Cost of Capital Gains Tax Exemption
Treasury’s annual Tax Expenditures Statement reports the capital gains tax exemption on the family home costs the annual budget 61.5 billion dollars.
Speaking to 3AW’s Neil Mitchell, Director of Research at The Australia Institute, Mr Rod Cambell says, ‘Our research showed that if we were to remove the capital gains tax exemption from main residence that the government would receive around 12 billion dollars over 4 years…’
‘More than half of that tax would be paid by the absolute top income earners, and very little of it would come from the rest of the 90% of us…based on sales of homes worth over 2 million dollars’
Click PLAY to hear the full interview.