Coalition vows to repeal Labor’s ‘toxic’ negative gearing and capital gains tax budget reforms

Opposition leader Angus Taylor and shadow treasurer Tim Wilson say future Coalition government would reinstate generous rules for property investors

The Coalition has vowed to repeal Labor’s proposed changes to negative gearing and capital gains tax in they win power, setting up a major fight ahead of the next election over key tax reform measures from the budget.

The shadow treasurer, Tim Wilson, and the opposition leader, Angus Taylor, said a future Coalition government would reinstate more generous rules for property investors, as well as for Australians minimising their tax through trusts, pledging to fight the proposals in parliament in coming weeks.