Federal Government Has Ruled Out Tax Breaks For First Home Buyers
The Federal Government has rejected a proposal of introducing tax deductions for first home buyers who purchase properties worth up to $500,000.
Mr Costello says the Government has no intention of making housing applicable to tax deductibility.
“We have never had deductibility of mortgage interest and the reason we’ve never had it is we keep houses out of the tax system,” he said.
“If you bring them into the tax system for deductibility purposes they’re going to be in the tax system for capital gains tax purposes and I don’t think Australians would want capital gains to apply to housing.”
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One Response to 'Federal Government Has Ruled Out Tax Breaks For First Home Buyers'
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on September 3rd, 2007 at 4:47 pm
Personally i dont think the tax deductions would make much difference anyway as most first home buyers would be struggling toborrow that amount of money in the first place.