandfathering or capping negatively geared properties, this deal was the best possible outcome.
King Charles and Queen Camilla will not move into Buckingham Palace after its £369m renovation, preferring Clarence House to increase public access. Royal finances reveal Charles paid £12.9m in tax, and the sovereign grant will nearly double to £99.9m by 2027-28, sparking transparency concerns.
New Australian tax changes on capital gains are already impacting housing prices, contrary to opposition claims. Research indicates the 50% CGT discount, introduced in 1999, is a primary driver of the housing affordability crisis, not banking deregulation. Data also shows younger Australians are not the largest capital gains cohort, nor do they earn the most from them, challenging claims that the changes harm them.
The Greens will support the Albanese government's negative gearing and capital gains tax changes. In return, Labor's overhaul of the national disability insurance scheme will be delayed and tweaked. This deal allows Labor to pass its budget centerpiece before parliament rises.
Experts clarify that only the actual financial contributor to a jointly owned property can claim long-term capital gains tax benefits. For a flat allotted before July 23, 2024, taxpayers can choose between 20% with indexation or 12.5% without indexation, and Section 54 allows for tax exemption if reinvested in another property.
The Greens will support the Albanese government’s negative gearing and capital gains tax changes in exchange for delaying and tweaking the National Disability Insurance Scheme (NDIS) overhaul. The deal allows Labor to pass its budget centerpiece before parliament rises.
The Greens will support Labor's capital gains tax budget measures and NDIS reforms in parliament. They secured an amendment to prevent SMSFs borrowing for investment properties and an eight-week extension to a Senate inquiry on NDIS changes.
Pauline Hanson addresses her new MP's comments on immigration and Indigenous flags. The Albanese government offers concessions on capital gains tax changes. Iran plans maritime fees in the Strait of Hormuz, Ukraine drones strike Moscow, and Lionel Messi's family requests "humanity" amid health reports.
The Australian Labor government has introduced concessions to its proposed capital gains tax changes, increasing the small business threshold to $10m and exempting testamentary trusts from a new tax rate. While reported as a major retreat, the changes are seen as adjustments to counter "scare campaigns" rather than a fundamental rewrite. The concessions cost $475m over forward estimates and are crucial for the government's housing market reform agenda.
Australia's Prime Minister Anthony Albanese has announced expanded capital gains tax (CGT) exemptions for small businesses, including startups and testamentary trusts. The government increased the turnover threshold to $10 million, making the exemption "substantially broader and significantly more generous" in response to industry criticism.
Australia will provide "generous" capital gains tax exemptions for nearly all small businesses, with exemptions for startups and testamentary trusts. The annual turnover threshold for concessions will rise to $10m, benefiting 98% of businesses.
Australia's federal government will introduce a capital gains tax discount for startup founders, employees, and early investors, responding to backlash over proposed tax reforms. The measure aims to encourage innovation and support the startup sector.
Australia's Labor government will offer an extra capital gains tax discount to founders, employees, and early investors in startups. The government is also expanding the 50% active asset discount for small businesses to those with up to $10 million in annual turnover and exempting testamentary trusts from a new 30% tax.
UK government revenue from Capital Gains Tax (CGT) has surged by nearly 80% to £24bn in the last tax year due to rule changes, impacting more individuals. Experts advise on strategies like utilizing ISAs, transferring assets between spouses, and pension contributions to mitigate CGT bills.
Major Australian business groups are jointly calling on the government to reject proposed changes to capital gains tax, arguing they will discourage investment and harm businesses of all sizes. The reforms, described as the biggest tax shake-up in 25 years, are facing a parliamentary inquiry.
Labor Treasurer Jim Chalmers highlighted Shadow Treasurer Tim Wilson's own 2020 book, 'The New Social Contract,' which advocates for taxing labor and capital income equally and criticizes preferential tax treatment for established interests, aligning with Labor's proposed budget changes on capital gains tax and negative gearing.
India plans to abolish capital gains tax on foreign portfolio investments in government securities to boost inflows and support the rupee. This move follows India's inclusion in global bond indices and precedes a potential decision by Bloomberg on its inclusion in the Global Aggregate Index.
The Greens are scrutinizing the Australian government's tax reform bill, particularly powers that could allow the treasurer to exempt homeowners in his electorate from capital gains tax changes. While Labor seeks Greens' support for passage, concerns remain about potential legislative overreach.
India is set to eliminate capital gains tax on foreign portfolio investors' holdings in government securities to attract overseas investment and cushion its economy from the Middle East crisis. The move, cleared by the Union Cabinet, aims to counter significant foreign capital outflows and rupee depreciation.
Leaked documents reveal mining giant BHP is delaying decarbonisation efforts in Western Australia. Pope Francis has criticized AI, while Australia's David Pocock discusses a potential 'teal' political party. The world's longest golf course and other news are also covered.
Leaked documents show mining giant BHP is delaying decarbonisation efforts in Western Australia, purchasing polluting trucks and scrapping greener facilities. Experts warn this could have global implications. The Pope also denounced AI.
Australia's Labor government plans to introduce legislation bundling budget measures including capital gains tax (CGT) changes with worker tax offsets. Despite business calls for a complete reset, Labor signals limited carve-outs, sparking optimism for broader exemptions, though sources manage expectations.
Australia's Labor government plans to introduce legislation on Thursday that includes a controversial capital gains tax (CGT) overhaul, alongside worker tax offsets and deductions. Despite business groups urging a "complete reset" and warning of negative impacts on investment, Labor intends to proceed with a phased approach, consulting on carve-outs after initial legislation.
India's Finance Minister Nirmala Sitharaman stated the government is open to discussing concerns from investors regarding Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) taxation. She also defended recent fuel price hikes due to global crude costs and highlighted monitoring of 'three Fs': fuel, fertilizer, and forex.
