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Australia Institute Proposes Capital Gains Tax On Home Worth More Than $2 Million

The Australia Institute says capital gains tax exemptions on homes worth over $2 million are costing the federal budget billions of dollars.

Capital gains tax is not payable on the sale of the main residence. The Treasury says this costs the budget $46 billion each financial year.

The Australia Institute report proposes scaling back capital gains tax exemptions for homes worth more than $2 million. It says this would raise $12 billion over four years.

The Institute, a progressive think tank, says the proposal should be considered because it costs more than the federal government spends on defence ($26.3bn), education ($31.9bn) or Medicare ($21.1bn).

The report was prepared by the institute’s senior economist, Matt Grudnoff.

The report is shown below. It can be expanded and downloaded.

16-01-11_cgt-main-residence-exemption_tai

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