End of financial year (EOFY) sales offer discounts and the allure of tax deductions. However, experts explain that deductions don't equate to a dollar-for-dollar return, and usage, depreciation, and substantiation requirements significantly impact the actual tax savings.
Under India's New Tax Regime, salaried employees and pensioners can claim a ₹75,000 standard deduction, employer NPS contributions (up to 14% of salary), and interest deductions on home loans for let-out properties, reducing taxable income.
Treasury claims 90% of young Australians will benefit from the Albanese government's tax proposals, including a $1,000 tax deduction and reforms to capital gains tax and negative gearing. The reforms face opposition criticism and internal Labor tensions, particularly over potential impacts on young investors with share market holdings.
Australian PM Anthony Albanese will present controversial changes to negative gearing and capital gains tax on Thursday, aiming for swift parliamentary passage despite internal party debate and external criticism from investors and business groups. The government emphasizes the budget's focus on housing affordability.
Rep. David Kustoff introduced a bill to raise the qualified business income deduction from 20% to 23%, aiming to attach it to Homeland Security funding via budget reconciliation. The Tennessee Republican and Ways and Means Committee member seeks to leverage the reconciliation process to advance small business tax cuts, with six GOP co-sponsors on board.
President Lee Jae Myung's remarks on revising the long-term holding tax deduction for homeowners have intensified controversy and raised uncertainty in Korea's real estate market. Lee proposed a phased abolition of the deduction, including a six-month grace period followed by partial reduction and full elimination after one year. The 1989 policy has provided tax relief of up to 80% for gains exceeding 1.2 billion won, supporting housing stability for middle- and lower-income households. Critics warn equating long-term homeowners with speculative investors could discourage property listings, increase rental prices and weaken market confidence.
