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TABL5575 Tax Policy

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Question:

Labor’s Proposal

Labor will reform negative gearing and the capital gains tax discount to ensure that our tax system is fair, sustainable and targets jobs and growth.
 
Negative gearing

Labor will limit negative gearing to new housing from a yet-to-be-determined date after the next election. All investments made before this date will not be affected by this change and will be fully grandfathered.
 
This will mean that taxpayers will continue to be able to deduct net rental losses against their wage income, providing the losses come from newly constructed housing. From a yet-to-be-determined date after the next election losses from new investments in shares and existing properties can still be used to offset investment income tax liabilities. These losses can also continue to be carried forward to offset the final capital gain on the investment.

Capital gains tax

Labor will halve the capital gains discount for all assets purchased after a yet-to-be-determined date after the next election. This will reduce the capital gains tax discount for assets that are held longer than 12 months from the current 50 per cent to 25 per cent. All investments made before this date will not be affected by this change and will be fully grandfathered.

This policy change will also not affect investments made by superannuation funds. The CGT discount will not change for small business assets. This will ensure that no small businesses are worse off under these changes. Labor will consult with industry, relevant stakeholders and State governments on further design and implementation details ahead of the start date for both these proposals.

Assignment task

In relation to the tax policy issue shown above, answer the following questions.

1. Why is this tax policy issue significant?

2. Who are the key stakeholders and how does this policy affect them? 

3. Who are the winners and losers in relation to this tax policy, i.e. what are its pros and cons from the point of view of the stakeholders identified in relation to question 2?

4. Assuming that you work for an accounting/tax practice, what would be implication for your firm and its clients if the tax policy becomes law? 

5. Assuming that you work for the Australian Tax Office, what impact would the tax policy have on compliance work of the ATO? (200-300 words

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