Capital Gains Tax on the family home

Alan has heard that Capital Gains Tax may be introduced on the sale of the family home

Capital Gains Tax on the family home

YOURLifeChoices member Alan has heard that the Federal Government, should it be re-elected, may be planning to introduce Capital Gains Tax on the sale of the family home. Is there any truth to this rumour?

Letter from Alan
There is growing speculation that the incumbent Federal Government, if re-elected, is planning to introduce a Capital Gains Tax (CGT) on the family home. Apparently the Treasurer is already in discussion with the ATO concerning its probable implementation in 2014. Such a tax will have ramifications for all homeowners, especially retirees. With the election campaign already kicked off by both major parties, it will be interesting to know if this topic will be given airtime before the upcoming Federal Election.

I have attempted to find out through various sources, but have not received any feedback from any of them, including the PM and political figures from both sides. I have put this question to the ABC's Q&A on at least two occasions but to no avail. Is this a banned question?

Editor’s response
Alan, this has been a source of much speculation for several years. It is also worth noting that the current Government will need to be re-elected for this to become an issue.

Back in 2009 the Federal Government stated it would not be extending CGT legislation to include the family home.You can find out more by reading the following article at ThePunch.com.au.

It’s hardly surprising that in the lead-up to a federal election this issue has again come to the fore, especially given that the current Government has been perceived to back-track on promises. Also Julia Gillard has made no secret of her intention to get tough with those deemed to be well-off. Now, pensioners selling the family home can seldom be described as being ‘well-off’, but there are several propositions which may impact retirees. Find out more from the following article on TheAge.com.au

As this is nothing more than speculation at the moment, getting any concrete information is like pulling teeth; the Government is hardly likely to show its hand pre-election. We will, of course, continue to lobby politicians on this and other matters which affect older Australians.

Do you think Capital Gains Tax on the family home is the next revenue raising move by the Government?





    COMMENTS

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    roscoe48
    15th Feb 2013
    1:48pm
    How silly. Walks away shaking head.
    davewatto
    15th Feb 2013
    3:40pm
    Given that Labor governments are addicted to taxing and spending, I think it a definite possibility.
    Nan Norma
    15th Feb 2013
    4:07pm
    Then they had better not be re-eleted.
    Oldie84
    15th Feb 2013
    5:55pm
    Well I wouldn't put anything past this lot. They are desperate to find sources to tap for money and don't care where it comes from or who gets hurt.!
    azpers
    15th Feb 2013
    6:28pm
    If it comes to pass, and it probably will, who will the great unwashed blame-"sumbuddy hasta do sumthink" will be tossed around, like it is whenever anything annoys anybody. It's up to you, the stupid, ignorant moaning Australian voting public, to do something. It's easy! Don't re-elect this filth.

    15th Feb 2013
    7:33pm
    I would not put anything past this government, just look at all their promises, they'll do anything to get elected, lying is their first, second, third etc. promise, just look at their budget promise, what they have done with the money what was in the bank when they were elected, at least 25 billion, at the moment we are 250 billion ( 250.000 millions in debt AND RISING we are paying more than a million dollars in interest a DAY} their promise not to put a extra tax on the people, carbon tax, just look at your electricity and gas bills, water bills, your shopping bills, etc. their failure to collect any mining tax, can you hear the miners exclamations, HA, HA, the D...Heads fell for it again, the promotion of a failed state premier to be the foreign minister, the failure to stop the boats, which may be regretted in the future, still they ( the labor party} say" we are the lucky country", instead they should say" we were the lucky country but You , the voters of AUSTRALIA, were silly enough to elect us, and so it goes on.
    All I ask of Australians, look what has happened to this beautiful country, is this what You want for Your Kids or Grand kids, I believe they deserve to live in this country at least as good as we had it, we were able to buy our homes, maybe not as grandiose, but we brought our kids up without the worries they now have.
    Australia WAKE UP AND GIVE THIS GOVERNMENT THE BIG AAAAA, unless You don't care about AUSTRALIA
    PlanB
    16th Feb 2013
    8:54am
    I would not put anything past either Lab or Libs--they are both untrustworthy and don't give a hoot about anything but money and power
    PlanB
    16th Feb 2013
    8:55am
    Don't think the ordinary person will be better off under the libs they are all for BIG business
    Oldie84
    16th Feb 2013
    10:39am
    Next thing you will tell us Labour is for the workers!!!!!
    PlanB
    16th Feb 2013
    10:42am
    If you look at the 1st post I said you can not trust either -- I am over the bloody lot of them--
    seth
    16th Feb 2013
    10:45am
    What a lot of rubbish, there would be the nearest you could get to a civil uprising if that was even considered. It would be the death knell for any party to be elected if they spruiked that intention prior to an election.
    This rumour is probably another attempt by the conservatives to demonise labor, considering all the rubbish they have been delivering to their fans the last few years.
    If you want to see what it will be like under a Lib gov't check out Victorian libs and promises and gut less performance and how the state has gone down hill.
    PlanB
    16th Feb 2013
    10:51am
    Yes Seth it is going to be a dirty dirty few months--
    Aloysius
    17th Feb 2013
    9:07am
    A Labor attack on superannuation funds is even more likely. That will hurt every retired person and every person planning for retirement.
    PlanB
    17th Feb 2013
    9:34am
    It will hurt a LOT but not me as I never had super --however my Son and many others will suffer
    seth
    17th Feb 2013
    10:11am
    It is starting already and continuing on from how the world will end with a mining tax.
    The scare campaign springs forth with full blown innuendo,
    KKKKatie
    22nd Feb 2013
    5:40pm
    Is there any truth in the rumour that local councils are intending to put an annual tax on the house you own?
    KKKKatie
    22nd Feb 2013
    5:46pm
    I frequently misunderstand politics. However, aren't the Independents keeping Labor in power? Get them out and Labor is done for. But if they are voting Labor, how can they be independent?
    seth
    22nd Feb 2013
    7:11pm
    Yes our lame brain premier has come forth with a new way of raising revenue from every house and building. a $100 flat rate plus more depending on the house value, thus doing away with the fire levy on ins. policies. starting this year. who are going to be the losers????
    PlanB
    23rd Feb 2013
    7:02am
    Anne Bressington is a SA politician and she gives a very good insight as to what is planned and has been for some time. The 1st one is a shortened version. The 2nd is a page of more where you are able to have a look at others.

    http://www.youtube.com/watch?v=pJjD0rxjV6E

    https://www.google.com.au/search?q=Ann+Bressington+-+Agenda+21+in+Australia&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a&channel=fflb
    PlanB
    23rd Feb 2013
    7:06am
    Also here is a MP3 (voice only) that doesn't take so many downloads--and you can also save it it really names some names and tells you what the Governments ARE up to

    http://fairdinkumradio.com/?q=node/185


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