There is a news article this morning on the Age detailing some of the recommendations tabled in the Henry Tax review. Here is the full link:
http://www.theage.com.au/business/tax-reformer-henry-rides-in-20100122-mqs8.html
There are two points that are relevant to us:
1. The stamp duties are here to stay. Previous recommendation have obviously been withdrawn.
" The generous tax treatment afforded the family home will remain in place but, to help compensate for that, so too will stamp duty when homes are bought. The committee has not recommended replacing stamp duty with a land tax. "
2. Possible changes to capital gains tax.
"The review recommends that all savings be tax-preferred compared with wages and that the effective tax rates of different types of savings move closer together. This will mean a reduction of the 50 per cent concessional rate applying to capital gains, but it will not mean a return to indexation of capital gains for tax purposes."
Very interesting time ahead. The general direction appear to be more tax to the middle and higher income earners to offset the cost of aging population.
Warrenkh.2010
http://www.theage.com.au/business/tax-reformer-henry-rides-in-20100122-mqs8.html
There are two points that are relevant to us:
1. The stamp duties are here to stay. Previous recommendation have obviously been withdrawn.
" The generous tax treatment afforded the family home will remain in place but, to help compensate for that, so too will stamp duty when homes are bought. The committee has not recommended replacing stamp duty with a land tax. "
2. Possible changes to capital gains tax.
"The review recommends that all savings be tax-preferred compared with wages and that the effective tax rates of different types of savings move closer together. This will mean a reduction of the 50 per cent concessional rate applying to capital gains, but it will not mean a return to indexation of capital gains for tax purposes."
Very interesting time ahead. The general direction appear to be more tax to the middle and higher income earners to offset the cost of aging population.
Warrenkh.2010