This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/australia-news/live/2017/feb/16/reports-coalition-planning-cut-to-capital-gains-discount-to-fix-budget-politics-live
The article has changed 15 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Malcolm Turnbull rules out plans to increase capital gains tax – politics live | Malcolm Turnbull rules out plans to increase capital gains tax – politics live |
| (35 minutes later) | |
| 10.07pm GMT | |
| 22:07 | |
| As Donald Trump rewrites the US commitment for a two state solution for Israel and Palestine, Katharine Murphy reports Bill Shorten is under pressure to adopt a more pro-Palestine policy stance. | |
| Senior members of the NSW right faction are lining up with the left in supporting diplomatic recognition of Palestine and last year the ALP national conference passed its strongest resolution yet seen at the national level. | |
| Two former foreign affairs ministers, Gareth Evans and Bob Carr, have joined Bob Hawke in arguing for a policy change. | |
| Evans and Carr told Guardian Australia on Wednesday that Australia should grant diplomatic recognition to the state of Palestine because Benjamin Netanyahu’s aggressive settlement building risks creating the conditions for an “apartheid state”. | |
| The intervention by the two former ministers follows Hawke arguing this week it was time to recognise the state of Palestine because the humanitarian principles underpinning the Jewish state were being “trashed by the inexorable expansion of ... settlement in the West Bank”. | |
| 9.55pm GMT | |
| 21:55 | |
| Samantha Maiden at Sky reports that the government is preparing to outlaw ‘Mediscare’-style campaigns with penalties including jail time. | |
| A parliamentary committee has already laid the groundwork, calling for new offences for impersonating or purporting to act on behalf of a commonwealth officer, or an entity. | |
| [The government] also wants new laws to ensure commonwealth logos and symbols are not used to mislead the public during election campaigns. | |
| Updated | |
| at 9.58pm GMT | |
| 9.49pm GMT | |
| 21:49 | |
| There is a bit of wriggle room in the prime minister’s reaction to the capital gains tax reports this morning. | |
| Q: Are you planning a crackdown on the capital gains tax? | |
| Malcolm Turnbull: | |
| The only party that is an advocate of higher taxes is the Labor Party. I might say, not content with that they’re also an advocate of higher deficits and higher debt. So we’re a party of lower taxes, supporting investment, supporting employment and bringing the budget back into balance. | |
| Q: Are you ruling out any tax increases and specifically capital gains tax? | |
| We do not support the Labor Party’s plans to increase capital gains tax or indeed their plans to outlaw negative gearing. | |
| Which sounds like they are not supporting Labor’s version of a capital gains tax policy and negative gearing. Which means they could still come up with their own version. But I stand to be corrected. | |
| Updated | |
| at 9.54pm GMT | |
| 9.42pm GMT | 9.42pm GMT |
| 21:42 | 21:42 |
| Last night the Senate passed the amendment to bring forward the date of the building code in the Australian Building and Construction Commission law after senator Derryn Hinch changed his mind. | |
| Updated | |
| at 9.48pm GMT | |
| 9.35pm GMT | 9.35pm GMT |
| 21:35 | 21:35 |
| The finance minister, Mathias Cormann, says the Financial Review report that the government is planning cuts to capital gains tax discount is wrong. | The finance minister, Mathias Cormann, says the Financial Review report that the government is planning cuts to capital gains tax discount is wrong. |
| He says there are no plans under consideration by the Coalition to remove or reduce the capital gains discount. | He says there are no plans under consideration by the Coalition to remove or reduce the capital gains discount. |
| Updated | Updated |
| at 9.37pm GMT | at 9.37pm GMT |
| 9.31pm GMT | 9.31pm GMT |
| 21:31 | 21:31 |
| .@TurnbullMalcolm tells a @UN_Women breakfast Australia is on track to reduce the gender participation gap by a quarter by 2025. pic.twitter.com/qqNDl4oobI | .@TurnbullMalcolm tells a @UN_Women breakfast Australia is on track to reduce the gender participation gap by a quarter by 2025. pic.twitter.com/qqNDl4oobI |
| 9.17pm GMT | 9.17pm GMT |
| 21:17 | 21:17 |
| Good morning, | Good morning, |
| If you can hear a whirring sound, it is the sound of the treasury calculators working ahead of the May budget. The main message for you, the voters, from the government is the need for savings, especially if people want reforms like greater childcare support. | If you can hear a whirring sound, it is the sound of the treasury calculators working ahead of the May budget. The main message for you, the voters, from the government is the need for savings, especially if people want reforms like greater childcare support. |
