Would any changes get through parliament?
One advantage for the government, should it opt to scale back the tax discount on investment properties, is the likely smooth passage of such legislation through parliament.
In the lower house, Labor possesses the necessary majority to pass any proposed bill. In the Senate, gaining support from the Greens, who have consistently advocated for the elimination of tax breaks for property investors, would be crucial. Senators like Pocock and Lambie are also expected to back the changes, making the path forward clearer.
Earlier this week, Pocock remarked, “This is a prime opportunity for pragmatic reform of the capital gains tax discount on investment properties, which can motivate the development of new housing supply that our nation urgently needs.”
He added, “While it won’t single-handedly address housing affordability, it will certainly contribute.”
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