In a letter sent to Anthony Albanese on Monday afternoon, and first reported by The Australian, Taylor said delaying the amendments any further was \u201cunconscionable\u201d.<\/p>\n
\u201cYour government was warned about this problem before the legislation passed. You subsequently promised to fix it. Yet, weeks later, Australians are still waiting for action,\u201d the opposition leader told the prime minister.<\/p>\n
\u201cWe note with concern reports that your government intends to address this issue as part of broader changes to the taxation of trusts, which would impose additional costs and complexity on families and small business owners by forcing them to restructure their affairs.<\/p>\n
\u201cDelaying the repeal of this cruel tax in an attempt to wedge the Coalition is unconscionable.\u201d<\/p>\n
As part of the changes to negative gearing, the government grandfathered existing investment properties owned before 12 May. Rental losses on established homes bought after budget night can no longer be used to reduce tax on other income from July 2027.<\/p>\n
However, the law would also apply to a person who inherited their partner\u2019s share of a property after their death or as part of a divorce settlement, leading to the loophole being dubbed a \u201cwidow tax\u201d.<\/p>\n
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Jordon Steele-John calls NDIS cuts ‘out of line with Australian values’ \u2013 video<\/p>\n
The government released an exposure draft<\/a> of a tranche of tax changes, including closing the loophole, earlier this month, with consultation open until this Friday after the sitting period ends.<\/p>\n skip past newsletter promotion<\/a>Free newsletter | When needed<\/p>\n Sign up to Breaking News Australia<\/p>\n Get the most important news as it breaks<\/p>\n after newsletter promotion<\/p>\n Crossbenchers last week slammed the NDIS changes, <\/a>saying they were going \u201ctoo far, too fast\u201d and would be \u201cdevastating to the lives of disabled people and their families\u201d.<\/p>\n The government\u2019s proposal will tighten the NDIS eligibility criteria and subject all participants to independent functional assessments from 2028.<\/p>\n It will also give the NDIS minister, Mark Butler, the power to reduce funding categories for individuals<\/a> by up to 99%. The government intends to apply a 50% reduction in individual participant budgets for social, civic and community participation once the bill passes.<\/p>\n Without the interventions, the government estimates the $52bn-a-year scheme will have more than doubled in cost in a decade\u2019s time.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/2998.jpg\")
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