| There are still $13bn in cuts stalled and as part of the government plan to win the hearts and minds, the education minister, Simon Birmingham, has released figures on the need for childcare. | There are still $13bn in cuts stalled and as part of the government plan to win the hearts and minds, the education minister, Simon Birmingham, has released figures on the need for childcare. |
| Gareth Hutchens reports departmental data showed more than 3,600 families have hit the $7,500 childcare assistance cap in the first two weeks of 2017, demonstrating how quickly families are coming under financial pressure thanks to childcare costs. | Gareth Hutchens reports departmental data showed more than 3,600 families have hit the $7,500 childcare assistance cap in the first two weeks of 2017, demonstrating how quickly families are coming under financial pressure thanks to childcare costs. |
| But the surprising news this morning comes from Phil Coorey at the Fin, who is reporting that the Turnbull government is planning a crackdown on capital gains tax concessions for property investors. | But the surprising news this morning comes from Phil Coorey at the Fin, who is reporting that the Turnbull government is planning a crackdown on capital gains tax concessions for property investors. |
| WHAT! | WHAT! |
| It is a policy Labor has had for a number of years now, to cut the capital gains discount and remove negative gearing on all but new houses. | It is a policy Labor has had for a number of years now, to cut the capital gains discount and remove negative gearing on all but new houses. |
| The treasurer, Scott Morrison, while previously admitting there were excesses, later demonised the policy as the end of the world. (Or near enough.) | The treasurer, Scott Morrison, while previously admitting there were excesses, later demonised the policy as the end of the world. (Or near enough.) |
| This morning, no one in government is confirming the story, rather saying the government has no intention to follow Labor etc etc. Which does not exactly preclude a cut to the capital gains discount in slightly different way. | This morning, no one in government is confirming the story, rather saying the government has no intention to follow Labor etc etc. Which does not exactly preclude a cut to the capital gains discount in slightly different way. |
| (In 1985, Paul Keating introduced the capital gains tax where individuals would pay the same capital gains tax at their marginal rate (while allowing for inflation). In 1999 John Howard and Peter Costello halved capital gains as part of a wider tax package after the Ralph business tax review. | (In 1985, Paul Keating introduced the capital gains tax where individuals would pay the same capital gains tax at their marginal rate (while allowing for inflation). In 1999 John Howard and Peter Costello halved capital gains as part of a wider tax package after the Ralph business tax review. |
| Coorey reports this morning: | Coorey reports this morning: |
| The policy backflip, to be unveiled in the May budget, comes after more than a year of savaging Labor’s proposal to halve the capital gains discount as an assault on badly needed investment. | The policy backflip, to be unveiled in the May budget, comes after more than a year of savaging Labor’s proposal to halve the capital gains discount as an assault on badly needed investment. |
| It is understood the policy being worked on within government would be confined to property investment, and not apply to all investments such as shares, as Labor’s plan would. Neither would the Coalition policy target negative gearing, as Labor is doing. | It is understood the policy being worked on within government would be confined to property investment, and not apply to all investments such as shares, as Labor’s plan would. Neither would the Coalition policy target negative gearing, as Labor is doing. |
| Options being worked on include following Labor in halving the 50% discount on capital gains tax to 25%, or reducing it by another amount. The other is adopting a phased model in which the discount would increase the longer the property was held. A property would have to be held for several years before the investor was eligible for the full 50% discount. | Options being worked on include following Labor in halving the 50% discount on capital gains tax to 25%, or reducing it by another amount. The other is adopting a phased model in which the discount would increase the longer the property was held. A property would have to be held for several years before the investor was eligible for the full 50% discount. |
| The prime minister has just spoken to a breakfast for International Women’s Day and will shortly do a press conference so let’s crack on. Talk to me in the thread, on the Twits @gabriellechan or on Facebook. | The prime minister has just spoken to a breakfast for International Women’s Day and will shortly do a press conference so let’s crack on. Talk to me in the thread, on the Twits @gabriellechan or on Facebook. |
| Updated | Updated |
| at 9.25pm GMT | at 9.25pm GMT |