NSW government calls for rethink on capital gains tax discount to ease housing affordability

Federal parliamentary inquiry hears tax concessions undercut policies, including first home buyer assistanceFollow our Australia news live blog for latest updatesGenerous capital gains tax rules have pushed up property prices and damaged housing affordability, the NSW government says, warning the discount benefits wealthy investors at the expense of first-time buyers.NSW Treasury has told a federal parliamentary inquiry into the 50% CGT discount that tax concessions including negative gearing “skew incentives towards property investment” and undercut policies, including first home buyer assistance. Continue reading...