Australia's Lower House passes Bill for biggest overhaul of taxes in decades

Contributing sentiments towards policy:

57% : A 30 per cent minimum tax on net capital gains will start from July 2027.
50% : The reforms, unveiled in May's federal budget, will see a tax on inflation-adjusted gains replace a capital gains discount of 50 per cent for assets held longer than a year.
48% : The Bill also gives workers a new tax cut, through a tax offset of A$250 (S$228.70) and a new instant tax deduction of A$1,000.
47% : These will be in addition to already legislated tax cuts giving annual savings of up to A$536 to individual taxpayers.
43% : SYDNEY - Australia's Lower House of Parliament passed a Bill on June for the government's biggest overhaul of taxes in decades, curbing tax breaks for property investors to make housing more affordable and scrapping a capital gains discount.
42% : "Passed the House: tax cuts for every worker and a fair go for first home buyers," Prime Minister Anthony Albanese said on X. The measure now goes to the Senate, where the government lacks a majority and will require crossbench support.

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