Friday, February 03, 2006

Negative gearing will go if business has its way on tax: "The Business Coalition for Tax Reform wants tax lurks such as workplace deductions and negative gearing scrapped"

"Among the more courageous suggestions - given the coalition's membership includes the Master Builders Association and the Property Council of Australia - is to abolish or seriously curtail negative gearing on rental properties. Rental deductions rose threefold in the decade to 2002-03, the last year when statistics are available. Landlords told the Tax Office their property investments lost $4.6 billion more than they earned that year."

When even these business and property groups call for the abolition of negative gearing, that's a hint isn't it?

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