By Lucas Lewit-Mendes and Dr Wesa Chau
Whatās next after the budget
This monthās federal budget included three major tax changes ā cutting back tax concessions for negative gearing, capital gains tax, and trust distributions. Some of this revenue will be returned with a $250 tax offset for working Australians, providing a much-needed boost to households on lower incomes. Disappointingly, however, income support payments such as JobSeeker and Commonwealth Rent Assistance were left untouched despite them being outpaced by inflation.
This insight piece focuses on whether the remainder of Laborās term in government is the right time for even more ambitious tax reform.
How substantial were the budget changes?
The capital gains tax (CGT), negative gearing, and trust distribution tax changes are significant reforms.
