Labor’s Tax Overhaul Clears Lower House Amid Flurry of Proposed Amendments
The Coalition, Teals and independent MPs moved several amendments to try change the bill.
TL;DR
- Labor's proposed tax reforms passed the House of Representatives 94 votes to 48.
- The reforms include a $250 Working Australian Tax Offset and a $1,000 instant tax deduction.
- The 50 percent capital gains tax discount will be removed and replaced with a 30 percent flat tax on total profit plus inflation costs.
- Negative gearing will be limited to new properties, excluding existing ones.