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Capital gains tax and principal place of residence (1 Viewer)

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Hi, In the news lately there's been talk of removing the family home from capital gains exemption. How likely is this? and would the interest paid on mortgage payments be tax deductable if this were the case? What if you don't have the income to tax deduct against?
Many thanks for any opinions.
 
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Hi, In the news lately there's been talk of removing the family home from capital gains exemption. How likely is this? and would the interest paid on mortgage payments be tax deductable if this were the case? What if you don't have the income to tax deduct against?
Many thanks for any opinions.

Political suicide IMO
 
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Hi SirRumpole, have just read your post from this morning. Sorry didn't mean to duplicate. Can mods move this thread?
 

orr

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All that wealth I've squirrelled away sinking my negative geared profits into my principle residence has just been a warehouse for the internal revenue ... ahh well, look on the bright side... it'll only be a tax on the value of my home above the $2mill threshold ... something has to pay for the dialysis of 'fat Australia'
So many structural mistakes made by the Howard/Costello neo-con junta ... I suppose now it's come time for me to put a little bit back. If I decide or have need to sell.
If it makes it to stated policy this would be one reason to vote Tory.
 
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It won't happen. If it ever does there'll be grandfathering of existing arrangements and a long transitional period.

Scaling back or reduction of tax benefits around negative gearing would certainly be addressed first IMO.
 

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