ACOSS pushes for negative gearing cut to balance Govt books

THERE is a renewed push to restrict negative gearing and capital gains tax breaks on property that it says are costing the Federal Government $7 billion a year.

THERE is a renewed push to restrict negative gearing and capital gains tax breaks on property that it says are costing the Federal Government $7 billion a year.

The Australian Council of Social Service (ACOSS) today published a report finding that these two tax breaks are putting a hole in the budget in favour of higher income earners.

ACOSS chief executive Cassandra Goldie said it would not be popular, but the Treasurer needs to be serious about his review of the tax system.

"He did say that nothing was off the table and we believe that it is important at this time that we look at these kinds of arrangements," she told the ABC.

"Particularly when, as the Government realises, right across the community we've got a big problem with housing affordability and, in our view, these current tax arrangements on investment properties are a part of the problem."

Read more at ABC News Online.