Widows and divorcees protected under new federal government amendments
The Australian federal government has introduced amendments to protect widows and divorcees from losing tax concessions on property assets during inheritance or relationship breakdowns. This move follows criticism regarding the impact of recent budget reforms on housing affordability and financial security for vulnerable groups.
Why it matters
The policy change addresses concerns about gender-based financial inequality in property tax law, reflecting the intersection of social policy and economic reform.
— 6:33pm , first published 6:31pm
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Share A A A Widows and divorcees who faced losing access to capital gains and negative gearing concessions under the federal government’s budget overhaul of property taxes will be protected under a suite of changes revealed by Treasurer Jim Chalmers.
Amid growing criticisms of Chalmers’ handling of the reforms aimed at making housing more affordable for younger Australians, the treasurer on Tuesday confirmed key details of the government’s planned amendments to controversial tax legislation.
It was revealed in June that jointly owned assets, such as a property owned by a couple, would not qualify for the grandfathered exemptions to the budget changes to negative gearing and capital gains tax if they were transferred to single ownership.
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