113
Greens decry property tax breaks costing 78 times what Labor proposes to spend on social housing
(www.theguardian.com)
this post was submitted on 03 Aug 2023
113 points (99.1% liked)
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In that case, if the renovation wasn't deducted off primary income by negative gearing, it would be deducted off the CGT tax when the property is sold as it could count as a capital expense.
https://www.ato.gov.au/Individuals/Capital-gains-tax/Property-and-capital-gains-tax/CGT-when-selling-your-rental-property/#Capitalexpenses
IF the property is sold. In the meantime little or no tax is paid by the owner, and millions of people are priced out of the market. The owner however can borrow against the higher estimated value of their property and purchase more property to pull the same moves again. Wealth concentrates towards the rich, inequality increases.
I'm not sure what point you're making, but someone sitting on 10 properties with a total networth of $20M cannot spent any of that until they sell the property. That's $20M is on paper wealth. That $20M only becomes real wealth when they sell up, at which point it attracts CGT.