Do you hear that? That is the sound of the sky falling in, after the first and principal tranche of Labor’s “contentious”, “controversial” and “friendless” tax changes passed through parliament — not with a bang but a whimper from asset-friendly media.
Grandfathered changes to negative gearing (only on new builds moving forward) and the Capital Gains Tax discount (indexed to inflation, rather than a flat 50%) were legislated following a “dodgy” deal with the Greens, which added a ban on self-managed super funds borrowing to buy property (won’t somebody please think of the SMSFs).