Coalition vows to repeal Labor’s ‘toxic’ negative gearing and capital gains tax budget changes

The Coalition has vowed to repeal Labor’s proposed changes to negative gearing and capital gains tax if they win power, setting up a major fight before the next election over key tax reform measures from the budget. The shadow treasurer, Tim Wilson, and the opposition leader, Angus Taylor , said a future Coalition government would reinstate more generous rules for property investors, as well as for Australians minimising their tax through trusts, pledging to fight the proposals in parliament in coming weeks. Taylor said the Coalition would only support a new $250 tax offset for workers, and new hospitals funding announced on Tuesday night. “Absolutely, our position is we’re going to do everything we can to stop these bad taxes, toxic taxes, from getting through the parliament,” he told Sky on Wednesday. “We’ll do whatever it takes to roll these taxes back.” Sign up for the Breaking News Australia email The Coalition’s repeal plan would leave the budget about $70bn worse off, requiring additional savings or revenue measures to fix the shortfall. The treasurer, Jim Chalmers, used Tuesday night’s budget to break Labor’s election promises on tax reform, announcing an end to negative gearing for new investment properties and scaling back the 50% capital gains tax discount. Investment properties bought after Tuesday night will no longer be able to be negatively geared, while the CGT discount will be replaced by 1 July 2027. …