Prior to the passage of the government’s contentious tax legislation last week, the treasurer was asked in question time on Monday, June 22 if he could name a country that has a higher real capital gains tax than Australia.In his response, Jim Chalmers chided the opposition leader for being “disingenuous” for comparing real and nominal tax rates, which was not implicit in the question being asked. But he then engaged in his own bit of sophistry by comparing a highly stylised Treasury nominal CGT estimate for Australia to that of other countries.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
CGT changes could lead to effective tax rates of up to 80 per cent
The new CGT system will bias retail investors heavily against risk-taking and will push investment towards low-risk assets such as owner-occupied property.
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