NSW government calls for rethink on capital gains tax discount to ease housing affordability

Federal parliamentary inquiry hears tax concessions undercut policies, including first home buyer assistance

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Generous capital gains tax rules have pushed up property prices and damaged housing affordability, the NSW government says, warning the discount benefits wealthy investors at the expense of first-time buyers.

NSW Treasury has told a federal parliamentary inquiry into the 50% CGT discount that tax concessions including negative gearing “skew incentives towards property investment” and undercut policies, including first home buyer assistance.

Source: Guardian - World News