In a press release, Australia’s Treasurer, Wayne Swan, has described as “factually incorrect” the press reports that the government was considering the introduction of a capital gains tax on family homes.
It had been suggested that, as part of the Henry Review of Australia’s tax system, the government had requested the Treasury to model proposals for a capital gains tax on family homes valued at AUD2m (USD1.65m) or more. The press release stated that: “There has been no request from the Government to the Australia’s Future Tax System review to model such proposals, we are advised that no such modeling is being carried out by the review, and therefore no recommendation of this sort will be made to us by the panel.”
“The Government is not considering and will not consider the policy outlined in that article today,” it went on to say. “There will be thousands of stories between now and when the final report is released and unfortunately, like this one today, many of them will be incorrect.”
It is expected that the Henry Tax Review will conclude its report and make its recommendations by the end of this year.
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