The Australian Labor Party was criticized by the Real Estate Institute of Australia (REIA) after Bill Shorten, the leader of the party, announced recently that no decision would be made regarding changes to existing provisions regarding of capital gains and capital gains taxation after the federal election.
REIA asked if ALP had taken steps to avoid negative voter reactions in the run-up to the elections.
"All Australians need to know what a Labor government, if elected, will do when it will be elected and this about real estate taxation. It is not acceptable to appear to have "a couple of people in each direction" before the election, "said REIA President Adrian Kelly.
The industry group also said that, while welcoming the party's promise to consult, this should be done now and not after the election.
"Let's take a holistic approach to all property taxes, not just the negative gains and capital gains tax, as if it were a panacea for affordable housing," he said. Kelly.
There is already enough uncertainty in the market, especially in large states, and an approach of "seeing nothing here" will only make that ambiguity worse, Kelly said.
"The ALP needs to clarify its electoral policy so that all Australians – including nearly 100,000 real estate companies across the country, as well as their employees and their families – know exactly what they are going to vote for and can make informed decisions to the urn, "said Kelly.
According to ALP's proposed negative gear changes, the negative gear will be limited to newly constructed properties. The party also plans to reduce from 50% to 25% the capital gains tax reduction for real estate held for more than one year.
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