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.
A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital gains from share sales into constructing a residential bungalow, winning an appeal against tax objections under Section 54F of the Income Tax Act.
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.
Health Minister Mark Butler is pushing to pass contentious NDIS reforms this month, warning against delays. The Coalition and Greens are considering teaming up to extend inquiries into the NDIS, negative gearing, and capital gains tax changes, which disability groups and state ministers have criticized.
Health Minister Mark Butler is pushing to pass controversial NDIS reforms this month, rejecting opposition calls for extended inquiries. He warns that delays could cost billions and hinder improvements to support quality and fight fraud, accusing the Coalition of using the bill as a political pawn. Disability advocates and state ministers have criticized the proposed changes.
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.
India's Union Cabinet recommended an ordinance to ease tax rules for foreign investors in certain securities, aiming to strengthen the rupee amid record FPI withdrawals and economic concerns.
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 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.
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.
