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Author: Real Estate Institute of Australia
The Real Estate Institute of Australia (REIA) has welcomed
the leader of the opposition’s announcement that the Federal Labor Party will
support the status quo for negative gearing and capital gains tax (CGT) should
they form government.
REIA President Adrian Kelly said households and small
businesses need certainty as 12 million Australians remain in lockdown.
“Many mum and dad investors have borne the brunt of the
rental eviction moratoriums and stepped up to provide social and affordable
housing through this period.
“The vast majority of property investors are everyday
Australians looking to provide for their own retirements who are also instrumental
in providing the rental accommodation that is needed by the 27 per cent of
Australians who rent their home.
“Australian Tax Office data shows that the majority – just over
70 per cent – of investors own just one investment property.
“Continuing to support successful tax settings that
encourage investment and has assisted investors throughout the COVID-19 pandemic
is most welcome in a time of great uncertainty.
“We also do not want CGT to become overly punitive and disincentivise
and discourage households from right-sizing. This will particularly be the case
as Australia’s population ages.
“We thank the opposition for taking on board the advice of
the real estate industry as practitioners working at the coalface of property
markets and welcome the commitment to keep negative gearing as it is, and not
increase CGT,” he said.
In 2019 REIA ran a major myth busting campaign about
negative gearing and CGT to investors and tenants that reached over 10 million property
Mr Kelly said that REIA was renewing their commitment to axe
taxes that impact on affordability.
“It is time for the State and Federal Governments to get rid
of punitive stamp duty once and for all; and this will be our centrepiece to
the Government’s recently announced parliamentary inquiry into housing supply
led by Jason Falinski MP.”
Mr Kelly also welcomed the oppositions commitment to provide
bi-partisan support of legislated tax cuts which puts more money back into the
hip-pockets and the economy.
For more information about what REIWA is advocating for, visit the advocacy section.
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