Treasury officials confirm negative gearing, capital gains tax advice sought as far back as Christmas
The details come as Jim Chalmers had cited the Iran war, which started after US-Israel led strikes on February 28, among a raft of issues for his broken promises Budget.
Treasury officials have confirmed their department was tasked with modelling specifics of Labor’s changes to negative gearing and Capital Gains Tax as far back as Christmas.
It comes as the Treasurer Jim Chalmers had cited the Iran war, which started after US-Israel led strikes on February 28, among a raft of issues for his broken promises Budget.
Fronting a parliamentary inquiry on Monday, Treasury officials revealed the major changes in the Federal Budget had been worked on for months across “summer and autumn”.
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By continuing you agree to our Terms and Privacy Policy.Bureaucrats Diane Brown and Shane Johnson, who were among several to appear at the Greens-led select committee on intergenerational housing inequity, confirmed the timeline following questions from Liberal Senator Maria Kovačić.
“The Treasurer outlined, in his speech to the National Press Club, the timing of these decisions,” Ms Brown said, who is the department’s deputy secretary for revenue, small business and law group.
Senator Kovačić then asked for confirmation on the time period; “So, work has been done over the Christmas period, January, February. March and April, this year? Would I be correct in saying that?”
To which Mr Johnson, the first assistant secretary of the tax analysis division, directly responded: “Yeah, yeah, over summer and autumn this year. That’s right”.
It comes after Dr Chalmers had asked Treasury for negative gearing modelling and expert advice on Capital Gains Tax concessions in September 2024.
Anthony Albanese had, however, claimed during the Federal Election campaign — just months later — that his government hadn’t commissioned the advice and also ruled out changes to the tax settings on multiple occasions.
Both the PM and Dr Chlamers have insisted since Tuesday their unveiled tax reform was the “right decision” but have facing intense scrutiny for lying to voters.
Under questioning at a press conference in Queensland on Monday, Dr Chalmers said he wasn’t surprised by a drop in opinion polls for Labor after handing down a difficult Budget amid an “unhinged scare campaign” and backdropped by the challenges the Iran war has caused.
